Time to Start Your Own Business

If you've ever thought about starting your own business, there's never been a better time than now. Let's face it, the economy is all over the place; there's no such thing as a "job for life" nowadays; and people are working longer and retiring later just so they can afford to live. Combine that with the expectancy of bosses that you work longer hours without any extra compensation, and you might just feel that the time to start your own business is edging ever closer.

Yet as attractive and appealing as starting your own business is, there's also the small matter of reality versus dream. Little things like start-up costs; what market are you aiming for; business plan; advertising and attracting customers, and much more. Then you also have your taxes and insurance to think about, as well as employer's legal duties if you're going to have people working for you. So, before you decide to take the big leap and become your own boss, go over the following checklist and answer honestly:

• Can I afford it? Probably one of the biggest reasons that more people don't go into business for themselves is the cost involved. As well as the start-up and subsequent costs any new business venture requires, there is also the immediate impact - if you're leaving your full-time job to start your new business, do you have the funds to support yourself or your family in the meantime? Unless you hit the jackpot running due to you having a truly unique service or product that everyone wants, you won't enjoy instant success and the financial rewards that brings. Therefore, make sure you have a good savings back up to see you through the early days.

• Have I really thought this through? Although you may think that talking about your new business venture at the pub with your friends is ample consideration for your new venture, you know that's not really enough. Starting a business will have a major effect on your financial status and personal life - unless you've properly considered all angles, then you may be in for a big disappointment further down the road. Sure, you need to discuss it with family and friends whose opinion you trust, but you also need to discuss this with a professional who can advise you of the costs involved and whether your idea is realistically worthwhile. A small business advisor can discuss your plans in more details with you and offer expert and unbiased advice.

• Do I have a Business Plan? This is crucial - without a business plan your new business will struggle to get anywhere past the launch. Making a business plan before you even start your business is practical and sensible - not only will it let you see first-hand what the costs involved are, it will show you how viable your business is as an ongoing concern. It can help you plan advertising needs, the market you're aiming for, how you'll manage cash flow and much more. Additionally, without a strong business plan, you'll probably find it extremely difficult to get any financial backing from either a bank or similar lender.

• Do I have a passion for what I'm doing? Let's face it - most people hate their jobs. At the end of the day, it's a means to an end - your job pays the bills and allow you to have the little luxuries in life like vacations, home improvements or whatever else you look to in order to make your life that little bit more comfortable. Unless you intend to start a business you really enjoy, then this full-time employed malaise will transfer itself to your new venture. If you can't enjoy what you're doing for yourself, then what's the point?

  Additionally, the more passion you have for something, the likelier the chance of success. Think of everything that you enjoy, and ask yourself whether you could transfer that to your own business. Like to cook - why not become a caterer? Enjoy organizing events and parties - how about becoming a wedding or social planner? There are literally thousands of ideas you could come up with that combine your passion and business ideas - don't be afraid to consider any of them.

There are many other aspects you need to consider when starting your own business, and I'll be looking at these in more depth in the near future. In the meantime, you should check out either the Small Business Administration website, or your local Chamber of Commerce - both can offer excellent and free advice in getting you on the road to running your own small business and having the job you've always wanted.