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Things to consider when starting a new business

You may dream of having your own small business, however, it is important to keep in mind that this type of business ownership is not right, for everyone. While you may dream of the freedom of being your own boss and having your own money, the reality is that owning your own small business can be a difficult and time consuming venture. You will need to love what you are doing and be dedicated to developing and growing your small business, even during the most difficult of times. You will need to be aware that while eventually you may gain the freedom and money that you desire, it will most likely mean that you will need to make some sacrifices to reach those goals. So before you jump right in here are some things to consider when starting a new business-

  • What is your motivation?While desire is an important factor in starting your own business, keep in mind that you will also need to have a certain skill set. In other words, just because you may think owning a certain type of business would be "fun" that doesn't necessarily mean that it is the right type of business, for you to own. You should have at least a medium amount of skills that will take to run the business. This means that if you have never set foot in a kitchen, then a catering business may not be the right choice. In addition, you should have some skills that will be necessary, just for running your business such as: bookkeeping, marketing, management and even purchasing. You should also understand that this is a time consuming process. Few businesses achieve overnight success and take a considerable amount of time and patience, before they begin to pay off.
  • Are you a problem solver?Most likely when you begin your small business, it will only be you. This means that when problems arise, you will need to have the skill set to find the answers. The responsibility of solving problems and keeping your business moving forward will fall to you. If you love what you do, this won't be a problem; however, if you are not fully committed to running your small business, this can quickly become a burden.
  • How much risk are your comfortable with?There is no denying the fact that running your own business is a risky venture. Small businesses have a very high fail rate, and it is important that any prospective small business owner understand this. Even under the best of economic conditions, small businesses go under. This means that any prospective small business owner must know when to risk and when to pull back. The bottom line is that if you are not comfortable with assuming risk, then being a small business owner may not be right for you.
  • What level of preparation do you have? You should never assume that you can just jump right in and start your small business. Successful small business owners have usually prepared for months, and sometimes even years, before opening their small business. You will need to be able to put in considerable effort, for the planning of your small business. Long before you open your doors, or start up your website, you will need to have done considerable market research, gained financing and planned the logistics of your business. Each of these tasks can take considerable time and effort. You should also be prepared with your personal finances. Many small business owners find that their businesses are not financially profitable, for a year or more. This means that you will need to have your personal finances in order. You should not depend on the profits of your small business in order to live on, for quite some time.
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