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Questions to ask before starting your small business

laptop30347367.jpgIf you are considering opening a small business, then there are some very important questions you should be asking yourself. Do not be fooled into thinking that opening a small business is an easy endeavor. Most often small business owners will tell you that opening their company was one of the hardest things they have ever done. It is important to understand that owning and running a small business, is not the right job for everyone. Having a business of your own requires a great deal of passion, dedication and most important hard work. You will have to be highly self disciplined and willing to make sacrifices for the good of your business. In addition, it is critical that you understand that running a small business is a risky venture. More small businesses fail rather then succeed. However, if you are willing to take the time to look closely at yourself, you can determine if opening a small business is the right thing for you. Here are some questions to ask before starting your small business-

  • How qualified are you to open a small business-You need to honestly determine how qualified you really are to run the type of business, you are thinking of opening. Most experts agree that if you are not intimately acquainted with almost every aspect of a particular business, you should not be opening that type of business. However, if you are at least generally familiar with the industry and willing to learn, you may be ok opening the business. If you just think the idea sounds good, you need to move on to something that you know. It is best to have at least some background experience in the area of business, you wish to open, since this makes you seem much more credible to your potential customers and therefore increases your chances of success.
  • Are you ready to be your boss? You may think that if you are a leader or manager at your current job, then you are ready to be your own boss. It is important to keep in mind that there is a lot more to being the boss, then just leading. You will need to be able to motivate others, and be willing to work harder then anyone else. Remember that you will now be the person telling people what to do and when to do it. You will be the motivator that has to make sure that things get done correctly and when they are suppose to. This is a harder job then many people think that it is. You must be ready to assume this type of responsibility if you want your small business to succeed.
  • Are you for the risk of opening a small business? Opening a small business is risky. Statistics show that more small business fail, then succeed. You must be ready to risk your money, reputation and all your hard work on a venture that may not pay off. For some people this is simply too risky and this means that starting a small business is not for them. It can be helpful before you begin the process of opening a business, to seek counsel and advice, from people close to you that you trust. Asking others if they feel you are ready to run a small business, can give you some valuable insights. Be sure to ask pointed questions, and make sure that those close to you feel comfortable enough to give you honest answers concerning their evaluation of your skills. This can also be valuable insight into what you need to improve on before you do open a business.
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