Before owning a Business : How to prepare for success (2022)

Are you dreaming of owning a business in 2022?

Will you succeed or become just another failure statistic?

This is the ultimate guide dedicated to helping you decide if business ownership is right for you

No gurus, no get-rich-quick, no useless theories

Just great content created by real business owners, for business owners

learn about business

Dreaming of a better day…

Why do you dream of starting a business?

Is it the lure of financial freedom you find irresistible?

Or perhaps a better lifestyle?

Do you yearn to be your own Boss, waking up every day and being in control your own destiny?

It was the desire to help. I was naturally quite comfortable with stepping outside my comfort zone and I would look for personal development to push myself. I was motivated to get things done and I noticed other people that were quite scared of often being outside their comfort zone and doing things that challenge them. So that’s what inspired me to go out on my own because I could help people.
Mel Oliech, Imani Tribe

Why own a business?

For you, the desire to run a business might come from a wish to escape your current circumstances.

Common reasons behind a desire to start a business may include that You:

  • hate your job
  • don’t like the commute to work
  • can’t stand your Boss
  • are not able to make enough money from your job
  • you are chasing a better work-life balance

It may be that that a good idea that has been nagging at you for years. You’re sure it will work and you are waiting for the right time.

What ever the reasons understanding your motivation is time well spent.

What about the odds of success?

In the USA, in the third quarter of 2020 alone, there were more than 1.5m applications to start a new business according to census data.

According to a UK Governmental report, 672,890 new companies were formed in the year to April, 2019.

In Australia, according to the Australian Bureau of Statistics, the number was just over 355,000 new businesses commencing in the 2018/19 financial Year. These are massive numbers.

Some of these new businesses will succeed and go on to afford the owners a lifestyle most people could only dream about.

Sadly, a significant proportion of them will fail. The graph above shows almost half are a business failure within 3 years.

In some cases, the business failure will cause enormous hardship for the owner, their family, staff, suppliers and customers.

The dream for some people will become a nightmare.

Will I make it?

image showing a retail business
image of builder business owner
So, if you are someone who dreams of setting up your own business, how do you know if you have what it takes to be successful? How do you know if owning a small business is right for your personality and mindset?

An understanding of what causes many new businesses to fail means you can prepare to succeed.

It is a very difficult question to answer when you’ve never been in business for yourself before.

It is incredibly important for you to know the differences in a business owner and an employee mindset if you want to be successful.

Fortunately, the “Should I Own a Business?” team have been in business for ourselves for a long, long time! We’ve experienced the ups and the downs – the successes and failures. The good, the bad and the really ugly!

And, we are using all of our knowledge and experience to present information that will help you to make the decision that’s right for you.

What is the secret to owning a successful business?

As a result of our experience, we believe that the most significant contributor to success in business is your preparation.

Prepare before you start a business

In many areas of life in which value success, we undertake many years of preparation to be successful.

Think of the Olympic hopeful winning their first Gold medal – chances are they have been training for many years if not decades to reach that pinnacle.

Or the PhD candidate who finally submits their thesis after years and years of secondary and tertiary education.

Or the Pilot finally getting the chance to take charge of the latest commercial airliner, potentially 20 years after taking their first flying lesson.

In virtually every pursuit, a solid preparation is the key to success.

Yet, in the world of small business, many of us seem to think that we can come straight out of employment and succeed on our own.

Sadly the statistics say otherwise.

Check this article about Business Knowledge and Skills.

You might also consider finding a business mentor who has experience in managing businesses to help you and we give you tips in choosing the right one.

But I’ve been doing this for years!!

Simply having a job that you are good at does not guarantee you any success in your own business!

Read Your First and Biggest Business Mistake to find out why.

What gives you the best possible chance is spending the time to properly prepare yourself, your family and your friends, for the challenges and opportunities that lay ahead. Knowing yourself and understanding your motivation for owning a business are the foundations.

And while there are no guarantees in business, get this part right and you are well on your way. A simple starter might be our Entrepreneur Personality Quiz.

preparation is capital for entrepreneurs who want to start a business
Having his own shop

Welcome to the “Should I Own A Business?” Community

This is the best resource on the internet dedicated to helping people just like you to decide whether owning and running a small business is the right move for you, your family and friends.

Which ever way you choose to own a business our resources will help you.

Our mission is to help you make the right decision when it comes to owning a business. Our holistic approach also alerts you to being prepared for some of the less obvious things that can trip you up, such as staying healthy and personal resilience. We discuss your Money Mindset rather than bookkeeping and accounts.

Rather than trying to master everything, we suggest who you need on your business support team as guides. For example knowing how to talk to your customers can be challenging. We have an episode that covers the Top 5 Technology issues that your business should prepare for now.

A little discussed topic is the impact of owning a business on your friends and family.

It just is not right for everyone – and that’s OK.

If, after you’ve worked your way through this site and its’ many stories about the realities of owning a business, you decide that it is not for you – that is fantastic. You just might have saved yourself a lot of pain!

On the other hand, you decide that you will make a great business owner – awesome! We have a huge amount of information on this site to help you succeed and make all your dreams come true!

Before you start a business

mindset of the entrepreneur

All about You

Does your personality, mindset and current level of wellbeing fit with the requirements of business ownership?
should you buy or start a business from scratch ?

Start or Buy?

Should you start a business from scratch, buy an existing business or buy a franchise?
skills and experience

Skills and Experience

Do you have the skills and experience to succeed in business or are there gaps to be filled?
skills and experience

Nuts and Bolts

There are lots of things to do before you start a Business. Learn about many of them here.
business ideas for entrepreneurs

Business Idea

Will your business idea work? How do you know for sure? What will it take to bring it to life?
is it the right time to start a business ?

Don't do this!

We all make mistakes and some of them can completely stuff-up your business!

Meet Our Contributors

Helen Kay

Helen Kay

Commercial Lawyer

Helen is a commercial Lawyer and the principal at Rise Legal. As a small business owner herself, Helen has a tremendous empathy for small business owners and that’s one of the reasons that we love having Helen on the show. The other is that she likes a laugh!
Mel Oliech

Mel Oliech

Health and Wellness

Mel is a personal trainer, nutrition coach and along with her husband Ronnie, the founder of Imani Tribe, which is a unique transformative health and fitness business that helps people make long term health and body shape changes. Mel is also a new mum!
Pete Seligman

Pete Seligman

Business Buying specialist

I help private business leaders and operators get things done. I work with founders, owners and operators of Australasian private businesses to distill clear missions, articulate aligned strategies, build great teams and translate plans that drive action and successful outcomes.
Tracy Weller-McCormack

Tracy Weller-McCormack

Senior Marketing Specialist

With 20+ years of marketing experience, Tracy has worked all around the world in senior roles for companies such as Fujitsu, Brother, Disney and General Motors. Now, as the founder of C4MG, Tracy works with businesses of all sizes to achieve great results from their marketing efforts.

Do you want to make money from your Hobby?

image of Hobby book

From Hobby to Salary

The new e-book from the “Should I own a Business?” team. Packed full of tips to help you create a business from the hobby you already love!

Are you ready to start a business?

Take the Busines Readiness Test to find out