Recent research has found that almost half of working people in the UK are considering starting a business during 2025. As an organisation that supports those looking to build successful and sustainable businesses, this entrepreneurial spirit and curiosity is something that continues to inspire us at TEDCO is certain to inspire others who have an itch they want to scratch.
If you are one of these inspiring individuals, we applaud you! Before you take the leap into entrepreneurship, however, you may want to ask yourself the following questions. It is after all important to take a measured and planned approach when shaping what could be the most defining point of your career so far.
1. Have you got a good business idea?
It sounds obvious. But not everyone takes the time to analyse and assess their business idea before taking the plunge. Of course, critiquing your own ideas isn’t always easy and it can often require aspiring entrepreneurs to lean on others – taking in the comments and feedback of trusted colleagues and friends who may be able to remain objective.
As many experienced entrepreneurs will tell you, it’s important not to simply act on a whim or a trend. Instead, make sure your business idea has long term potential that solves a specific problem for its target audience. Ideally, your product or service should be in an area where demand is growing, with its ability to turn a profit key to long term survival.
2. Have YOU got what it takes?
Grit and determination alone won’t get you to where you want to be. It takes a certain set of skills and strengths to make it in the business world. While many entrepreneurial lessons come with time, having the relevant expertise, operational knowledge, contacts, and a great support network to bring your idea to market could give you a head start.
BUT, it’s important not to underestimate your own potential. Don’t be scared of a challenge and, if you have the determination and conviction, give yourself the opportunity to refine the skills that you perhaps don’t have on day 1 of your new career journey.
3. How would you want to leave the workplace?
Taking the leap from employed to self-employed is huge, which makes deciding how and when you leave your usual 9 to 5 critical on your timeline of business startup milestones. Planning an exit strategy can be the best motivation to see your business idea to fruition.
For a smooth transition, don’t rush into anything. While the draw is certainly there to jump right in, quit your job and make your business idea your main focus, timing your departure is vital. Increasingly, start-ups begin through working through evenings and weekends as a side hustle.
When the time does come to make it your bread and butter, you’ll ideally have a financial cushion to support you for at least the first 6 to 12 months of self-employment, as well as a contingency fund for any unexpected costs.
4. Is now the right time to turn your business idea into a reality?
While this study found that the average age of a successful startup founder was 45, we’re firm believers that there’s no right or wrong age to start your own business.
Each age or career stage offers its own advantages, with the energy and enthusiasm of taking the leap in your 20s to the experience that comes with age all beneficial. In the same breath, the inexperience that most 20-year-olds have can be a drawback, while entrepreneurs in their 30s and 40s may have a lot more to lose.
5. Do you have the right support to start a business?
Becoming an entrepreneur doesn’t have to be a solo mission. Building a solid support network will be critical to your success, and the earlier you start doing that, the better. Friends and family members are a great place to start your search for business allies, whether you intend to use them as a sounding board for your ideas, or as test subjects for your newly developed product or service.
The best support however comes from a source that’s independent and impartial, like a TEDCO business advisor. Get in touch with the TEDCO team today on 0191 516 61 02 or email hello@tedco.org to find the support you need at the crucial startup stage.