Many people dream of owning their own business but do not realise that mentally there is a big difference between being an employee and running your own business.

To successfully start up and run a business certain characteristics are required. It is essential to be able to take responsibility and, whether things go things well or badly, to be able to step up, look at what you are doing and critically evaluate why something happened. It is vital that new business leaders do this and do not blame outside influences.

To run your own business you must be a leader, someone who shows the way and gives encouragement, and gives credit where it due. This will also help to ensure that your team are kept motivated. Goal-setting is a key skill: you need to know where you are going and have a good business plan, targets and goals with deadlines.

People need to be careful when starting their own business that they don't simply buy a job. A common mistake made by new business owners is that they simply end up trading a job for a business that becomes all-consuming and ends up controlling their lives.

It is a distinct possibility that those who own their business become so involved in it that they work harder and longer hours than in employment and lose all sense of life balance. The goal is to be in control: your business should ultimately enhance your life and contribute to your lifestyle, not affect it in a negative way.

In starting a new business there will obviously be sacrifices that have to be made and, for the initial period at least, longer than normal hours will probably need to be put in. However, there are certain aspects of a new business opportunity that can be examined to make sure that the stresses and strains are kept to the minimum as possible.

In looking at a business it is important to do proper due diligence, looking at certain crucial factors:

• The initial cost of the purchase of the business and start-up costs are important, but it is the running costs that can have the biggest impact, as the sheer cost of running a business day after day for a prolonged period of time can really add up and are often overlooked

• It is vital to ensure a good cashflow so that when times are hard - as witnessed by the recent credit crunch - there is enough money to keep the business afloat until things pick up again
• Remuneration is a big factor, and as mentioned earlier you need to look carefully at the hours you put in as many new business ventures fail due to burn-out. Pacing yourself is vital. In the beginning the hours put in will almost always be high, but over time it is vital to reduce them to a manageable amount

• Any successful business must also have owners who believe in what they are doing, in their product or service. It must not be only about money!

• The long and short-term possibilities for growth must be considered. Is this business in a growing industry? You need to see growth or at least the possibility of growth in the future. Do not buy into an industry which is stagnant or has reached saturation point

Having your own business should ultimately improve your lifestyle. Before you commit to anything ask yourself what are your reasons for going down this route? Examine what you want to get out of your new venture then choose the opportunity that best matches up to these goals.

I am associated with one of the fastest growing companies in the personal development industry, which has expanded by 50% in the past four years and is now worth $9bn.

I work part-time from home, or in fact from anywhere in the world as all I need are my laptop and a phone, and I now have a fantastic income, lifestyle and associates all over the world.

We choose to work with self-motivated, driven people who have a burning desire to change their lives, the passion to succeed and are willing to learn how to do this. If this describes you, do visit my website to learn more about this home-based business opportunity.

Hazel Carter is proprietor at www.expectthebest-today.com [1]