If executed right, any business idea is a good idea. I certainly think they need to have a checklist and go through the things that they are likely to come across in the next 12 months.
Certainly, number one is – How much did you earn in your previous role and how much do you want to earn in your business? How many hours will you work?
I think people underestimate. It’s not a 9-to-5 job. When you have your own business, you don’t turn off. You don’t have that downtime. You’re always thinking, so it certainly does cut into your personal and family life.
To give you an example, if you wanted to go in with a $100,000 AUD, you really need to be looking in turning over $150,000 AUD. By the time you pay taxes, your supplier invoices, your electricity, your water, and your gas bills—it’s cut into a large part of your turnover already.