6 Things to Contemplate Before Venturing into Your Small Business

If you do not inherit a business, you will have challenges building one. So, are you ready to take on the challenge of starting a business? Consider the following pointers and questions.

1. Think about whether you want to work for yourself. Do you enjoy being the boss? Or do you feel more comfortable reporting to someone else?

2. What are your plans for the business? Do you want to sell it after a certain number of years, or do you want to work in the office only twice per week after five years? Do you want travel and enjoyment and therefore aim to get a good manager to take care of the business in your absence?

3. Determine how much of a risk taker you are. You must be willing to be patient and give the business enough time to get established and grow.

4. Consider how much time and effort go into running a small business. Many entrepreneurs have to work harder for themselves than they ever had to work for a former employer.

5. Find a business that suits you. Assess your skills, interests, and personal values and seek a business that is in line with these attributes.

6. Decide whether you want to start a business or buy an existing one. Launching a business may involve fewer start-up costs and can proceed more slowly, but the business will take time to get established. An existing business usually requires more money up front, but there might be a useful platform in place, from which one might grow quickly.

A friend of mine bought the brand and light manufacturing equipment of an established confectionary company. The brand was known and respected, and the final product price was small enough that customers gladly bought the product with pocket change. This was a very good combination, which led to rapid success. My friend, who always thought business was hard and required so much effort, was shocked by her quick progress.

So, think about your situation and align your values, skills, passion and opportunities for success.