Quite often people start their small businesses without really knowing why they want to go into business and also without understanding what skills they will need to develop in order to successfully run their business.

Sometimes people have a hobby or pastime that they decide they want to develop further – this is a good first place to explore, however you need to understand if the hobby can function as a business – are there enough profits in the business model – and also you need to think about whether if you turn your hobby into a business you will enjoy it as much – often the enjoyment of a hobby is because it gets you away from the day-to-day grind, so think long and hard about this first.

That said, we don’t want to dampen your entrepreneurial spirit ! We work with hundreds of small businesses across the UK and we see many different types of business models, so it might be worth having a chat with us about your potential business so we can offer our experienced perspective.

With regards to what skills are required to run a business you will need to accept that you will have many different roles to perform in your small business but that also you will be learning and improving every single day – as long as you go into business with a ‘can do’ attitude that will take you very far.

Some key skills for running a business:

  • Financial acumen – you need to have some basic financial understanding so that you can monitor your businesses profitability and cash flow – we can help you with this.
  • Self-discipline – you will need to work hard to get your business off the ground and in the early days you probably won’t have many people around you, so it can be a lonely time – you need to be able to pick yourself up and push on through the hard times.
  • Decision making – you will need to make lots of decisions for your business so get used to analysing situations and making quick informed decisions so that you can move on to the next issue.
  • People skills – you will need to be doing lots of communicating with people, either in person or through online channels so it is important that if you are not a natural people person that you recognise this is an area you need to improve and develop – you will need to come across confident but not too pushy