Transitional Friday: Questions to Ask Before Becoming a Small Business Owner

Last week we discussed taking the plunge into being a small business owner.  We looked briefly at a few questions to ask yourself.

Let’s look at these questions in greater detail this week:     under investigation

  •            Are you ready for the responsibility? –are you ready for all of the work and responsibility to rest on your shoulders?, are you able to make the decisions that need to be made?, can you lead others underneath you?, is your family prepared for this change in income?, have you thought about insurance and how that will be covered?
  •             Are you ready to do the work?—are you ready to do to the work necessary to build your business?, do you have a marketing plan?, are you prepared to network?, can you explain in 30 seconds or less what you do?, is this already a proven part time business that you are taking fulltime?


  •             Are you ready for the challenge?—are you ready for the ups and downs that come with business?, do you have a financial cushion for slower months?, are you ready to work 50-60+ hours a week to build your business?


  •             Do you have the emotional support necessary?—do you have family and friends that support this endeavor?, do they encourage you?, do you have a life coach that will guide, encourage and hold you accountable?, do you have a prayer team to pray for you?


  •             Do you have the financial support necessary?—does your spouse have a steady income?, do you have a financial cushion?, do you have at least a 3 month {preferably a year} of savings built up the way Dave Ramsey and Suzy Orman suggest?, is your spouse prepared to support the family while you build a business?, have you been profitable doing this on a part time basis?


  •             Do you have an area designated just for work?—do you have an office or area designated for work?, will you be working at home?, do you have set hours?, have you taken in distractions that might get in your way?, are you treating this as a job or a hobby?


  •             Do you have a business plan and a game plan?—do you have a business plan?, do you know the steps you need to take?, do you know where you want to go?, do you know how you’re going to get to where you want to go?, do you have a business mentor?                                 work at home


  •             Do you know what your focus is?—do you know what your focus is?, do you have one focus or many?, do you need to narrow down your focus?, do you know who your ideal client is?, can you explain your ideal client in 30 seconds or less?, can you explain your platform or product in 30 minutes or less?


What other questions did you ask yourself before becoming a small business owner?




Questions to ask yourself before becoming a small business owner

Are you ready to be a small business owner?