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How To Know If You Should Start A Business
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How To Know If You Should Start A Business

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How do you know if you should start your own business? Here are 5 concrete steps you can take to find out if owning your own business is right for you.

How do you know if you should start your own business? Here are 5 concrete steps you can take to find out if owning your own business is right for you.

Published in: Business, News & Politics
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Transcript

  • 1. How To Know If you Should Start a Business by FitsmallBusiness.com
  • 2. Step 1
  • 3. Why do you want your own business?
  • 4. Examples of Bad Reasons...
  • 5. You hate your boss.
  • 6. You aren’t being paid enough.
  • 7. You lack passion for your job.
  • 8. You want to work less.
  • 9. These are not reasons you want to start a business. . These are not reasons you want to start a business. .
  • 10. These are not reasons you want to start a business. . These are reasons you are unhappy with your current situation.
  • 11. Examples of Good Reasons...
  • 12. You have identified a problem that people will pay you to solve.
  • 13. You want to be a leader.
  • 14. You want the challenge.
  • 15. You think your clients will follow you..
  • 16. Step 2
  • 17. Do you have the skills?
  • 18. Do you want to run a restaurant? (Example)
  • 19. Or do you just love to cook?
  • 20. Skills every business needs..
  • 21. 1. The ability to market and sell.
  • 22. 2. The ability to deliver quality products/services.
  • 23. 3. Ability to handle the finances.
  • 24. 4. Ability to manage.
  • 25. Don’t have some of those skills?
  • 26. Get a Partner (Click here for our free guide on choosing a business partner. )
  • 27. Step 3
  • 28. Do you have the right mindset?
  • 29. Have to be willing to get your hands dirty.
  • 30. Have to be willing to work a lot of hours.
  • 31. Step 4
  • 32. Do you have the means?
  • 33. One thing all new businesses have in common...
  • 34. They take longer to become profitable than originally forecast.
  • 35. For most businesses...
  • 36. Plan for no salary in year one.
  • 37. Small salary in year two.
  • 38. Back to what you were making in your old job in year three.
  • 39. Yes you heard right.
  • 40. It takes 3 years on average.
  • 41. Step 5
  • 42. Do you have the personal support?
  • 43. If your significant other isn’t on board...
  • 44. Its going to suck.
  • 45. Make sure they understand...
  • 46. 1. There is a high failure rate.
  • 47. 2. The hours are long.
  • 48. 3. The there are a lot of ups and downs.
  • 49. 4. Any personal spending cutbacks that need to be made.
  • 50. Still with me?
  • 51. Great!
  • 52. Now its time to come up with a business idea...
  • 53. Click Here to learn how.
  • 54. Click Here to learn how.

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