Start a business or don't start a business? Kinda reminds me of The Clash song below.
When i first started in business i must have asked my self this question at least a million times. As well as a million more questions to go along with it. The more and more companies i have ran and opened you would think the pressure would lessen , you would be wrong.
The question is the wrong question to be asking. The two questions you should ask your self are:
1.) Whats the worst that could happen ?
2.) Can i deal with it ?
If you can answer yes to question number 2, then heck why not go for it?
Obviously there are more questions that you should ask. In fact if you don't ask 1000 questions then you probably shouldn't be looking at opening a business, but these are the so called meat and potatoes.
The question is the wrong question to be asking. The two questions you should ask your self are:
1.) Whats the worst that could happen ?
2.) Can i deal with it ?
If you can answer yes to question number 2, then heck why not go for it?
Obviously there are more questions that you should ask. In fact if you don't ask 1000 questions then you probably shouldn't be looking at opening a business, but these are the so called meat and potatoes.
So what are questions you should be asking?
Well what kind of business are you thinking of starting?
There are literally 100's of options. If your low on capital i recommend a service based business. You can doing something simple like a laundry service. perhaps you like to work outside ? I found some really interesting outdoor business ideas at http://thebusinesshq.com/31-awesome-outdoor-business-ideas/ really nice read if your struggling for a business idea or your kinda wacky.
Where will you operate ?
Many service businesses can be operated from the home or your car. Therefore "outdoor business ideas" are very popular, due to there lower start up costs then traditional brick and mortar establishments. If you do decide to open a traditional brick and mortar business make sure you take your time and really look around for the perfect spot. Once your in to a lease it can be difficult to get out.
TIP: REMEMBER :- LOCATION LOCATION LOCATION
How will you operate?
Will you be a sole trader? or have partners ? Is it safer and economical enough to form a LLC? Most small businesses will start as a sole trader or with partners. However if your investing a lot of money into your business the couple thousand it requires to form a LLC is well worth the investment and extra protection it affords. I also recommend that as soon as viable all small businesses start ups form a llc for there own protection.
If your forming a partnership it is a good idea before operations start to discuss and get on paper the responsibilities each partner may have. Also how the profits and or losses will be distributed. I recommend a lawyer help you thru this process. That being said if your on a limited budget , you can always type something up and have all partners sign and date it in front of a notary public. Doing either of these processes will provide a certain amount of clarity for everybody concerned.
Will you continue to work ?
Don't get too excited , we cant open a business hire a couple college kids and retire. What i meant was will you continue to work your "real" job ? Doing this will give you a little more security financially in the beginning stages. Obviously the more energy you put into your business when it is in its infancy the better.
If your not 100% sure you want to quit your job. You could take off any vacation time you have available, ask for a couple months sabbatical or perhaps ask for modified hours or go part time temporarily.
Well this was just meant to be a quick post , when i heard that song on the radio, 30 minutes later and im still typing. When i het some more time ill add some more questions you should ask your self before starting a business. I think it probabaly deserves a stand alone more well thought out post, rather then just my ramblings one Thursday afternoon when i should be doing something else.
Let me know your thoughts , on any questions you might ask yourself when starting up your own business for the first time.
Well what kind of business are you thinking of starting?
There are literally 100's of options. If your low on capital i recommend a service based business. You can doing something simple like a laundry service. perhaps you like to work outside ? I found some really interesting outdoor business ideas at http://thebusinesshq.com/31-awesome-outdoor-business-ideas/ really nice read if your struggling for a business idea or your kinda wacky.
Where will you operate ?
Many service businesses can be operated from the home or your car. Therefore "outdoor business ideas" are very popular, due to there lower start up costs then traditional brick and mortar establishments. If you do decide to open a traditional brick and mortar business make sure you take your time and really look around for the perfect spot. Once your in to a lease it can be difficult to get out.
TIP: REMEMBER :- LOCATION LOCATION LOCATION
How will you operate?
Will you be a sole trader? or have partners ? Is it safer and economical enough to form a LLC? Most small businesses will start as a sole trader or with partners. However if your investing a lot of money into your business the couple thousand it requires to form a LLC is well worth the investment and extra protection it affords. I also recommend that as soon as viable all small businesses start ups form a llc for there own protection.
If your forming a partnership it is a good idea before operations start to discuss and get on paper the responsibilities each partner may have. Also how the profits and or losses will be distributed. I recommend a lawyer help you thru this process. That being said if your on a limited budget , you can always type something up and have all partners sign and date it in front of a notary public. Doing either of these processes will provide a certain amount of clarity for everybody concerned.
Will you continue to work ?
Don't get too excited , we cant open a business hire a couple college kids and retire. What i meant was will you continue to work your "real" job ? Doing this will give you a little more security financially in the beginning stages. Obviously the more energy you put into your business when it is in its infancy the better.
If your not 100% sure you want to quit your job. You could take off any vacation time you have available, ask for a couple months sabbatical or perhaps ask for modified hours or go part time temporarily.
Well this was just meant to be a quick post , when i heard that song on the radio, 30 minutes later and im still typing. When i het some more time ill add some more questions you should ask your self before starting a business. I think it probabaly deserves a stand alone more well thought out post, rather then just my ramblings one Thursday afternoon when i should be doing something else.
Let me know your thoughts , on any questions you might ask yourself when starting up your own business for the first time.