5 Things to Consider Before Starting Your Own Business

5 Things to Consider Before Starting Your Own Business

There are many reasons that people choose to become small business owners. The reasons vary from financial possibilities to a lack of job opportunities. Whatever the reason, it takes a lot of time, energy, and sacrifice to become a successful small business owner.

Here’s a list of questions to ask yourself before you take a leap at starting your own business:

1. Why do you want to start a small business?

Think long and hard about why you want to start your own business. Is it for financial prosperity, a more flexible schedule, or greater creative control? Understand that you will be responsible for marketing, accounting, inventory, sales, and doing all of the work in the beginning. Make sure you’re up for the challenge.

2. Are you self-motivated?

Plain and simple, running a small business requires more time and effort than a traditional 9-to-5 job. Think about the amount of time away from family and friends because you have to work on your business, even on days when you may be tired and unmotivated.

3. Are your finances in order?

When you work for yourself, there is typically no sick leave when you catch the flu. Can your clients go without while you recuperate? Will you be financially devastated if you lose a week of productivity? Think about how you are going to pay your bills if a client is late with a payment or unable to pay at all.

4. How will you get clients?

Many people are so focused on the logistics of starting up a new business that they fail to plan for one the most important part – clients. Where will you get new clients? Who is willing to spend money on your service or product? If you can’t make a definite list of three ways to obtain clients, you may want to reconsider. This should be included in your business plan.

5. Where is your business plan?

A business plan is critical to the success of a sustainable business. It’s essential to develop a realistic, comprehensive plan to understand your business and determine how to reach success. A business plan is often referred to as the road map for your business because it helps determine the operations, marketing, and financial considerations to make your business profitable.

Proper planning and hard work are key elements to small business success. Make sure your idea of being a small business owner matches reality. The journey is long and hard, but the rewards of being a small business owner may be worth it for you to live your dream life.

This post was originally posted on SCORE, a nonprofit association dedicated to helping small businesses get off the ground, grow and achieve their goals through education and mentorship.