Are You Ready to Start a Small Business?

Do you have a back-up plan?

Starting a small business doesn't always work out. Do you have a day job or a savings to fall back on just in case?

Yep, I'll be completely fine if my business fails.
It will be difficult, but I won't be ruined if it doesn't work out.
I don't have any back-up plans, my business has to work.

Are you ready to work, a lot?

When a business first starts out, a lot of its responsibilities will fall on you, the owner. Are you ready to put in way more than 40 hours per week until things get going?

Definitely, I have an iron will!
I didn't think owning a business would involve so much work.
It will be hard, but I think I can hack it.

Are you in the midst of a major life change?

Having children, getting married, and other major life changes can make starting a small business difficult. Can you handle your attention being split in multiple directions?

Actually, life is pretty overwhelming currently.
My life is smooth sailing right now!
I have some stuff going on, nothing I can't handle though.

How is your self-discipline and time management?

Often you will be on your own, and getting things done will rest entirely on you. Are you good at figuring out what needs done and keeping yourself on task?

My mother was a weekly planner and my father a to-do list.
Sometimes things slip my mind, but I always remember the important things.
I lose my car every day.

Have you done your research?

Gross margins, operating costs, industry regulations, and suppliers are just a few of the necessary bits of info you will have to know. Have you thoroughly investigated your market?

I'm an encyclopedia of industry knowledge.
I know the basics, and where to find any other info I'll need.
I don't know what any of those terms mean.

Are You Ready to Start a Small Business?

Quiz - Are You Ready to Start a Small Business?

How Did You Do?

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