Can You Imagine Starting Your Own Business?

starting your own business

Can you imagine starting your own business? Starting your own business can be an excellent way to make more money.

You could work on your new business on a full–time basis. Or, if you are concerned about your initial income, you could start with part–time hours so that you can work around your current career or your household schedule.

Depending on the type of business you choose, you may find that you need to work quite a few hours in the beginning but you will be rewarded with more free time in the months or years to come.

There are many things to consider when you are thinking about starting your own business.

First, think about what you are good at and what you enjoy doing. What type of work would you absolutely love doing?

Write down a list of all the things you enjoy and the skills you have.

Your list might include planning and organization.

Or perhaps decorating, landscaping or owning a restaurant.

Make a list and then research the possibilities based on your interests and skills. Make sure there is a high demand for the products or services you would be selling. Look at how much other businesses are charging for the products or services that your business would be selling.

Figure out what you would do differently and how you could offer something better. Something that would make your business unique and help you stand-out from the crowd.

Points To Consider When Researching Your Business Options

1. Do you enjoy working with other people or on your own?

2. Are you willing to invest a few extra hours to get your new business off the ground so that you can enjoy more freedom and flexibility in the future?

3. Will you start from scratch or buy an existing business? Maybe a franchise or a network marketing business?

4. Will the business you select generate repeat business, or will you need to look for new customers every week?

5. Will your new business offer any flexibility in terms of what time of day or week you will work?

6. Will you hire staff or consultants, or will you work solo?

7. Do you want to work for the business or have the business work for you?

8. Will you build a business that will eventually function on its own while still earning you money?

9. Would you work from home, or would you rent office or commercial space for your new business?

10. Will you need to purchase business insurance and business permits?

11. Do you want to incorporate your business or operate as a sole proprietor?

12. Depending on your business, will you need to buy shop tools or will a laptop and an office phone do?

13. How much money can you invest in your new business?

14. How will you market and promote your business?

15. Who will you hire to look after your accounting?

16. What will your monthly operating costs be?

Another, often overlooked point, is finding the right people to handle any legal aspects around your business, whether it be reviewing contracts, incorporating, or registering a trademark. As a first step you could contact LegalZoom to discuss your requirements.

Answering the above questions will help you determine what type of business you should consider owning. As a matter of fact, your answers will help you discover whether or not you are even ready to start your own business.

What other things would you take into consideration before starting your own business?


    • Debt and the Girl

      Debt and the Girl 01/07/2013 6:36 a.m. #

      I would love to own my own business one day. I just have to figure out in what and what I would want to do. Thanks for the info.

      • Sicorra

        Sicorra 01/07/2013 12:30 p.m. #

        Consider something small for starters and go from there. Think about things you enjoy doing.

    • John S @ Frugal Rules

      John S @ Frugal Rules 01/07/2013 6:38 a.m. #

      These are all great tips Sicorra! We used many of them when we made our decision to take the plunge. I would add the need to have a good e-fund or some type of savings for fluctuations in business. I would also add the realty, in many cases, of just how much time it takes and if you think you can do that. Working on it part time in addition to your "normal" job is a great suggestion.

      • Sicorra

        Sicorra 01/07/2013 12:31 p.m. #

        Having a good savings to fall back on is very important. Thanks for the reminder. It is definitely something that we lacked. Lesson learned.

    • krantcents

      krantcents 01/07/2013 11:09 a.m. #

      Good points! I started my first business as an investment. I invested in income property and it grew into a business. Thinking through a decision like this is real important. I put together a team of banker, lawyer and accountant to help me think through the issues.

      • Sicorra

        Sicorra 01/07/2013 12:33 p.m. #

        Once you have evaluated that you want to open a business and what it will be, you are right, having that team of important people is definitely the next step.

    • AverageJoe

      AverageJoe 01/07/2013 12:12 p.m. #

      Great tips. Most business owners don't realize they won't be actually doing the "thing" that their business does. If it's a bakery, a great business will have someone else baking the cakes: you'll be busy running the business. So, I'd say that if you like baking cakes, don't go into business because you'll rarely be doing it as the business grows. If you like cakes but love business, that's a better reason to go into business for yourself.

      • Sicorra

        Sicorra 01/07/2013 12:41 p.m. #

        I've known a number of small cupcake bakeries start because the owner loved to bake. They did get to the point where they hired bakers and sales staff, but got stuck when they really wanted to expand across the country and grow their business even further.

    • Gen Y Finance Journey

      Gen Y Finance Journey 01/07/2013 2:25 p.m. #

      This is a great list of questions to ask yourself. From watching many, many episodes of Restaurant:Impossible, it seems like a lot of people don't think about what will be required of them to run a successful business. They buy a restaurant because they think it will be fun, but have no idea how to run it.

      • Sicorra

        Sicorra 01/08/2013 1:05 p.m. #

        Oh yeah, especially a restaurant business. So many details, so much involved in it. I have not heard of the show you mentioned but there use to be a different show up here called Opening Soon. It basically showed all of the work involved in opening a restaurant beginning with renovations and up until the opening day. Each show followed a different restauranteur sometimes it took 6 to 8 months to complete an entire project. And of course they never opened on time.

    • Kyle @

      Kyle @ 01/07/2013 3:52 p.m. #

      Great questions. Starting your own business can be a very scary and daunting task if you don't have a solid business plan in place. By doing a business plan before you make the decision you will answer most of these questions in the process. For me, the key was to start slow and not quit my day job until I had success, this is not an option for many though who have to take a big leap to get it rolling.

      • Sicorra

        Sicorra 01/08/2013 1:07 p.m. #

        It is good if you can do both at the same time, or at least operate your business from your home until you can afford to branch out. Of course it all depends on the type of business.

    • Suzanne

      Suzanne 01/08/2013 12:05 p.m. #

      Great discussion here. One thing to keep in mind in starting a small business is the initial monthly overhead. You want to keep overhead as low as possible so that it's not a big drain on your finances in the initial start up phase. As the business becomes profitable, then start adding costs that will fund expansion.

      • Sicorra

        Sicorra 01/08/2013 1:09 p.m. #

        Exactly! I know a few different guys that built construction businesses. Both worked out of their basements for the first 2 years, and once things were good, they opened offices and work space in industrial buildings.

    • Corina Ramos

      Corina Ramos 01/08/2013 1:45 p.m. #

      Hi Sicorra,
      Your post covers everything one should ask themselves when considering starting a business. It's also a good idea to write down a list of things they're passionate and knowledgeable about. Like this, it'll feel like a dream come true instead of just a business. Great post Lady!

      • Sicorra

        Sicorra 01/08/2013 2:34 p.m. #

        Thanks Corina! I agree. I think if we work on something we are passionate about it makes it easier to get through the difficult times.

    • Pauline

      Pauline 01/08/2013 2:57 p.m. #

      I would consider the competition, and the ideal location of the new business, if it is close to home or convenient to commute to if long hours are needed. I wanted to open a delicatessen and gourmet food store before, but time for business to pick up, there would probably be a lot of waste and I don't know anything about the right quantity of stuff to have at first, it deserves some thorough thinking.

      • Sicorra

        Sicorra 01/08/2013 3:10 p.m. #

        Those are good points Pauline.

        As well, your idea of opening a Deli but not knowing what items you would need is why I think it is important to work on something that you are already knowledgeable about or have skills in. It speeds up the learning process and makes things a bit easier.

    • Rod J Rogers

      Rod J Rogers 01/09/2013 9:51 p.m. #

      Started an office cleaning service w/ a vacuum cleaner and a bottle of glass cleaner and some disinfectant. You can start part-time and build it up slowly. Now doing 6 figures a year.

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