When thinking of starting your own small business you must understand facts and myths, before leaving your job.
You might get excited with the thought of becoming your own boss. But if you are thinking of starting business only to get rid of your present boss, think again.
Your customers, bankers, lenders, suppliers and even your employees, all these in a sense will become your boss. They will tell you what to do, why do it and what will happen if it is not done. If you don’t make customers happy, they will buy from your competitor, pay your suppliers or else they will stop giving credit, if you fail to make loan payments, banks will sue you. Even your employees will not give full productivity or quit if you don’t keep them happy.
You will be required to develop and maintain better relationships. Though you get freedom to do what you want, you will always be dictated by rules.
You will be dependent all the time on others for the success of your business. You may gain freedom and independence at later stage, but in the beginning you will have to do lot of work yourself. While on a job you must be working 9 to 5 and enjoying free time after 5pm and on weekends. But after starting your own business you will have to work long hours, including weekends.
Opting for own business has both its advantages and disadvantages. Any business involves risks and rewards. When you become boss of your own business, you get control of your destiny. Doing your own business is probably the best way to become richer. It’s not everybody’s destiny to be born rich, marry rich or win a lottery. None of theses things are predictable.
You must give due consideration to certain elements before deciding to run your own business.
Are you capable of running a small business?
Is the small business you are choosing right for you?
Do you have self confidence for running a business?
What type of business you will handle – food, retail or home-based?
Are you ready to buy any business or franchise?
Is there market demand for your service or product?
Getting educated in essentials of business is crucial to success. Running a business is full-time work. Prepare yourself for plenty of sacrifices and commitment before tasting sweet success. Remember, if you want to have a business of your own to avoid hard work, then it is not for you.
