6 Questions: Are you ready to go into business for yourself?

Posted on September 20, 2016

business for yourself

For those of you frustrated with the 9-5, you may be considering launching into business for yourself. Following are the 10 questions to ask yourself before submitting that resignation letter:

 #1 – HOW MUCH MONEY DO YOU NEED TO GET STARTED? Capital is a first consideration for any business person. Not only do you need to consider how much you have to invest in a company (or how much you could feasibly borrow), you need to consider how long you and your family can sustain without a paycheck or a profit.

#2 – WHAT IS YOUR TIME FRAME? Once you know how much you have to invest, you need to consider your timeframe from conception to execution. How soon will you be able to start accepting money in exchange for your services. Will your initial investment last long enough to get you to that point?

#3 – WHAT RESOURCES DO YOU HAVE ON HAND? Beyond capital, you have many other resources you can tap. Do you have strong connections in the industry who can refer you to customers? What kind of marketing material and other branding material can you leverage to run your business? Do you have connections with vendors to get your products off the ground?

#4 – DO YOU HAVE WHAT IT TAKES? People are built differently. Some are built to follow the rules prescribed by a company, put in their time and do good work. Others are built to innovate, to create the rules and build a new company and put in everything it takes to make it succeed. Honestly evaluate your strengths and weaknesses and determine if you can run a business.

#5 – DO YOU HAVE THE EXPERIENCE TO BE SUCCESSFUL? When selecting your business, make sure that you have the experience either educationally or professionally to back it up. The business model you choose should reflect your skills. If you’re a strong salesmen, choose a business model that capitalizes on that strength.

#6 – WHAT ARE YOUR FINANCIAL GOALS? Assess your financial goals for the business and for yourself. In addition, assess your goals for the business. How much growth potential are you looking for? Do you want a business that centers around you? Do you want a business that has the potential to multiply out?

These are just a few starting points. Be sure to do your due diligence before entering into any business opportunity. Review the pros and cons and you will be prepared for success.