Do you think you have what it takes to be a small business owner? Perhaps you are someone that has always imagined of owning your own business. Like they say, there is no better time than the present to pursue your dreams!
Just How Many Small Business Owners Are there?
You aren’t alone in this dream of becoming a small business owner. Every year thousands of people begin their journey as business owners. In fact, the Small Business Administration states that 627,000 small businesses launch every year in the United States. You could be part of that number!
You are excited and anxious for your new adventure, as you should be. But before you take the leap into your business, you may want to ask yourself these important questions that could affect your success. (Feel free to skip down to view our infographic at the bottom of this post)
- What type of business are you interested in starting?
- Why do you want to start this business?
- Is your business a unique concept? Or does it exist already?
- Who are you trying to help with your business? Do you know who your target market is?
- Have you done your research?
- What will you name your business?
- Is there a web domain available?
- What products or services will you offer?
- Will your products/services be available immediately? If not, what is your timeline?
- How will you price your products and services? How will your prices compare to your competition?
- Do you have the time and money necessary to get your business off the ground?
- Have you laid out a business plan?
- Who is your competition?
- How will your business differ from your competition?
- Where will your business be located?
- Will you need to hire employees?
- Do you know how much money you will need to start your business?
- Will you need to hire a financial advisor?
- Will you need a loan?
- Will you open a separate bank account for your business?
- What is your timeline for getting things started?
- Do you have a deadline for when you MUST start making a profit?
- Have you thought about how you will market/advertise your business?
- Will you need to hire someone to help with your marketing or can you do it alone?
- How will you set up the legal structure of your business?
- Do you know what taxes you will need to pay with your business? Will you need to hire a tax consultant?
- What kind of insurance do you need?
- What kind of supplies/equipment will you need?
- Do you have any other obligations that might prevent you from giving your business 100% of your time and effort?
- Can you be your own boss? Do you work well alone? Are you motivated and driven?
- Are you suited for self-employment? Can you wear many hats?
- Do you consider yourself a leader?
- How are your interpersonal skills?
- How do you handle setbacks?
- What are your personal strengths?
- Can you see yourself enjoying what you do every day?
- Can you do this alone or will you need a partner?
- Do your friends and family support you?
- Are you willing to make many sacrifices?
- What technology/software do you need to be able to operate your business?
- Is your education/experience sufficient for what you want to do or will you need further education?
- What kind of risks are you willing to take?
- Why do you think your business will be successful? What are your chances?
- Do you have an exit strategy?
- Who will be the likely acquirers?
Do you think you are ready to own a small business?
As promised, our infographic is below. Enjoy!