Things to consider when you start a business in 2026

There could be several reasons why you have decided to start a business.
Could be because you have hated your job and have been waiting for an excuse, or maybe you are passionate about a cause and starting a business allows you to fulfil that or maybe you want a lifestyle business. Whatever it is, as a finance coach I would be happy not to hear ‘I am starting a business because I want to make a million pounds’.
Look you can definitely earn a lot of money and I don’t want to be discouraging. But that’s not how business foundations work and to start off with that sole motivation only puts you and your business at under a lot of unnecessary stress.

So, what is the foundation you are required to set up when you start a business or even a charity?

I always start coaching with my clients asking them to look at their values. 

Let me be more specific. These are some questions for you to answer as you decide to start a business or even in your first year of business, its never too late. 

1. What do you stand for and believe in? 

Think about this in terms of your personal ethics and morals. What are the qualities, skills, causes that matters the most for you? Is it something greater than yourself or an ideal you’d like to champion? Spend sometime to identify what is it that lies deep down.

2. What legacy do you want to leave behind?

Consider the type of person you’d like to be remembered as when your time is up. A very deep question that makes you think about how you want to spend time while you are on this earth, what is the difference you would like to bring, what is the kind of impact you want your work to leave behind. There is nothing big or small – it is yours and you are unique!

3. What would I do if there were no limitations? 

Imagine a world without restrictions - time or money. What would you pursue with wild abandon? Sometimes thinking about wild possibilities makes you realise what you truly desire.

4. What got you into this? 

State 3 reasons why you chose to do this/you would choose to do it? Think of what core values motivated you to choose this.

5. Why would customers choose you? 

Moving more into the business side of things, having answered what drives you and where you stand, what do you think will resonate to your audience? This also prompts you to think about your audience – the type of customer you want to cater to. And it is important to identify -What is your unique selling point (USP)? 

This creates a strong foundation for you and your business, gives you a sense of direction – determines what success means to you and where you would spend your time, energy and money towards!

That brings us to the next and the most important aspect I want to talk about – Money!

In the next series of articles, we will be looking at sourcing the initial funds, budgeting for monthly expenses, managing expenses as a business owner and dealing with profits. 

Money is a very important resource to your business (even in a charity)– as important as the business owners itself. And it is so important you as the owner understand how to manage it with calm and confidence! 

It is unfair to expect every person wanting to start something of their own to be number experts! Which is why I push all budding entrepreneurs and new business owners to be open to learning money management as a skill – it will take you a long way!

Written by
Mrudula Muralidharan
Finance Coach and Founder
Million Goals