Monday, February 23, 2009

Is Small Business Ownership For Me?

Alberto G. Alvarado
U.S. Small Business Administration
District Director


Today, we initiate a monthly series on various aspects of small business ownership and SBA services. We'll start with an obvious topic with a potential to propel you forward with energy and purpose. At the same time, this most basic question and the introspection it spawns will serve to make certain small business ownership is for you if you have the dream.

Starting and managing a business takes motivation, desire and talent. It also takes research and planning. Like a chess game, success in small business starts with decisive and correct opening moves. And, although initial mistakes are not fatal, it takes skill, discipline and hard work to move forward.

To increase your chance for success, take the time up front to explore and evaluate your business and personal goals. Then focus on the issues raised in this essay to build a comprehensive and well thought out approach that will help you reach those goals. Deep thought is never unwarranted as you ponder this lifestyle change.

The process noted here will help you think through important items that you may not have considered. Asking yourself these key questions will become a valuable step as you set out your vision, market your product or service, raise money and ultimately attract customers to your business. It should also provide milestones to gauge your success.

To help guide your initial reflection, the SBA, through a relationship with My Own Business, offers a special online course on how to get started with a small business. Visit the Web site at http://www.myownbusiness.org/course_sba.html

The SBA training site at http://www.sba.gov/services/training/onlinecourses/index.html offers several other start-up courses, including How to Start a Business on a Shoestring Budget, offered in conjunction with Trump University.

Before starting out, it is important that you list your reasons for wanting to go into business. Some of the most common are wanting to be your own boss, wanting to attain financial independence, wanting more creative freedom and/or wanting to be able to fully take advantage of your talents and skills.

In this regard, remember that an owner (especially of a start up business) works more hours than you might imagine. He or she, it has been said, works 14-16 hours a day to keep from getting a job. Will this be you? Is this what you dreamed of?

Next, and vitally important, you must determine what business is "right for you." Ask yourself a few questions, such as: What do I like to do with my time? What technical skills have I developed? What do others say I am good at? Do I have any hobbies or interests that are marketable?

By now, you are either fully convinced that small business ownership is not for you and that 10 hours a day on your job is enough work or you are ready to identify the niche your business will fill. Is my idea practical and will it fill a need? What is my competition? What is my business advantage over existing firms? Can I deliver a better quality service and create a demand.

With answers to those questions, you're just about ready to begin your Business Plan. We've gone from one initial inquiry: Is small business ownership for me? to questions that may have left your head spinning or your mind truly focused on your dream. Remember, though, your answers to these questions will help you create a focused, well researched plan of action that should serve as a blueprint to detail how your business will be operated, managed and capitalized.

Source: http://www.mtsacsbdc.com/web/index.php?module=article&view=31















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