Ready for Takeoff?
Ask yourself these questions to ensure all systems are go for your business launch.
Starting a business is a huge under-taking. How can you possibly
know if you're ready for that step? Small-business experts Jeff
and Rich Sloan of StartupNation.com, a business-advice website, suggest
answering 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?
- What kinds of financial resources are available to you?
Think about the types of funding sources that would fit well with
your business model--such as family members, angels, VCs, SBA loans
and so on--and how you can tap into them. Also, ask yourself what
kinds of resources you're willing to obligate yourself to.
- Are you ready to handle the challenges? "You're
going to have to be tenacious and determined to overcome
them," says Jeff. "If you feel weak at all, I would
suggest that now is not the time."
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