Are You Ready to Open Your Own Business? A Checklist

The thought of starting your own business can be both exhilarating and daunting, as you compare dreams of increased independence and profitability with worries about obtaining financing and dealing with numerous administrative concerns. Find out whether you have the necessary logistical support, not to mention the right mindset, by asking yourself a series of basic questions.

Are you ready to be on call and available to customers, staff, and vendors at all hours, seven days a week, week in and week out? A series of emergencies could find you dealing with numerous crises outside of normal business hours, affecting your life and your family’s.

Do you have sufficient savings to tide you over while your new business gets off the ground? Can you weather the stresses of an uncertain income during the early stages? Many of the most successful businesses do not generate significant profits at the beginning of their operations.

Have you ensured that your retirement nest egg and your health insurance plans are adequate for your family’s needs? You will no longer have an employer to take care of these vital concerns for you.

Do you possess the knowledge and experience necessary to lead in your chosen field?
On a personal level, do you enjoy being the primary decision-maker, do you have strong self-discipline, and are you a good communicator who likes dealing with people?

If you do not have a plan for generating income through your business, or if you do not want to dedicate the necessary time to create one, opening your own company may not be the best idea for you. In addition, if you have not researched and found an appropriate market niche to fill, you might find yourself offering a product or service no one wants.

The national small business organization SCORE offers low-cost events designed to educate potential business owners in many communities. SCORE also provides extensive information on its website, as well as access to online workshops and webinars.