Are you ready to start a business?

Aside from having knowledge in your chosen industry, running a business requires a wide range of skills such as business, personal and interpersonal skills.

Your lifestyle will change a lot as a business owner. You will need to work long hours and even weekends. You need to prepare yourself that you may have less free time.

Passion and motivation can wear off during hard times. Make sure you’re prepared to keep working even when things are hard. You'll need to rely on your discipline not to give up.

Make sure you are in the right financial position to start a business. Starting a business is exciting but also expensive. There will be a number of up-front costs you will have to consider, as well ongoing fixed and variable costs involved in running a business.

You may not start making money from your business for some time. It’s important you have enough financial backing to take on and support your new venture.

You should have enough savings or an alternative income to use while you're establishing your business. It may be a while before you can pay yourself a stable salary or income again. This may have a big impact on your lifestyle and daily living.

It’s important that you are comfortable seeking help. Running a business isn’t a simple thing to do and you don’t have to do it alone. Talking to a business adviser or trusted accountant or tax agent can help you solve business problems and connect you to grants and programs.

Unfortunately, you need to be prepare yourself that your business may not be successful. This might mean that you could lose money, time and investments.