Should You Start Your Own Small Business?

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Should You Start Your Own Small Business?

Are you looking for a new job or a way to make a 2nd income? If you are, have you ever thought about starting your own business? Well If you haven’t, you may want to think about it. Each year, a large number of individuals make the decision to startup their own small businesses. Many of those individuals end up starting businesses that will be profitable for years to come. This post gives you a guide to see what is necessary for you to start a Successful small business – rather than jumping in blind.

If you are wondering whether or not you should startup your own small business, there are a number of important factors that you may first want to take into consideration, before making your decision. One of those factors is the type of business that you would like to start? Do you know what type of small business you would like to start? For instance, would you like to open up a dog grooming business, start your own alteration business, or develop a small retail store? If you are serious about starting your own small business, it is advised that you choose something that you know and love. For instance, if you have a love for pets, you may want to start your own doggie bakery, a dog grooming salon, or a pet sitting service, and so on.

In addition to the type of business that you would like to run, you also need to examine how that business would be operated. For instance, there are many small businesses that are considered locally owned and operated businesses, while others operate solely online. There are also a number of small business owners who choose to have both, a physical location, as well as an online address. How you would plan on running your small business is an important component of determining whether or not you should open one to begin with. For instance, if you are interested in having an online store or website, but you don’t know how to make one, you may need to take a web design training class or hire a professional web designer.

Your current financial situation should also be examined, when determining whether or not you should try and startup your own small business. Just about all business ventures require some startup cash, although some require more than others. If you currently do not have the financial means needed to start your own small business, you may be able to seek financial assistance. Many financial lenders, including banks and credit unions, may be willing to give you financial backing to get your small business up and running. However, to do this, you often need to show the lender in question that your small business is one that can make a profit, or at least enough money to payback the business loan. The best way to do this is to create a professional business plan for yourself; one that you can show to all loan officers that you end up meeting with.

It is also advised that you examine how big you want your business to be. For instance, if you are planning on opening up a small retail store, like say a craft store, do you know how many employees you will need to hire? In fact, do you even need to hire any at all? If you are planning on running your store by yourself or if you have some family member who may be able to help you, you may not need to hire any additional employees. If the time comes when you need to hire help, you may be required to pay additional insurance or taxes, like for workman’s compensation and such. For more information on this, you are advised to ask about your state’s rules and regulations on small businesses and employment.

The above mentioned factors are just a few of the many that you will want to take into consideration, when trying to determine if you should start your own small business. As you likely already know, the decision as to whether or not you want to startup a business is yours to make, but it is a decision that shouldn’t be made on a whim. You are advised to discuss your possible business venture with your family and possibly even with a financial planner. Starting your own business may be a lifelong dream of yours, but if your small business dream isn’t thoroughly thought out and planned, it can quickly turn from a dream to a nightmare.

Of course I can, and will help you cut through the clutter and expense of starting your own small home business today! All of the planning, logistics, and financial constraints, have been done for you. Please check out my special invitation business opportunity here with no obligation!

Tim Henderson (678) 386-7314
CEO – Your Fun Job 

A Sample Business Plan Outline:

1.Cover sheet
2.Executive summary (statement of the business purpose)
3.Table of contents
4.Body of the document

A. Business

1.Description of business
2.Marketing
3.Competition
4.Operating procedures
5.Personnel
6.Business insurance

B. Financial data
1.Loan applications
2.Capital equipment and supply list
3.Balance sheet
4.Breakeven analysis
5.Profit and loss statements
6.Three-year summary
7.Detail by month, first year
8.Detail by quarters, second and third year
9.Assumptions upon which projections were based
10.Pro-forma cash flow

C. Supporting documents
1.Tax returns of principals (partners in the business) for last three years, personal financial statements (all banks have these forms)
2.Copy of franchise contract and all supporting documents provided by the franchisor (for franchise businesses)
3.Copy of proposed lease or purchase agreement for building space
4.Copy of licenses and other legal documents
5.Copy of resumes of all principals
6.Copies of letters of intent from suppliers, etc.

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