Most small businesses are run by entrepreneurs who are excited about going out on their own. The most successful entrepreneurs find a niche in the market – usually a service that hasn’t been met – and they offer it to consumers.
Not everyone is willing (or able) to ‘strike out’ on their own. There are many considerations to look at.
First, you must honestly assess your ability to ‘stick with it’ one you get started!
A) Are you willing to commit at least forty (40) hours per week to your new venture?
B) Do you have a business plan?
C) Do you have the financial means to attempt this venture (with no guarantee of income for the foreseeable future?
D) Do you understand the market for your product or service?
E) Have you developed a network of contacts that can assist you?
F) Are you aware that most new businesses fail within the first year?
G) Have you checked local zoning requirements (and if you’re working at home have you checked with your town to see if there are any special requirements)?
Once you have dealt with these preliminary questions, you will have a long way to go but this is a good starting point.
About Doreen Martel
Well-rounded freelance writer who contributes to various blogs, paid to write sites and revenue sharing sites. Doreen is legally blind and has worked at home for more than 10 years. She uses the lessons learned from this experience to enhance her writing and share information with others.
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I think item C is like a wake-up call. It’s quite cliche, but let’s face it — in freelancing, there is always the uncertainty that you will get paid for the work you’ve made. Also, you won’t know just when your freelancing gig stops and for a new one to take its place. This is why having a savings of your 3 months’ income is necessary to help you survive when times are slow. Just a thought.
Seems like you really took your time on this. Keep up the good work!
Really great blog here. Thanks!
Thank you for a great blog, I will be sure to bookmark your site and check back later
What theme are you using? Can’t wait to start my own blog.
Can’t wait to start my own blog Nice work!
Nice job!
I don’t usually post but I enjoyed your blog a lot,Thanks alot for the great read
I thought I wasnt going to like this blog but more I read the more I liked it.
Nice write up…usually I never reply to these thing but this time I will,Thanks for the great info
When I first started my design business back on 2002, my answer to all of the questions above (except D) would have been no.
At the time, I was employed full time with a nice fat paycheck…so my business started out as more of a paid hobby. I was lucky that my father-in-law was an accountant. He gave my a slap upside the head the first year I had to do taxes for my company because I had no idea what I was doing…but with his help, I learned a LOT about what it takes to run a business.
My perspective on things changed this summer, though, when I lost that full-time paycheck. After a week of feeling sorry for myself, it finally “clicked” in my head, and I got everything together and took a chance on freelancing fulltime. I can’t say that it has been easy, but I haven’t missed rent…yet…
…credit card bills, on the other hand, are a different story…