Thinking of starting a small business? You are on the right track. There are many things to think about before starting your own small business. Starting a small business is one of them.
Take a look inside and ask these three basic questions
So are you ready
Thinking of starting a small business? You are on the right track. There are many things to think about before starting your own small business.
Starting a small business is one of those big, life-changing events. Think of it as marriage. Running a successful small business has the same depth of commitment and desire. Like a wedding, you will be with your business 24 hours a day, 365 days a year. As with any relationship, you have to work on it if you want it to succeed. And there will be ups and downs and surprises.
But on the plus side, if you’re the right person with a solid plan, starting a small business on your own can be the most satisfying and exciting experience of your life.
This article looks at four aspects of starting a small business so you can make an informed decision about whether it’s right for you:
1-Basic questions about running a business
2-Features of a business
3-The skills needed to run a successful business
4-Reasons for business failure
The first step is to determine if starting a business is right for you – not your neighbor, friend, colleague, or anyone else who is trying to tell you that you should start your own business.
The basic premise is that you want to start your own business. Running a business is not rude or indifferent. You really, really have to be your own boss, turn your dreams into reality, or market your product or service.
Take a look inside and ask these three basic questions:
Do you really want to work independently and be an individual with all the decisions and responsibilities?
Some people need a more “cocaine” environment that can provide them with a job as a regular employee. Your boss makes management decisions, you do your job, and (hopefully) get permanent wages and benefits in return. Your responsibilities and the boss’s expectations of you are clearly stated.
Running your own business is very different. You are the company, and as such, the success (or failure) of the business is entirely up to you. There is no one to tell you what to do, make decisions for you, and your “wages” depend on your ability to attract customers to your product or service.
Are you willing to work hard and make sacrifices that will force you to start a small business?
As anyone with experience will tell you, there are no eight to five shifts when you run your business. Especially during the start-up phase (which can last for months or years), you are likely to have a manager, a worker, a receptionist, a paid clerk, a bookkeeper, and whatever else is needed.
This means late nights, long hours, and weekends and three-week vacations. In the case of a retail business, you will need to keep the cover open during regular business hours. (In some cases, this may mean extra time depending on the time of the property.)
If you have a family, be prepared for your additional demands. Of course the best way to manage this is to get them involved in the business. Maybe your spouse can help you with your salary or book protection. If your children are old enough, they can participate and eventually take over the business. Check for more information:
- Small Business Tax Exemption: Spouse or Child Employee
- Succession planning in the family business
Do you have the self-confidence and self-discipline that will enable you to successfully build and sustain your new enterprise?
Some new businesses are successful overnight. Building a successful business requires hard work, patience, and perseverance. Some types of business can be profitable in just a few months (see Should You Buy a Franchise?), While others can take years to build a client base and succeed.
Early failures and setbacks can be expected – you should be able to think like a quarterback, who quickly forgets the last incomplete pass or hurdle you throw and becomes confident about the next play.
So are you ready
If you answered “no” to any of them, you probably wouldn’t be ready to own it. Success stories overnight are just that … stories. The fact is that success comes with hard work over time. And you want your business to succeed, don’t you?
If you answered yes to these three basic questions, then you are on the right track.
For more information on whether or not there are “right things” to start your own business, take a look at the following:
6 Traits to go from job to self-employment
Do you have any business personality traits?