At one time or another, you may have asked yourself the question: “Is running my own business right for me?” Whilst opinions and advice may be widespread and varied, there are common factors, character traits, and skill sets that are consistently seen across successful business owners.

Before you make the jump into business ownership, it’s good practice to consider self-employment from a holistic viewpoint. That is, to look beyond the idealistic home office with a pretty logo and punchy tagline, to truly consider what knowledge, abilities, and realities you may need to come to terms with to decide whether running your own business is right for you.

We’ve outlined 20 questions to start you on a journey of discovering whether it’s time to become your own boss and run your own business:

Do I have the personal qualities and motivations required to run my own business?

• Am I extremely passionate about my idea, product or service?
• Am I able to self-motivate and not be distracted by non-work-related things?
• Do I want the flexibility to manage my own time?
• Am I able to delegate tasks when I don’t have the capacity or capability?
• Am I good at setting a schedule/routine and keeping to it?
• Am I able to easily set and prioritise tasks?

Do I have the ability to problem solve and manage challenges that occur when running my own business?

• Do I enjoy finding solutions to a problem?
• Do I easily accept setbacks and move onto making alternative plans?
• Am I open to considering and evaluating others’ suggestions and advice?
• Can I accept constructive criticism?
• Do I find it easy to adapt to a changing environment?
• Am I able to reflect on and learn from my mistakes?

Do I have the business acumen to run my own business?

• Am I willing to take ultimate responsibility, even where others are involved?
• Am I capable of making tough decisions on my own?
• Do I understand the importance of setting SMART goals?
• Can I anticipate and map out potential business hurdles/obstacles?
• Do I have a big-picture vision for my business?
• Do I know how to draft and implement a strategic business plan?

Are my financial skills and motivations appropriate for running my own business?

• Do you possess financial literacy skills, and if not, are you willing to learn them?
• Are you willing to sacrifice time and/or income whilst your business becomes profitable?

If you answered YES to a majority of these questions, then running your own business may be the right fit for you. If not, it may be time to seek further counsel or reconsider whether this is the most suitable career path at this point in time.

Business ownership takes commitment and may be one of the most rewarding things you do in life. If you’d like to speak with one of our experienced accountants about the financial aspects of running your own business, then call us today on 1300 ARABON or visit our website for more information.