The idea of being their own boss does appeal to a lot of people. Many of them just dream of it and leave it at that, some do go on and take the plunge into business.
So, is starting a small business right for you? More and more people are asking themselves this, particularly in these days of economic recession and massive job layoffs. A small business can be very satisfying and rewarding. But a small business is not for everyone. And statistics show that a large proportion of small businesses fold up rather early.
Should you start a small business? You know best, the answer is within you. But you may like to reflect on the following questions.
- What have you to offer?
Do you have a product that can fulfill someone’s need or aspiration or solve some problem? Is there a gap for a service that you can fill?
- Does the product have a market you can tap?
Does there exist a market for your product at your price? Is there an easy way for you to reach this market?
- Do you know your product inside-out?
Do you know a lot about your product? Does it excite you?
- Do you have the starting capital?
Do you know how much capital you will need? When will you make your first sale and receive your first payment? When will you break even? Do you have or can you raise enough capital to sustain the business until then?
- Can you work long hours?
Do you have the capacity and energy to work long hours? Are you comfortable with learning new things and doing many different types of tasks each day?
- Can you afford to lose the regular monthly pay check
Do you have sufficient funds to meet your financial requirements until your business can afford to pay you?
- Can your business afford to fail?
What will happen if things don’t go well with the business?
Disclaimer: The above article only represents the personal views of the author, who doesn’t claim to be an expert in this fieldhere. This is in no way a substitute for professional legal, business or accounting advise. You should take advise from a qualified professional when required. The author disclaims specifically any responsibility for any action or decision taken on the basis of this article.