Millions of Americans dream about starting their own business. Few actually do so, mainly because they know before they go. Simply put , the successful business owners do their homework and research, and analyze the facts before they start.
To flourish in your own business, there are ten things you must consider. Be sure to take a few moments to think over, and answer the following questions.
#1. Why Do You Want To Start A Business?
Running a business takes hard work, long hours, and sacrificing time with family and friends. Not to mention that you will be in charge of all of the things, that most companies have entire departments for. All of this can certainly take a toll on a persons stamina, strength, and emotions.
If you think that starting a business is your ticket to instant wealth, please think again. However if you wish to start a business to be independent, provide for your family in the long term, and own a piece of the American dream, you will have a greater chance of making a go of it.
#2. What Are You Willing To Invest In A Business?
Owning a business requires that you put in more of everything, than you will get out in the first couple of years. Investing not only means money and time, it can also mean putting other project on hold while you build up your new business.
A new business is like a garden, it depends on you tilling up the rocks, keeping out the weeds, and tending it to grow. If you are not ready to commit to work on your business day, night, weekends, holidays, or when ever the need arises, then it might not be the time to start a business.
#3. What Type Of Business Do You Want To Start?
When you imagine yourself as a business owner, what are you doing? No, not relaxing on a beach in South America, that comes later. Do you see yourself baking gourmet pet treats, huddled over a computer creating new software, or putting together craft books?
The important thing is to know what you want to do, and to love it what ever you decide to do. A simple word of advice, if you don’t enjoy doing s certain thing like writing, you probably will not be successful starting a copywriting business where that is the main factor.
However, that isn’t to say that you cannot design the pictures for the adds, and out source the writing. Just be creative, and enjoy what you do.
#4. Is Your Family On Board With Your Business?
Doing business is a wonderfully terrific responsibility, but if you have people behind you, supporting you, you have a tremendous advantage. Your family will be an invaluable asset as you begin your new business.
For moral and emotional support, (at times) financial assistance, and even help with the filing, you will want people that you can trust around. But don’t let your family or friends simply become yes men, only telling you what you want to hear. Trust them to give you their honest opinion, even when it hurts, or is hard to hear.
#5. Do You Have A Business Plan?
A well written business plan is a must have when starting your own business. It should explain in detail what your business is, how you will market it, and other such essentials. Your business plan doesn’t have to be a sixteen page long report, but it does need to be tailored and specific.
Remember to read and update your business plan, as time goes on and as your business grows. You will discover that as your business matures, your funding will change, your plans and marketing efforts will advance as well. And your business plan will want to reflect those changes.
#6. Do You Have Enough Funding?
Running a business will not only require your time, and emotional stamina, but it will also require money. Not that you will get paid for working that first year or two, oh no, but there will be money you will need to put in.
You will need to set a fund aside for marketing (in blogs, websites, newspapers, fliers, etc..), advertising (ads, TV, radio), promotions, give aways, supplies, and anything else your business requires. Also, if you work outside your home, factor in rent, supplies, insurance, licensing, permits, decorations, and all of the other things that you will need.
Additionally, you will have to support you or your family, while you are making a go of your business. Be sure to budget for your monthly bills, plus medical and life insurance, daycare or babysitter costs, computers, books, and training courses. Check online for money savers, that will make all of this easier on your pocket book.
The goal of this list of questions is to provoke thought, and give an accurate description of what running a business is like. It is not meant to in any way discourage you from owning a business, but to prepare you for what you will find.
Once you have written a business plan, secured your funding, and addressed all of the other important questions, go, don’t be afraid, grab a piece of that dream, and don’t let it go.