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5 Things to Consider Before Going into Business for Yourself

  1. Have you done your research regarding the need and market for your business at the location you plan to have a presence?
  2. Have you prepared an in-depth business plan that includes a step by step outline of what needs to be done to be successful, the time line for each task and how it will be funded?
  3. Do you have the knowledge and expertise needed in all areas of your product or service to be successful?
  4. Do you have the knowledge and expertise needed in how to efficiently and effectively run your business, including but not limited to hiring and training staff, employment laws in your state, financial management, marketing, legal and tax requirements, etc. or access to professional help in these areas that you can afford to pay?
  5. Do you have sufficient start up money including a strong cash reserve for yourself personally and for the business?

 NOTE: You may not need to have all of these skills yourself. Consider hiring someone who has expertise in the areas you do not.

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