5 questions to ask yourself if you want to become your own boss in 2026 

In 2026, SMEs really will be the backbone of the UK economy. Don’t believe us? Well, what if we told you that in July 2025, the government reported that small and medium-sized enterprises account for 99.8% of the business population, provide 60% of private-sector jobs and generate a huge share of private-sector turnover.  And, with 47% of UK adults considering starting their own business or a new side hustle in 2025, the momentum to become your own boss has never been stronger. So, if you are thinking about breaking out on your own in 2026, then you’ll find our crucial questions helpful as you decide whether to take the plunge. 

First steps 

So, you have got a spark of an idea, or maybe you’re still hunting for one. If you do not yet know what kind of business you want to start, here are some prompts to help you shape your direction. 

• Do you want to create something meaningful? Building something that’s 100% yours gives you the chance to follow your interests, express your vision, and make an impact in the way you want. 

• Can you fill a niche? Maybe you’ve spotted a gap in the market, a need that is not met, a problem waiting for a solution. That’s often the birthplace of great small business ideas. 

• Do you want to be your own boss? For many entrepreneurs, the draw is independence: controlling working hours, choosing who you work with, and steering the business where you think is best. 

• Do you value flexibility? The freedom to set your own schedule, choose your workspace – perhaps even a virtual office – can bring a better work-life balance and greater autonomy. 

• Are you motivated by profit and financial freedom? For some, a business offers the potential to earn more than a traditional role or to build meaningful long-term wealth. 

• Do you want to build a brand? Establishing a unique identity, company culture, and reputation. For many founders, this is a core part of the appeal. 

• Could your business bring community impact? Businesses can do more than make money; they can create jobs, support social causes, and enrich their local areas. 

Your business doesn’t always need to reinvent the wheel; it needs to be different enough that people (customers or employees) are drawn to it. 

5 Key questions to consider 

Before you register a company or sign up for a workspace (or virtual office), these five variables are worth thinking through carefully. 

1. Do you have any barriers to entry? What are they? And are they negotiable? Thinking of setting up a food truck? You will need a truck, obviously, but you will also need utensils, ingredients, possibly packaging and specialist equipment. List everything – be honest, though, do you really need a brand new computer or does your old one work just fine? – and add up the cost. That total is your “barrier to entry.” It could be small, or it could be significant, but you need to know before you commit. 

2. What skills do I need to become successful?
   Some businesses demand specialist skills. These may be skills you already possess, but they don’t have to be. Many successful businesspeople will admit to not being an expert when they started. In these cases, do you intend to learn through trial and error or hire well so that you can provide top-tier services from the outset? Low-skill-threshold businesses can be simpler to launch and can also scale faster. As with our food truck example, you may not have to be a Michelin-star chef to get started, but if the numbers are telling you that your time would be better spent outside of the kitchen, you might consider hiring staff.  
3. Are you playing to your strengths? And how can you pivot around any weaknesses?
   Just as you would list your start-up costs, it’s worth listing the abilities you already have and the ones you will need. Are you comfortable with marketing, sales, admin, design, customer service, or finance? Or are those areas where you freeze, procrastinate, or feel out of your depth? 

Being honest here matters. If you are working solo, you may need to wear several hats before you can afford help. If you’re starting with a partner or small team, the question becomes: do your skills fit together well enough to keep the wheels turning? 

Weaknesses do not have to be the be-all and end-all; you just need to be aware of them. So, you’re not great at something (yet). Is it a skill you feel comfortable learning, or should your next step as a business owner be to grow enough to outsource it?  Great, now you‘ve got a goal to work towards.  

4. How long will it take to get the business operational?
   Just as with barriers to entry, you need to be realistic. While diving headfirst without a plan is a risky strategy, many potential business owners will put off launching until everything is perfect. Some ventures can be up and running in weeks; others may take months of development. However, research tells us that the sooner we are rewarded for our behaviour, the more motivated we are to continue, so if there’s a choice between seeing returns now or later, always choose now.  

You may be thinking: “But, if I perfect my product/service, then my profits will be bigger when I launch.” Possibly. But Lui et al. (2002) found that it is not the size of the reward that matters; a smaller but immediate reward still creates more intrinsic motivation (that is, the desire to engage in an activity because you find it enjoyable or interesting) than a larger reward that is deferred.  

5. What does “success” mean for you?
   Before you start designing logos or building a website, it helps to define where you are hoping this business will take you. Are you aiming for a small side project? A full-time income? Or something more ambitious, like a six-figure turnover? 

Each version of “success” comes with different time demands, financial expectations and levels of resilience. Could you grow this business alongside your current job, or would it require your full attention? How long can you comfortably operate before the business becomes profitable? 

Clarity here keeps your expectations grounded. If your goal is modest, you can start lean and move quickly. If your goal is bigger, you can plan for the stamina, structure, and support you’ll need. This step is not about limiting yourself; it is about setting a path you can actually follow. 

Pitfalls to avoid when starting your business

Now that your roadmap to entrepreneurship has been laid out, here are some quickfire tips on pitfalls that we commonly see amongst new business owners:  

• Undervaluing your services or products: Many business owners believe that, since they are starting, they should charge less to remain competitive. Correctly valuing your skills and services will allow for growth and managing customers’ expectations of your worth.  

• Trusting too many people too soon: Relationships matter, but some suppliers and collaborators may look for opportunities to take advantage of those who are new to an industry. 

• Underestimating the value of “No”: We all know the saying: “The customer is always right” – but we also know that they’re not always right. But in the initial stages, when reviews and word of mouth hold so much power, many small business owners do not feel comfortable refusing business from even the most difficult of customers. However, one bad review or turning down one enquiry will hurt a lot less overall than overwhelming your resources, damaging your cash flow, or neglecting potentially life-long clients.  

• Neglecting marketing efforts: “If a tree falls in the forest, does it make a sound?” If you have a great product but no one knows, do you really have a great business model? Investing in visibility, especially early on, is vital. Fortunately, we have some in-depth guides on how to get started with digital marketing as an SME owner, from blogging to vlogging to Pay Per Click ads. We hope to make marketing a little less daunting for all entrepreneurs  

• Avoiding experimentation: if you never test, adjust, or learn, you may miss better business models or overlook what customers really want. 

• Operating without a plan or systems: wings-only businesses may fly for a while, but sustainable growth needs structure, especially as you scale. 

By asking yourself the right questions from day one, about cost, skills, timing, strengths, and personal ambition, you turn a fog of uncertainty into a concrete plan.  

If you’re looking for office space from a provider that wants to support your business success, get in touch.