Deciding if You Are Ready to Start a Small Business

Deciding if You Are Ready to Start a Small Business

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  1. If you find yourself sitting at work dreaming about a different life, one where you call the shots and you run your own show, starting your own business might be part of your dream. You might also, however, ask yourself how to know if starting a business is the right step for you to take.

    While only you can make the final decision to either jump into entrpreneurship or not to jump, there are a number of things you can take into consideration before you commit your personal assets to a new business.

    • Risk – Being an entrepreneur means you set up the business, you take the financial risks in hope your business will be a winner. Starting a business always involves some risk, but starting small is an option if you do not have a lot to invest.┬áSome home-based small businesses require little or no start-up funds.
    • Concept – Do you have an idea that just won’t go away; or maybe a favorite hobby? If you are willing to spend your money on a product or service, chances are others will be too.
    • Willingness to learn – You can take classes at a local college, trade school, or library to learn about business management, book-keeping, and decision-making if you lack confidence in any of these areas.
    • Business plan – If you plan to apply for financial backing from banks or provate lenders you will need some sort of business plan to show potential backers why your idea is a gem. You can use a free template, professional services, or volunteer services such as the Senior Corps of Retired Executives (SCORE) for help developing a plan.

    If you feel like it might be time to make your dream of owning your on small business a reality, consider your skills and assets, develop a business plan, and be willing to learn how to manage unfamiliar business aspects.

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