Let’s forget for a moment the emotional reasons you’ve had for who knows how long about going into business for yourself:
- Not wanting the 9-5 routine anymore and having more time to spend with the family
- Not wanting a boss anymore and being able to make your own decisions
- Wanting to make ‘beaucoup bucks’
Let’s ignore the reality that you’ll most likely work 16 hour days, end up doing what your customers want and won’t make any money for at least 18 months. So we’ll give you all of the above. You still have to answer yes to four basic questions.
- Have you identified a product or service that you will sell?
- Are there people who will buy it and do you know how to go after them?
- Do you know how to run the business day-to-day and how to manage the financial bits and pieces?
- Do you have the money to start it up and keep it running until it starts to fund itself?
Whether or not you answer yes to any or all of the above, you still need a business plan to prove to yourself that you clearly understand what you are about to do. Read ‘elements of a business plan’ at: https://ychange.com/small-business-consulting-articles.html.
What else do you think the entrepreneur should pay attention to?