“To every man there comes in his lifetime that special moment when he is figuratively tapped on the
shoulder and offered that chance to do a very special thing, unique to him and fitted to his talent;

what a tragedy if that moment finds him unprepared or unqualified for the work that could have been
his finest hour”

                                                                     – Winston Churchill

It’s exciting isn’t it? But quite scary as well – The point you decide you want to start a new business
venture. Just like any new venture, careful considerations should be made of all relevant factors to help
you make the best decision and take the right steps. Which builder wouldn’t first sit down and count the
costs before laying the first block?

Starting a business shouldn’t be different from starting any venture at all, be it getting a full time
employment, getting married, renting or buying a house, having children etc. In order to ensure that you
are prepared for the task ahead, you need to be armed with the right information about the business
you are about to start. This is regardless of whether you want to operate the business as a full time
occupation or as a side hustle. Proper information is key in order to guarantee a good chance for
success.

One of the key things to carefully consider is your personal and professional preparedness. Are you
ready to be an entrepreneur and business owner/manager. If you are going in full time, are you ready to
temporarily dispense with the comforts of a guaranteed monthly salary? Are you really ready to be
“your own boss”? How will you cope with your personal and family financial needs without the steady
inflow of income at least for the first few months or years of your new venture? Are you armed with
sufficient knowledge and experience of the business and industry sector you are about to embark on?
Can you afford the required support you need to start? How about money? Is this something you can
bootstrap until you have a steady cash inflow and revenue? How about your target market? Are there
any and who are they?

You also need to ascertain what kind of structure you want to adopt in operating this business. Are
there any legal requirements for the kind of business you want to run? It is very important to have and
build the right structures for your business from the very start. To build these structures, you need the
tight professional support. It is important that you have the right legal and accounting advice from the
very beginning of your venture to position your business for success right from inception.
Give your business a better chance of survival by building the right structures.