Small Business Start-up Tips: What to Know When Considering the Idea of Owning a Small Business
Before you go ahead to invest your money in a small business idea, it is always a good thing to know exactly what you are going into. You may have seen people achieving success in their businesses and making great money, but this is not enough reason to jump in, you must know how it might change your life and if you will be able to cope.
I will begin with the positive aspect of starting and owning a small business:
Small business gives you control over what you do and how you do it: if you are someone who loves to be independent in what you do, owning a small business will suit you fine. You will have all the freedom to apply your knowledge, creativity, and skill without anyone objecting to your ideas. You will have the freedom to schedule your work the way you desire. Simply put, owning a small business gives you the opportunity to be truly in control of your life.
As the owner of your business, you are the boss: this is probably the biggest attraction for most people wanting to start a small business. We all want to be the boss, donâ€™t we? As the boss all decisions stop on your desk. You are totally in charge of all your business assets, as well as all workers who you can assign work to as it pleases you.
Owning a small business gives you the opportunity to enjoy the satisfaction of succeeding by your own efforts: no doubt, there is a huge sense of satisfaction to experience when you are able to start a small business from a few dollar investment, take it through difficult situations and grow it into a multi million dollar enterprise. Find out from the Bill Gates, the Michael Dells and the Richard Bransons of this world, they will tell you the feeling is unquantifiable.
Your small business enables you to use your energy to promote your own interest: apart from making money, businesses also help their owners to pursue certain causes that are uttermost in their minds. For instance, becoming successful in your business can give you the money and influence you need to contribute to a noble cause.
So much for the good things in owning a small business. Now letâ€™s look at some disadvantages about owning a business that you must bear in mind when considering the idea of starting a small business.
You will be putting your money, including borrowed capital to risk: just as you can make money and become financially independent by owning a small business and growing it, there is also the probability that you can lose your investment.
There is a huge risk in operating a business! That is why you must not go into it hastily; you must take some time to really understand the business and have a plan written for it. You could do well with the services of business consultants to help you with your business plan and guide you to succeed.
You will be working long hours: if you are starting a small business newly, you will likely have to do almost every thing yourself because you may not have the money or finances to hire people to work for you. Therefore, you should be ready to work long hours with little or no vacations.
You will lose the security of paid employment: when you resign from paid employment to start up a small business, you will have to adjust to a situation where you donâ€™t have a fixed and steady salary income to spend anymore.
At the early stages of your business, your income may not be stable or as much as what you were earning on paid job; it will depend on how the business is doing. If the business has not found its footing, it is possible you may not even have any income to take. Every other thing has to be taken care of first before you can draw any income for yourself, this is to ensure your small business succeeds.
Turn your ideas into great business with a proven Business Plan companion