| Copyright: Celesta Lee | | | | motivated them to buy your product of service. |
| At some time in their life most everyone has the | | | | Your business location: Is one side of town better than |
| dream of owning their own company or business, | | | | another for your product or service? Can you set up |
| being their own boss, calling their own shots and | | | | your business in your home office or should you rent |
| determining their own future. Starting your own | | | | an office space, storefront or warehouse? Where can |
| business in doing something you enjoy and getting to | | | | you better serve your customers or sell your products |
| make money in the process can be risky, a little scary | | | | with less competition? What other considerations need |
| and exciting at the same time. | | | | to be addressed for your business to be cost |
| Here we look at some of the ways to minimize the | | | | effective? |
| risks. | | | | Be financially prepared: Leaving your current job and |
| Evaluate your talents: Write down five things that you | | | | venturing out on your own can possibly mean giving up |
| feel are your greatest strengths and you are most | | | | some financial security. New arrangements may be |
| knowledgeable about. Out of these five which one | | | | needed for insurance plans, retirement plans, tax |
| would you feel uses your creativity and talent that will | | | | obligations, cash flow or that dependency on the |
| keep you interested in your work and help insure your | | | | paycheck at the end of the week. These must be |
| success. If you base your business on something your | | | | taken into account and you may need to consult a |
| are familiar with, you will be building on your existing | | | | financial advisor when setting your new business goals. |
| knowledge and can avoid the learning curve and | | | | Take care of yourself: If necessary, start out with |
| research that would otherwise be involved if you were | | | | small steps and risks and build on those to add more |
| starting a business you know very little about. | | | | as your confidence builds. Get some feedback from |
| Do your research: Having a product without a market | | | | others your trust. Focus your thoughts toward setting |
| is a fatal mistake. The best product in the world has | | | | and obtaining your goals, prioritizing your time, abilities |
| no value unless there are potential buyers interest in | | | | and resources. Get some training in areas you feel |
| what you have to offer. In fact, your research should | | | | weak in. But remember to take some time for yourself |
| be to locate a group of people who are looking for a | | | | to have some fun and relaxation to avoid burn-out. |
| solution to a particular problem and what you can offer | | | | The risks involved in starting your own business can |
| to them as the solution. This is locating your niche | | | | be exhilarating yet overwhelming but with taking |
| market and is very valuable information in determining | | | | necessary steps to evaluate and minimize these risks |
| who your potential customers will be and what | | | | you can be on your way to fulfilling your dream. |