There
is real opportunity to start
a business today because many, many businesses that existed prior to the
recent recession have closed their doors and left wide range of parts of market with little choice . Many
long-standing client relationships have also disappeared. More than anything
else right now, consumers and businesses want the lowest cost, period! This
presents a great opportunity for entrepreneurs who want to position themselves
in the marketplace as the lowest-cost provider.
But
before your jump into this roller coaster ask yourself a few questions…
1. What kind of business will I begin?
Do what you love to do. Businesses
don’t just happen. They are made. Most people do the mistake in opening
a business they know nothing of. Your
success relies on what you bring to the business. If you love what you
do then chances are your business will be successful. Don’t be tempted to start a retail
store just because you find a cute, affordable space.
2. Where will I get the money to start my business?
Start
up business funding and start up business grants are hard to come by.
Ensuring you have
the funds necessary to stay viable past the first few months, when business
will be at its toughest, is extremely important. If the only problem you have is a momentary
lack of funds, and you have a decent credit rating, speak to your bank about a business
loan.
3.
Do you know how to run a
business?
Running a business takes different skills than practicing what you
know or love. If you don’t have an idea
on how to run a business, then start today learning how to do it, or find a
friend that has same knowledge on this and can give you some advice.
4.
Do I need a business
plan?
Yes in fact many businesses that go under is because they didn’t have
a business plan before they started. Creating
a real business plan is hard work and a pain. But it is hard work that will
be rewarded. It forces you to think past rationalizations that we all tend to
make and come up with something real and doable.
5.
Will my business need an
office? If you are on a tight budget and are unsure exactly how long it
will take for profits to flow in at a strong level on a regular basis, consider
starting
a business with a home
office. New businesses die every day
and many suffer a premature death simply because the new owner ran out of money.
