Starting Your Own Business Made Easy
- Date: 2010-01-05 - Word Count: 388
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Many of those out of work have extensive experience, often working for their previous employer for more than ten years. When downsizing approaches, these employees are rarely concerned with their job status…how can such a long-time employee be cut? However, many faced this exact scenario in previous months and are unsure how to face the future in a sluggish economy and high unemployment rates.
The question for many people in this exact situation is: Are you ready to start your own business? Beyond the obvious questions of whether or not your skills are marketable and if you can afford the risk all prospective business owners take, there is a large amount of self-evaluation required before becoming your own boss. Here are a few questions you need to honestly ask yourself before you take the leap into entrepreneurship.
Are you a leader or a follower? In other words, in your work experience, have you required the guidance of others to ascertain what to do next in your day? Skill is a very important asset to have when considering becoming your own boss, but if you have difficulty staying on point to complete tasks, it may not be for you.
Do you have any contacts you can use? Starting a business isn’t easy for anyone, but having some names to name when starting out can be helpful. Sift through the business cards you accumulated during your career and see who you know that could be a benefit to your new business.
What startup costs will you have and can you afford them? Some businesses require very little money to get started. Take a good look at the supplies, overhead costs and marketing materials you’ll need to start your own business in your niche market. Evaluate those costs against your financial situation and you’ll have a good idea if you will need financial assistance to get started.
How’s Your Credit? If you need financial assistance, your personal credit score is crucial to your ability to obtain a loan. Leveraging your home with a home equity loan is one option for startup cash, but it’s recommended that you talk to your family to see if someone wants to back your business and lend you the money. Always write up a contract for a loan, even for family. It can head off confusion later.
The question for many people in this exact situation is: Are you ready to start your own business? Beyond the obvious questions of whether or not your skills are marketable and if you can afford the risk all prospective business owners take, there is a large amount of self-evaluation required before becoming your own boss. Here are a few questions you need to honestly ask yourself before you take the leap into entrepreneurship.
Are you a leader or a follower? In other words, in your work experience, have you required the guidance of others to ascertain what to do next in your day? Skill is a very important asset to have when considering becoming your own boss, but if you have difficulty staying on point to complete tasks, it may not be for you.
Do you have any contacts you can use? Starting a business isn’t easy for anyone, but having some names to name when starting out can be helpful. Sift through the business cards you accumulated during your career and see who you know that could be a benefit to your new business.
What startup costs will you have and can you afford them? Some businesses require very little money to get started. Take a good look at the supplies, overhead costs and marketing materials you’ll need to start your own business in your niche market. Evaluate those costs against your financial situation and you’ll have a good idea if you will need financial assistance to get started.
How’s Your Credit? If you need financial assistance, your personal credit score is crucial to your ability to obtain a loan. Leveraging your home with a home equity loan is one option for startup cash, but it’s recommended that you talk to your family to see if someone wants to back your business and lend you the money. Always write up a contract for a loan, even for family. It can head off confusion later.
Related Tags: small business, entrepreneur, marketing, credit, contacts, business plan, leader, venture capital, downsizing, follower, own business
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