Four Key Questions To Ask Yourself Before Starting A Small Business
If you have always wanted to start a small business
, you are not alone, the majority of working adults have thought about starting their own business but most simply don't follow through because they don't know how. This article addresses four key questions you should ask yourself before deciding to start a small business.First, what is your reason for starting a small business? Businesses take money to succeed and grow. One cannot realistically expect to put out a sign and expect everyone to come flocking to your product or services. If that is what you want, then you should be considering buying an already established business or buying a well established franchise, but even still, if you are motivated by the belief that "if you build it, they will come" then you are missing one of the key attributes of a successful small business owner, namely the attitude that you will get nothing out of your business unless you put something in first, and what you need to put in is time and/or money.
It is my belief that most small businesses fail because the owners want to rely on their profits for an income which is frankly unrealistic for most businesses that are just starting out. You need money to hedge slower times and put your business in front of people. So if your reason for starting a business is that you can't work another month with your current employer without going crazy, then it is probably best to find a different job and then start planning for a small business.
Second, can you consistently dedicate time to your business? The amount of time that you can dedicate does not necessarily matter as much as if you can be consistent with your work. I personally decided a long time ago that internet businesses were best for me because I was never sure when I would be able to do work on my small business (my main profession is as a scientist), but I discovered that even though I build businesses that don't require my time constantly, consistency is the primary key to successful business growth. The trade off is that because I don't have as much time to do everything myself, I hire other people to consistently do the small tasks that I can't consistently do. Honestly ask yourself how much time can you dedicate to business knowing that what you can do realistically is half to one fourth of what you think you can do, and if you can't dedicate much time it is ok if you can answer question three.
Third, how much money can you dedicate to your business? If you can't dedicate any money to your business, your business will most likely never fly. While more time can compensate for less money, there are basic expenses related to running a business on your own that everyone must pay. Just registering your business with the government each year costs money. The exception is if you already have the tools necessary to succeed or have a mentor that can help provide the tools and cover the basic costs of doing business. Fortunately, if you do have discretionary income each month, then time can be less of a factor because the truth is money can actually buy you time, but find a mentor in your field who can help you navigate the good investments from the vast collection of bad investments.
Fourth, do you have someone that you can rely upon for advice and help? Working with someone who has started a business before and knows what to do, you can overcome the lack of time and money. If you have a person like this, count your lucky stars, and if you don't try your hardest to find someone because having support is one of primary factors for success in a small business.
Starting a business is very rewarding, but you need to be focused on the future returns. Consistently dedicate time, let your earnings compound and find someone you can rely upon to help you plan and support your decisions. A small business is not a path you want to walk totally alone.
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