Three Things to Consider Before Starting Your Own Small Business

The idea of being your own boss is an exciting one, even though the idea of starting your own business can also be scary. Everyone wants to be their own boss, set their own hours, and keep their paycheck. Unfortunately, statistics say that most small business owners will fail within five years, even if they have a good idea, to begin with. Luckily, you don’t have to be just another statistic. You can learn from the mistakes of all of the small business owners who have come before you and avoid the most common errors. Before you even get started, consider the following questions.

Do You Want to Start from Scratch or Be Part of Something Bigger?

To own your own small business, you don’t necessarily have to start from zero. Many small business owners choose to purchase a franchise instead. One of the real advantages to this option is name recognition. Instead of needing to get your company’s name out and prove yourself, you have the brand name of the franchise behind you. Be sure you do your research on the franchise options before committing, and get one that’s high quality. For example, many business owners believe the best automotive franchise may be a Meineke Franchise, but you should find out what will work best in your local community.

How Long Can You Go Without a Paycheck?

When a small business is beginning, the owners rarely are able to collect a paycheck right away. In some cases, the owners of a small business may not be able to pay themselves for months or even years. Do you have enough savings to support yourself and your family while your business gets going? It often helps to have another source of income that you can rely on while your small business gets off the ground. This way, you won’t have to worry about starving or not paying your bills while things get going.

Are You Passionate About this Business?

It’s essential that a small business owner put in lots of time and hard work to make their business succeed. Ask yourself if you care enough about the industry to put in the work. Don’t imagine that starting a new small business means more time off or an easier paycheck because the opposite is true. Luckily, hard work will lead to success.

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