Before you jump into the waters of starting your own business you need to ask yourself some pertinent questions – like, why? It takes a great deal of commitment to run a small business and if you are simply fantasizing about being your own boss – maybe after having a disagreement with yours or being laid off – then maybe your commitment is not strong enough to last.
You should also ask yourself what sacrifices you are willing to make to get this thing off the ground. Running a small business takes time and effort. You won’t always be there for your family or spouse. How will they handle this? They will be more supportive if they can see how this will benefit them. If you are not willing to make a great many sacrifices, then starting your own business may not be the right choice for you.
What about finances? You need lots of money to start a business and the bank won’t want to lend it all to you. You need to show them you have some put away. You also need more put away to provide the family with an income for the six or so months it will take to get the business rolling.