SMALL BUSINESS

It is estimated that there are literally hundreds of Small Businesses in the United States. Running and operating a successful Small Business involves more than just working for yourself, you will require many different and varied skills.

Before you jump head on in, consider these three important questions:

  • Will the Business satisfy your needs, professionally and financially?
  • Do you have the right skills to run the business?
  • Do you have a sound business plan to make it a reality?

You are more likely to succeed if there is synergy between your Business idea and your interests, skills and motivations.

Some Tips On Starting Your Business:

  • Learn and research as much as you can about your business.
  • Be very realistic about the time, effort and financial commitment it will take.
  • Keep accurate customer and financial records from the beginning.
  • Find a good lawyer, accountant, insurance agent and banker.

Will Your Business Satisfy Your Needs?

Entrepreneurs start small businesses for a variety of reasons.  Maybe you’re looking for an alternative to paid employment or you have a desire to earn more money or maybe you want to be more independent. It's also worth thinking about what impact running your own business will have on your current lifestyle and family commitments.

Before you start you should ask yourself some very important the thought provocing questions:

  • What is the motivation for starting a business?  Is this motivation strong enough to keep you involved and enthusiastic?
  • What do you want to achieve?
  • What aspects of running a business will you most likely love or hate?
  • Are you prepared to put the necessary energy and time into your business?
  • Are you prepared to work long hours when required?
  • Can you and your family live with the risks and stresses involved?

Do You Have the Skills to Run Your Business?

You will need to be realistic about the skills you have to operate your Small Business.  This includes both technical skills and management skills, and have a close look at your personal traits, such as how you cope with stress and risk, and your ability to organize yourself or others, do you have the appropriate sales skills if need. Do you need Small Business Marketing or Small Business Management skills?

Some general business skills are:

  • Financial management
  • Problem solving
  • Communication
  • Marketing and sales
  • Dealing with people
  • Time management

Knowing your capabilities (or lack of them) will help you to decide if you are likely to be suited to, or enjoy running your own business.

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