Ready to start your own business? Early mistakes can cost you money. Here are some tips recently featured in the Wall Street Journal that could help you get a solid footing. This week and next we will cover the ten questions to ask yourself before you begin your new enterprise.
Are you willing and able to bear a financial risk? - Can you go without being paid for a while, or being paid less? You may end up far ahead, but it probably won't be perfect in the beginning, and that's a possible understatement.
Are you willing to sacrifice your lifestyle for a time, possibly years? - Getting started could mean a lot of hours and evenings or weekends of work. It might not all be meetings, but could be paperwork to catch up on the day's events.
Is your partner on board? If earnings are erratic, it sure helps to have the person who loves you on your team. The WSJ article quoted a business coach who related that men frequently start businesses and don't even tell their wives...!
Do you like all (most) aspects of running a business? You probably have a particular skill, electrical or design, but you will also have to keep some records, market yourself, and have a general business plan. Early on, these jobs will be all yours.
Can you make decisions on the "fly" - with no answer key? With this new business, all the decisions are new and made by you. In studies, researchers have found that successful entrepreneurs like decision making. If that's not your style, this venture could be much harder for you.
Don't miss next week for the next five important tips that may save you money with your business start-up.
Marion R. Syversen, MBA - President
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Starting Your Own Business- Part 1
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