Should I start a business?
Recent Regulations and Resources
Reasons to Start a Business
Before starting a small business, list the reasons you want to go into business. Use a specific and systematic approach to build a plan from which success can be evaluated. Some common reasons for starting a business include:
- Want to be your own boss
- Want financial independence
- Don’t work well with others
- Dislike policy and procedures
- Want creative freedom
- Want to fully use your skills and knowledge
To determine the right business, answer the following questions:
- What do you like to do with your time?
- What technical skills have you learned or developed?
- Will you have the support of your family and/or spouse? Friends?
- How much time do you have to run the business?
- Do you have any hobbies or interests that are marketable?
The following best helps answer the question: what niche will the business fill?
- Is your idea practical and will it fill a need?
- What/who is your competition?
- What is your advantage over existing businesses?
- Can you deliver a higher value/better quality service?
- Can you create a demand for your business?
The last step in the model is the pre-business checklist. Answer the following questions and write down the responses before developing your plan:
- Describe the business you are interested in starting.
- What services or products will you sell?
- Where will you locate?
- What skills and experience do you bring to the business?
- What will be your legal structure?
- What name will you go by?
- What equipment or supplies will you need?
- How will your business records be maintained?
- What insurance coverage will be needed?
- What financing will you need?
- What are your resources?
- How will you compensate yourself and your staff?
Do I Have What It Takes to Own/Manage a Small Business?
Future business owners will be the most important employers, so an objective appraisal of strengths and weaknesses is essential. Some questions to ask yourself are:
- Am I a self-starter?
- How well do I get along with a variety of personalities?
- How good am I at making decisions?
- Do I have the physical and emotional stamina to run a business?
- How well do I plan and organize?
- Are my attitudes and drive strong enough to maintain motivation?
- How will the business affect my family?
Most entrepreneurs are not adequately prepared to go into business. While they have the motivation, desire, and talent, many have not taken time to properly investigate and research the business they are interested in starting.