You’ve had visions of quitting your 9 to 5. Your Boss has worked your last nerve and now you’re going to activate your VISION. You’re going to be your own Boss! We commend you, but there are a few things you should consider:
Research – You are here to dominate! You must know your industry and your competition. Figure out what works, what doesn’t and how you can stand out from the rest. Who are your demographics? Consider them when making all decisions, they are your client base and will be funding your business, so keep them in the forefront.
Legality – Choose your legal structure. Business structures can vary as widely as the types of businesses that use them. When setting up a business, choosing the right structure can be critical to the success and life of the company. Here are some legal structures to consider:
Limited Liability Corporation (LLC)
Finances – Credit Scores Matter! If you are seeking financing from a financial institution, they will definitely consider your credit score. So make sure you make all your payments on time for at least six months prior to requesting credit. Pay off any credit cards that you can, have your financial projections ready, and make sure all your tax information is up to date. It wouldn’t hurt to hire an accountant too.
Risks – There are some risk with starting you own business, so you need to weigh them based on your current situation.
Are you willing to give up a steady paycheck to pursue your vision?
Do you have enough personal cash flow to start your business and take care of your personal finances?
How about personal commitments? Will you still have time to spend with your loved ones and time for yourself?
Chances are that despite the risks you’re still going to pursue your passion and that’s okay. The fact that you’ve considered the risks puts you ahead of the rest.