Thursday, May 25, 2006

Starting a Business - Some Things to Consider

So you think you want to start a business and you're wondering if it will be worth your time. There are, of course, many factors to consider but we'll cover just a couple of them today. First, you get to work for yourself. No more boss telling you what to do and when. This can also be the downside of having your own business, so you need to know whether or not you are a self-motivator. If you think you are disciplined enough to get the work done that needs to be done when it needs to be done, then owning your own business may be right for you. It can be an enormous pleasure to wake up in the morning and know that you are in control of your day.

Next, you need to be sure you have a feasible business idea. This is such an enormous topic that it would be impossible to fully discuss it here but suffice it to say you have a lot of research to do. You need to determine how and where you will provide your goods or services. What are the start-up costs? Will you need employees or equipment? What is the market for your business? Do you have a lot of competition and is there room for another business in your field? Should you incorporate? You can read about reasons to incorporate and how to go about it at www.inctowealth.com. Do you have the time and talent needed to succeed or will you need training? This is a lot of questions but you can figure out many of the answers by preparing a business plan. This will help you get organized both for yourself and for any potential investors or loan services.

If you get organized and stay focused you can make it through the start-up phase, so don't be discouraged. Look for resources and ask others who have been through the process for advice. Then dig in and go for it! You'll be amazed at what you can accomplish.

In our next blog we'll discuss some of the financial benefits of owning a business.

Thanks for stopping by!

Rick & Karen


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