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Ready for Takeoff? Ask yourself these questions to ensure all systems are go for your business launch.
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Starting a business is a huge under-taking. How can you possiblyknow if you're ready for that step? Small-business experts Jeffand Rich Sloan of StartupNation.com, a business-advice website, suggestanswering these questions before you get started.
- What is your goal in creating the business? Says Rich, "It's very important to understand what your end-game is in order for you to start out the right way."
- How does the business idea fit into your broad life objectives? "We advocate doing your life planning before your business planning," says Rich. You should have a realistic idea of what you want and how your business will contribute to your lifestyle.
- What is your tolerance for risk? While any startup has risks, some are riskier than others. A franchise, for instance, already has a set plan to follow, whereas mortgaging your house to open a retail store may carry more risk.
- How much money do you have? How much are you willing to put into the business to see it through to a self-sustaining level?
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