Considerations when starting your own business
Before starting a business, there are some considerations you should make
What do you know how to do AND what do you have a passion for doing?
It’s NOT about doing something to make money…do what you have a passion for, and the money will follow
Can you afford to be in your own business? It takes some money to start up a business. How is your credit score and credit history? Do you have collateral for a loan or line of credit? Will you make enough to pay loans or lines of credits back?
You have to run it. You can’t have part time people or strangers run things for you
Is there a market for what you want to do? (that is, will anyone buy your product or service)
Is it a business or a hobby (if you will earn 3,000 after expenses, it’s a hobby!)
Ask people other than friends and family what they think?
Know your competition
If you can do these things, it will help you in deciding if being a small business owner is the right move for you.
Video Produced by Rockford SBDC 2021.