Evaluate Your Skills and Experience

While knowledge is power, a passion for the industry isn’t enough to guarantee success in business. You should conduct an honest evaluation of your past and present skills before you potentially invest in someone else’s business. You might require an understanding of accounting, inventory control, marketing, websites, social media, human resource management, product development and sales. There are numerous courses available for new business owners but once you take control of the business you might find time is limited because of the administrative burden.

One reason for starting your own business is that you are good at what you do as an employee.  However it is not a simple transition to go from an employee to buying and running your own business.  There are many more skills that are needed to run a successful business.  Your accountant is a great start to start to evaluate the extent of your skills and experience.  With their knowledge of various businesses and industries they can be a great source of information.

For more information regarding evaluating your skills and experience contact us on davidp@silvanridge.com.au