Posted on Jun 01, 2011
Important Questions to Ask Before Becoming a Small Business Owner
Look within yourself to determine if owning a business is right for you. From a young age, many people dream of one day running their own company, and there's no doubt that taking the plunge into business ownership is one of the most exciting steps a person can take.
However, before getting in too excited about the world of business opportunities out there, it's important to take some time for self-reflection and to ask yourself several key questions.
How much can I afford to invest at this time?
Financing is a key factor when considering becoming a business owner. In many cases this is the number one roadblock to starting a small business -- whether you're launching your venture from scratch or you're looking to find a franchise to jump-start your entrepreneurial journey.
Some ways to obtain financing include:
- Direct lending from the franchise company (if you are buying into a franchise opportunity).
- Peer-to-Peer lending.
- Merchant cash advances.
- Non-traditional business loans.
What am I looking to accomplish by starting a business? Asking yourself this question will clarify your true intentions and goals in becoming a small business owner. Specific questions to ask yourself to better understand what you hope to accomplish include:
- What are your income expectations?
- What is the importance of building equity in a business to you?
- How much time are you willing to devote?
- What will your family think of this venture?
- Why do you want to replace your job and make a career move?
- Why do you want to add to your current income?
This post was written by FranchiseHelp.com contributor Christy Harvey. Christy earned her B.A. in Political Science from Tuskegee University in Tuskegee, Alabama, and recently completed her MBA studies. A world traveler and avid blogger always on the lookout for new experiences, Christy has worked for BET, as a contract federal investigator, as a social media consultant, and as a contributor for examiner.com, the triond network, and Demand Studios.
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