3 Questions To Ask Yourself Before Starting A Business

Recently, someone asked me what I would counsel them to consider before starting a home business. As I thought about this, I came up with a few questions I think everyone should ask themselves before they start a business.



1) Am I Truly Passionate About This Idea?



If you want to be successful, your business idea must be your own.  It can't be a great idea that someone else told you that you should do.  It needs to be your brain child, something you are wholeheartedly excited about and in love with.  Because, believe me, you're going to need that passion on those long and hard days when you feel like giving up.



If you're wanting someone else to give you a big leg up with getting a business started, I can almost guarantee you that you're not going to be successful.  Because successful business owners take initiative.  They are out there putting in the back-breaking personal effort to make things happen.  They aren't expecting someone else to spoon-feed them their success.



2) Can I Afford The Start-up Cost?



I believe strongly that you should never go into debt to start a business.  Otherwise, you're beginning with a noose around your neck.  If you don't have the money needed for the start-up costs, I suggest that you either go back to the drawing board and downsize your idea, or that you save aggressively for six months in order to have the cash necessary to cover all of the start-up costs.  Ideally, you'll want to be able to cover the first three to six months worth of costs with your savings. without even making a profit.



3) Am I Willing To Fail?



If you jump out there and start new things, you are going to fail at least some of the time.  Expect to succeed, but willingly accept failure.  Not every business idea is going to be a home run.  In fact, most of them won't be.  However, success is almost guaranteed to those who are willing to try, try again.  Even if your first or third idea doesn't work, you'll eventually land on something that will be a success. Don't give up!



I hope this article has helped anyone looking to start a new business.  I wish you the absolute best of luck!


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