"Working on Monday"- Starting Your Own Business

Have you ever considered starting a business?  I have and I did!  Since I have begun my new venture, I have learned a lot about being an entrepreneur.  This is technically the second business I have started.  About five years ago I put together a customer service business.  The other commitments I had prevented the business from being more than a name on a business card.  Along with my other commitments, a lack of business experience also took a toll on the business. 

Needless to say, my past experience has greatly helped me with my new business.  I am definitely more prepared.  This time around I knew that preparing to start a business is crucial.  It allows you to present your business to perspective customers, acquire financing and understand the complexity of owning a business.

If you are planning on beginning a business here are some things you need to consider:

1. Time.  Are you willing to put all of your extra time into planning, launching and running a business.  I have been at my computer non-stop and still have countless tasks to finish. 
2. Education.  Are you willing to pour as many hours as necessary into learning about your area of expertise and the business that gives it life?  You may have a hobby and think making it into a business will be simple.  This is not always the case.  Most of time it is one of the biggest misconceptions new entrepreneurs discover.  A knowledge of accounting, laws, banking and licensing is important to success.  You are even further behind the eight ball when you go into a field without prior experience.  There are litterally hours upon hours of readings, speaking to experts and planning.  Honestly, this should be done before you even consider starting the business.  Are you willing to make these sacrifices?
3. Being misunderstood.  When you are serious about starting your own business people may initially be supportive.  They may share their concerns, but generally they will want to see if you can really make it happen.  As you move forward, if you are really serious, you will become consumed with your business.  It is like a new born baby that requires all of your attention.  You will begin to hear comments like, "we never see you anymore."  "Why are you doing all of this?"  "You need to come back to reality now."  "Can you make dinner or go shopping, we do not have anything to eat!"  Can you be committed to your business at the expense of challenging your support system?
4. Money.  Are you willing to invest in a venture that may fail?  Most businesses fail within the first two or three years.  My own theory on this, people get tired!  Money is used to update equipment, take educational classes, buy inventory, advertise, pay employees, pay for insurance, lease office space, take out perspective clients and maintain a website.  This is a short list!  You are going to have to financially support your business, before it supports you.  Are you willing to put your money into your business?

I hope I have made you think.  Getting into business for yourself can be extremely rewarding, but it comes with a price.  Make sure you can go the distance before you begin the venture.

Until next Monday...
photo via: mathisregazziblogs.com via google images