Group of associates discuss starting a business

10 Things to Consider Before Starting a Business

If you are tired of working for others and considering owning your own business, then you are not alone. People quit their jobs everyday to venture out on their own. Regardless of the type of business you're considering, it isn't always as easy as it might seem to run a business. There is a great deal to consider before you decide to take the plunge.

  1. Funding

    Before starting your business, first and foremost you need to have a source of funding. Without an adequate flow of money, a business can't be successful. You must be able to purchase supplies and equipment, and you also need enough money to live off until you start earning business profits.

  2. Time Commitment

    If you're tired of spending so much time at work, then you might want to reconsider starting our own business. You will need to spend even more time working in order to get your business up and running.

  3. Poor Economy

    The state of the economy is important when thinking about making any financial decision. Depending on the type of business you are interested in, you must decide if it can possibly flourish in your particular community.

  4. Type of Business

    Another thing that you need to consider right along with funding is the type of business you're going to start. You need to decide where your skills lie as well as what you like doing.

  5. Registration

    Before you make the final decision to start your business, it's best to contact your local Chamber of Commerce to find out the registration requirements and costs of your possible future business.

  6. Marketing

    Every business needs a marketing plan, because without a sound marketing plan in place it will be difficult to build a clientele. Planning how you will market ahead of time will help you determine whether the plan is plausible.

  7. Location, Location, Location

    While trying to decide whether or not to start a business, you will need to choose its location. Can it be located at your home, or will you have to rent an office, workshop, or warehouse?

  8. Website Design

    Even if your potential business is not online, you will likely want a website, as it will be beneficial. You need to decide if you can design the website yourself or if you will pay someone to build and host it for you.

  9. Business Plan

    Writing a business plan in advance is advisable, especially if you need to seek funding by obtaining a grant or loan.

  10. Legal Issues

    Consulting with an attorney to advise you and draw up legal documents is important to make sure you don’t have any surprise legal issues later on.

Last Updated: June 16, 2015