This is going to be your business and, therefore, it is vital that it accurately reflects your own personal skills and motivation. Be completely honest with yourself about what you know, the skills you possess and what you can put into a new business venture.
Consider why you want to run your own business instead of simply working for someone else. Are you looking for financial independence; the freedom to choose your own hours; the ability to pursue your own ideas without having to obtain approval? Try writing down the five main reasons why you are considering buying your own business so that you have a clear and honest idea of your goals.
Having goals and ambitions is absolutely vital for the success of a business, but it is important that they are realistic. Very few businesses become multi-million pound ventures within a matter of months. In fact, most business owners never make it to the dizzy heights of millionaire status. This is not to say that you cannot be very successful, but setting unrealistic goals will lead to a disheartening situation.
One of the best ways to ensure that you are being realistic is to draw up a detailed business plan based on sound market research and an analysis of resources (both financial and time) that you have to use for your venture. Always err towards the cautious option as in this way you will have room to adapt to unexpected events and any unforeseen setbacks.
Set out goals and ideas of where you hope to be at regular intervals, even on a monthly basis, so that you can see realistically whether you are likely to achieve your goals and how long this may take.
As mentioned earlier, objectively assessing your strengths and weaknesses will allow you to maximise on any of your strengths; it will also help you deal with specific weaknesses. Any unique talent or ability that you possess will make a big difference to your business venture, so whether you have a flair for design or a way with words, make sure you capitalise on your skill to set you apart from the competition.
If you identify a glaring gap in your skill base, consider whether it is something that you could learn, or whether it is something that you could possibly sub-contract to another specialist individual or company.
Be completely honest about your motives for starting a business;
consider your goals realistically and create a detailed business plan stating exactly how you intend to reach these goals;
make sure that your personal skills are aligned with your motives and goals;
consider how you can maximise any unique skills and how you can fill any gaps in your skill base.