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Is the time right to start your own business?

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Have you been considering starting your own business? There are significant rewards, and risks. It is well worth the effort to take your time to ensure all the aspects of the business have been taken into consideration, from the industry and sector, your personal financial situation, to marketing and sales strategies, prior to making this potentially life changing decision. The Small Business Administration (SBA) is an outstanding resource! There are media reports that this is a time for “entrepreneurs,” however, there are many factors that must be taken into consideration.
Aside from the commitment of money, and time, have you done your homework, including but not limited to developing a comprehensive business plan? Many business plan sites are available however I found this particular one to be neatly categorized based on industry. It is critical to have a set of experienced eyes review your comprehensive plan.
It is also a good idea to do the math to the best of your ability. The Small Business Administration, from which many of my references were borrowed, is an outstanding and legitimate source of information and advice. The knowledgeable and experienced SBA Score volunteers provide free in person mentoring based on their business experience. Read about business Success Stories through the SBA. Also complete research of your own, including but not limited to: why/how a particular business your admire was started, the philosophy, experiences, and advice of the owners, in addition to business publications such as Entrepreneur. Perhaps the local online Business Journal has an existing business for sale that may be positioned to expand. A comparision should be prepared between assuming a business, or franchise, versus starting a brand new company. It is wise to consider the expense of establishing a customer base as opposed to growing an existing customer base. While I have provided a general overview, in addition to some suggested resources for starting your own business, ultimately, only you can decide if it is the ideal time to go for it, and start the business you have always dreamed of!

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