Making A Decision About Your Small Business
After you have considered all the small business ideas on your list, narrow it down. Complete your selections by talking with people in the same kind or a similar small business that are located outside of where you are going to locate your business.
Get professional advice from an accountant, marketing consultant, lawyer or banker.
Share your thoughts with your family and friends. They may come
up with ideas to consider that you missed. Having the support
and involvement of those close to you can be an added benefit.
Make the final decision yourself and don’t let anybody else
decide for you!!
What you'll see next applies to a home-based or a store front
business. If you answer, "yes" to the following questions, then......
you’re ready to make a commitment.
1. Is my choice of a business going to satisfy most
of what I want?
2. Have I got, or can I develop (or hire), the skills and
capabilities that are required for success in this
3. Are current conditions favorable for this type of small
4. Is my family willing to accept the risks that go with
my proposed small business?
5. If the answer to question four is "no," you better re-
think being self-employed.
6. If you answered "yes" to even two of the first three,
then rely on your instincts.
7. There just isn’t a perfect small business. You’ll
probably make compromises no matter what you choose.
Will my business make money and be successful?
There is no way anybody can guarantee you’ll be successful as
there are just too many factors that can vary the financial
outcome of your business.
I can guarantee you this though, if you follow the necessary steps to setting up your business as we have discussed here your chance of success is 100 times more likely than just going into business without laying a proper foundation.
Market research ahead of time is invaluable as it keeps you
up-to-date on the industry you’ve chosen and the customers you
Market research is an important part of any business plan because it offers an in depth study of your business. It will save you time and money and give a real sense of what your competitors are doing as well as what your customers need.
Market research will also help form your marketing efforts. After studying your industry, competitors and customers, you’ll have a clear idea of how to target those areas effectively.
So the final word is.....be sure you do your research!!
I've got just a little bit more for you to look at and do.
Once you've completed it,I promise we'll move on to other areas.
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