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STARTING A BUSINESS
What You Need to Know

Some say it takes an entrepreneurial fire in your soul to start a business and make it succeed.   However, not everyone has it. Only about 30 percent of all startups are still in business after five years.   Why is that? What is it that separates those who succeed from those who fail?

The two most common reasons that businesses fail are (1) poor management, because the owner lacks the necessary business skills and (2) lack of money, because the owner underestimates how much money it will take to start the business. the more likely it is that you’ll achieve success.

Are you ready for business? To find out it you have what it takes to own your own business, from the sacrifices you'll have to make to the skills you need to succeed, you must do these three things:

1.    Evaluate your aptitude for business ownership.

2.    Estimate the impact of business ownership on your everyday life.

3.    Analyze the feasibility of your business idea.

Evaluate Your Aptitude for Business Ownership

First of all consider whether you are excited about your business idea. Do you enjoy the work that will be required to make your business a success? If not, move on. To evaluate your skills and make judgments about whether you're ready to own your own business ask yourself these questions:

Can I persevere through tough times?
Do I have a strong desire to be my own boss?
Do the judgments I make in life regularly turn out well?
Do I have an ability to conceptualize the whole of a business?
Am I able to sustain the high energy levels needed to make a business successful?
Do I have significant specialized experience in my business area?

The qualities below are shared by successful business owners. Of course not every successful business owner has had every one of the desired qualities. How many do you have?

§         Willingness to Sacrifice — Business owners are the last one to be paid. Everyone and everything will come before you do. You must also be willing to sacrifice what was once your free time to your business.

§         Strong Interpersonal Skills — Business owners deal with suppliers, customers, employees, lawyers, accountants, officials, and everybody else. Successful owners are able to work with all personality types, and they're able to find out from their customers their likes and dislikes.

§         Strong Leadership Skills — Everyone will look to you for all the answers. Are you ready?

§         Strong Organizational Skills — Successful owners must keep track of everything that's going on in their business. They're able to set priorities and get things done.

§         Management Ability — Business owners must successfully manage relationships with customers, employees, suppliers, accountants, lawyers, bankers, and with family. Successful owners are able to anticipate problems before they arise.   They take preemptive steps to avoid them, and they know how to solve crises after they occur.

§         Business experience — You will need experience to borrow money. Potential lenders and investors will want to know about your experience in the field your business is in.

§         Optimism — Successful owners are optimists who are able to see the light at the end of the tunnel.

A unique idea — Build a better mousetrap and they'll beat a path to your door.

Blind luck — People also find success because of incredibly good timing – being in the right place at the right time, with the right idea

Estimate the Impact Business Ownership Will Have On Your Life

1.       Time - Owning a business is a totally different lifestyle. There is a high cost, in hours, of being in business for yourself.   You will have less time for your personal life so you have to ask yourself whether you're ready for a complete commitment to your business, and if you're in a relationship, you have to ask your partner whether they too can commit themselves to your business.

2.       Money -You may have to take a large financial risk. Your income may not be steady, and there may be times when you don't have much income at all so you have to plan cash needs during the startup and first few months of your new business. It is unrealistic to think your business will be profitable from the day you open the doors. It may take 2-3 years to turn a good profit. So before you think of financing your new business, you must determine how much cash you will need to live on.

The best way to start is to prepare a family budget that shows how you spent your money during the last 12 months. Include all the expenses that you incurred on a monthly basis, keep in mind the expenses that can be reduced or eliminated. A monthly budget is best because expenses fluctuate from month to month. Then go back through the budget and make changes that reflect the opening of the new business. Make your wage zero and compute the amount of income needed to live.

After you have determined what income you will need to support your family during the development of your new business, you can determine how much income you want to make in your business?   Potential business owners should consider a one-to-three-year financial plan for family survival. Most businesses don’t generate enough cash to live on for a year or more. Lack of financial staying power, during the start up phase, is one of the reasons that businesses fail.

Return to Starting A Business

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