1.1 Motivation and context
What is your motivation? Is this a lifestyle business, e.g. a way to earn a living that fits with your lifestyle, using mainly your own skills, talents and/or time? Does it have to fit with a family situation? If so, you may see yourself as being self-employed, staying local and staying small to ensure that you can maintain a sensible work–life balance.
Perhaps your business is dependent upon your immediate environment for a number of reasons, such as:
- natural features, like wonderful views, and amenities that you want to exploit
- ready access to customers (enabling footfall or easy logistics) or the infrastructure your business needs, which could be anything from a central location to superfast broadband.
Reflect on your own motivation for starting your enterprise taking into consideration all of the aspects that have so far been discussed.
Next, you will look at different types of businesses and how funding can be distributed between them.