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Things to consider before starting a small business

If you have always dreamed of being a small business owner, then you may feel both scared and excited, as you work to make your dream come true. One of the best ways to manage the process of setting up a small business is to educate yourself on every aspect of the process. While it is virtually impossible, to plan for every challenge or problem that may occur, by considering certain factors, you can minimize the difficulties you may encounter while trying to get your small business up and running. Here are some things to consider before starting a small business-

  • Have I set goals and have I reached them? Successful small business owners are planners. If you have a pattern of setting goals and reaching them, your chances of being successful while owning your own business, have just gone up. In order, for your small business to be successful, you need to have a definite idea of where you want to go, and how you can get there. This will also help you from becoming completely frustrated and stressed out, while you are trying to get your small business up and running. Experienced small business owners recommend that you break down your goals, into short, medium and long term goals. This will help to outline your plan, for your small business. Finally, you need to make sure that you write down your goals. Studies have shown that people who write down their goals, (whether personal or business), are far more likely to achieve them, then those people who don't.
  • Will I be able to follow my business plan without breaking any laws?There are always certain legalities that have to be followed when you are starting a new business. You should make sure that you fully educate yourself as to how these apply to your small business. There are various legal areas that you will need to explore while you are in the planning stages, for your small business. These areas are-
    1. Choosing a legal structure for your business
    2. Registering the name of your business
    3. Getting all of the appropriate permits and licenses
    4. Understanding and planning for your tax liability
  • Do I have a full understanding of the financial needs of both my small business and my personal life?It is important to understand that your small business will not be profitable, for a considerable amount of time. This means that you cannot depend on your small business, to provide the income, for your bills and other needs, for quite some time. Some small business owners continue to work a full or even part time job, while they get their small business set up, or they find they must have a significant cash reserve to depend on, until their small business is successful. In addition, you will have to plan, for the considerable start up expenses that come with starting a new business. Whether you are able to borrow the funds that you need, or raise some capital, chances are that you will need some of your own money to get your business going. You consider this in your business financial planning, as well.
  • Who will be a part of my support network?Chances are that you will be the only employee of your small business, for some time to come. However, this does not mean that you will be doing everything alone. Successful small business owners know that it takes the efforts of many people to establish a successful business. You should take the time to consult with a business attorney, tax professional and other experts in your field, to gain guidance and information that can help you in setting up your small business.
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