So you think you have what it takes to launch your own business? You have the idea, the business plan and the funding to get it up and running, but that's only half the story. Do you also have what it takes to run a successful business?

The range of skills is huge, and nobody expects you to have them all, but you will need to know where your strengths and weaknesses lie so that you can utilise the help of others, whether through outsourcing or staff, to ensure the smooth running of your business.

It's going to be hard work, which means a huge commitment from you that will entail long hours away from home, stress and a willingness to keep going however tough it gets. You need to have your family on board to support you as they will be a part of it, even if just giving you support and understanding at home. The long hours will be tiring and there may even be no holidays for a while, but you've got to keep your eyes on the prize. It won't always be like that and, hopefully, ultimate business success will make it all worthwhile.

Outsourcing is worth billions of pounds every year and yet there are still businesses that shy away from it due to misconceptions, which we will aim to clear up here:

Outsourcing can be too constricting

In the past it is true that some companies found themselves tied up in long-term deals with outsourcing companies that ultimately proved uneconomical and unflexible for the business. However, this is a thing of the past, and today we see shorter contracts and flexible terms dictated by the customer that result in more productive, successful relationships. Early ‘get-out clauses’ are also common.