Starting a new business can be extremely exciting. The idea of finally working for yourself and fulfilling a passion or bringing an idea into reality can be incredibly rewarding. So, how do you know if you are ready? Here are a few questions you can ask yourself to see if starting a business is right for you.
- Have you had an idea for a business in your mind for a long time? – Most of the time, when starting a business, people have thought about and refined the idea for a while before finally deciding it was time to get started. Most businesses don’t get started on a whim.
- You understand that owning a business is risky – Owning a business can be risky! Only once you fully understand the risks of taking on this endeavor should you consider starting one. Have you done the research? Have you taken steps to mitigate risk through preparation and understanding of the intricacies of conducting business?
- Are you passionate about your idea? – Owning a business is often very difficult because of the sheer amount of time and effort necessary to get a new business off the ground and keep it up and running. A business owner needs to be passionate about what they are building to get them through the tough times. However, you need to do your homework. Passion will keep you going, but only preparation will make sure you head in the right direction.
- Do you have the expertise? – Do you have the basic expertise to conduct the day to day activities of your business such as accounting, sales, development, etc.? If not, will you hire someone to help you? Is there software you can use?
- Do you have a support system? – Do you have people you can talk to about your business and get guidance on next steps? Who do you turn to for answers?
Orange County Small Business Development Center offers start-up assistance to entrepreneurs who are ready to launch their business. Let us assist you as you navigate your way to business success! Take the first step and attend our next Small Business Jump-Start workshop.