At one time or another, you have probably thought about starting your own business. It's easy to visualize a perfect world where YOU are your own boss, make your own hours and reap huge profits. Unfortunately, more often than not, reality does NOT match up with the vision. Read below to see if you are you ready to take that first step? Thinking about starting a business? Ask yourself the following questions and if you can confidently answer them, you may just be ready to take the long walk down the entrepreneurial highway. hy do you want to start a business? The main reason should be that you have a passion for the business you are starting. Yes, need to eventually make a profit, but that can take time. You must have sound reasons for starting a business because those reasons will help get you through the long hours, stress and financially lean months. Why do you want to start a business? The main reason should be that you have a passion for the business you are starting. Yes, you will need to eventually make a profit, but understand that making a profit can take time. It is important to have ou must have sound reasons for starting a business because those reasons will help get you through the long hours, stress and financially lean months. What is different or sets my business apart from the competition? If you cannot answer this question, you need to rethink your idea. If nothing is different or better than the business down the road, you're just creating competition. What amount of revenue can I expect? Where will my business be located? In-Home, Online Store, or Brick & Mortar building? You've heard the 'ol adage, "Location, Location, Location"; the success or failure of the business may very well depend on it! (Example: A retail, restaurant or specialty product business needs to be located in a visible, high traffic location; whereas a high traffic area may not be the best choice for a business that requires appointments. Online businesses depend on marketing strategies which provide a complete different set of challenges to drive traffic to a business website.) Do you have the investment funds necessary to launch a business? Whether through a bank or the Small Business Administration, business loans are not easy to secure. The application process will most likely require your personal credit history, assets and available funds for consideration and security. Be cautious of misinformation about financing options for small businesses, including one that states that you may qualify for a 'grant' to start a small business. Yes, there are government grants for large My business plan should apply to the first five years? Do I have a marketing strategy? Am I aware of tax obligations, insurance, and employment policies? What is the market for my product or service? How will I build a client base? How many employees will I need to hire?
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