Comments on: 9 Things to Think About BEFORE You Start a Business

By: Learn Stock Market

Learn Stock Market — Tue, 24 Feb 2009 02:38:51 +0000

Planning is an important part before starting a new business. We should have enough funds and proper strategies to run our business successfully.

By: Janet Giacoma

Janet Giacoma — Thu, 19 Feb 2009 18:29:01 +0000

#3 and #4 are the biggest things to pay attention to and when you are comfortable with those, leap and leap big.

By: Patrick

Patrick — Thu, 19 Feb 2009 01:50:52 +0000

When it all boils to it, you’ll learn who you really are until you try it!

By: Grant Baldwin

Grant Baldwin — Tue, 17 Feb 2009 14:26:49 +0000

I think we’re all big fans of entrepreneurship and starting your own gig.

BUT…as this post indicates, you have to count the cost before starting the business. Make sure your ducks are in a row and you’ve thought through everything before making the leap.

At that point if it all makes sense and it is the smart thing to do, make the leap and enjoy the journey.

I know I have.

By: Stacey

Stacey — Tue, 17 Feb 2009 04:06:30 +0000

Hire a great accountant!

By: thomas

thomas — Tue, 17 Feb 2009 01:11:24 +0000

can’t undervalue the planning portion of creating a business.

By: Steve Braun

Steve Braun — Mon, 16 Feb 2009 21:39:29 +0000

You had better pay attention to #4 and I’d add the following qualifier — be realistic. It’s so easy to project a fantasy world of your business taking off quickly and/or your nest egg lasting forever while you ramp up. Don’t kid yourself.

#3 and #7 are related. If applicable, it is very important for your marriage that your family knows “how deep” and about the sacrifices it will take to succeed. On the other hand, if everyone in the family fully understands and grasps the difficulty of starting a business — and acted rationally — then there wouldn’t be any entrepreneurs! Be realistic but don’t be defeated by what appears to be an insurmountable task.

I’d add a tenth item — Be prepared to network and market your business. Most of us are not “naturals” at marketing or selling. Yet effective networking, marketing, and sales skills are essential to your success. Business is not just going to walk in the door and drop in your lap. Know exactly how you are going to get customers/clients and have a detailed plan to do so.

By: David

David — Mon, 16 Feb 2009 20:50:20 +0000

I like “identify your talents”, because it could show where you need help or where it might be a good idea to partner up with someone. One of your weaknesses might be their strength.

I’d also extend it to “identify your passions”, as they’re cloely tied together.

By: Craig

Craig — Mon, 16 Feb 2009 20:42:10 +0000

It’s all about planning. I think more people will start to be freelance workers and starts their own business that way. Seems like the hot trend for a lot of people and you have to do research into the market and see if their is potential before even getting started.

By: Tim

Tim — Mon, 16 Feb 2009 16:59:50 +0000

If you’re already out of work, then this becomes even more challenging. You now have the free time, but if you’re on unemployment, your state unemployment department is expecting you to spend all your free time looking for a new job. They really don’t care that you’ve a different plan. I got bit that way when I started my first business in 2001 after the dot com bubble. They might not like it that you’re using their money to fund your venture.

My advice is to not give up on the job search until the business can keep you fed and housed. Don’t forget to keep lots of records demonstrating that you’re actively looking for work. On the bright side, if you need employees, your state might have some interesting programs to help you hire those new workers.

Cheers and best of luck to anyone starting out on their own.