Running your own business has many benefits—you’re your own boss, you make all of the decisions, etc. Those same benefits may also be a “con” for starting your own business. For example, making all big decisions can be a cumbersome task. Every business owner has to weigh the pros against the cons in determining the business direction to take.
Before making the leap to starting your own business with whatever motivation you have, take these six things into consideration.
1. A business plan. A business plan is a crucial guide to getting your business off the ground - and sticking to a long term strategy. Do you have a business plan? If not, will you be creating one before you leap into the starting your own business? There are available resources in the community, and often through financial institutions, that will help new or potential business owners to create a business plan.
2. Demands, stress and obligations. Owning a business can be extremely rewarding and fulfilling, but also brings with it new demands, stressors and obligations. Evaluate your business opportunity to make sure you fully understand everything that you will take on with your own business.
3. Financials. Money doesn’t grow on trees, unfortunately, so take a hard look at your personal finances and the necessary finances of the start-up company. How much money do you need to take home each month to pay your bills and put food on the table? What costs do you need to cover in your business, including building rent, salaries and general operating costs?
Keep in mind that as the owner, you may often be the last person to be paid. Having a realistic view on finances will help you in planning and strategy, decision making, development and execution.
4. Resources. Businesses take a lot of resources to get up and running, as well as to maintain them. Everything from office space and staffing, to staplers and pens, will be necessary to function. For example, you’ll need to know the best printing services in Tucson. Take the time before starting your business to develop relationships with various vendors and service providers, such as staffing agencies, cleaning services and printing companies.
5. Competition. Do a competitive analysis of the industry or business sector for your start-up business. What does the business landscape look like? Look at the growth potential of your competitors as well. Going in with your “eyes wide open” and with thorough knowledge of your market will help you plan and develop business strategies better.
6. Commitment. If starting a business was easy and millions could be made without any hard work, then we’d all likely start our own companies. However, starting and running a business really requires hard work. Is your business idea something that you’re really, truly committed to, and something you can continue to be committed to through good times and bad times? Solid commitment and dedication are essential to starting your own business.
Lots of people try and fail but that doesn’t mean that you will. Make sure that you are dedicated and everything will be okay!