(a) Want to be free of working 9 to 5? You
need to realize that owning your own business means that you
might work 23 hours a day and wish for five more – seven
days a week and holidays?
(b) Want to improve your standard of living?
You can, but don’t expect to make a million dollars
overnight, in a month or even in three years (There are
exceptions, but they are few and far between). You might
even have to lower your standard of living, until your
business becomes established.
2. Are you a self-starter?
(a) The running of your business is up to
you … and possibly your partners. You make the decision as
to who, what, when, where and how much. In essence, the buck
stops with you.
(b) It’s up to you to develop new ideas,
projects and then put them in a form that will be
profitable.
3. Do you know how to do the business
that you are interested in starting?
(a) Just because you inherited your great
aunt’s favorite recipe doesn’t mean that you can make it
taste like hers did.
(b) Do you need a license, or special
training, for the business? A person can be great repairing
things around the house, but that doesn’t qualify you to
become an electrician.
4. Who is your target market? Who will
buy your product/service?
(a) Who are your customers?
(b) Why will they buy your product/service?
(c) Have you researched if there is a need
for your product/service in the community?
5. How much will it cost to start the
business?
(a) Is this a realistic number?
(b) How do you plan to obtain the amount needed?
(c) Are you willing to put 20 to 30
percent of the amount you want to borrow from a lender?
(d) How is your credit? Good credit is a
very important part of obtaining a loan for your business.
6. How will the business affect your
family?
(a) The first years of any business can be
difficult for your family – the long hours, the financial
hardships, until the business becomes profitable.
(b) It’s important that you have the support
of your family and friends because they will bear the strain
and stress of the business as well as yourself.
7. Do you get along well with others?
It is important that you establish a good
relationship with different personalities such as demanding
customers, vendors, staff and everyone you come in contact
with.
8. If the business fails, what will that
mean for you?
It should not mean that you have to give up
on a dream, maybe just regroup and start all over again.
Starting a business and becoming successful
is not based on luck. It requires planning and organizing.
The most important thing to remember is that you are not
alone as you start to make your dream a reality. There are
resources within the community. There are classes to take
that will help you to understand the steps necessary to
becoming a successful entrepreneur. There is funding
available, even though traditional lending institutions,
such as banks, may not be willing to work with you
initially. There are mentors who are willing to take you
under their wings.
Starting a business is not easy, it will
never be easy, but it is possible. You need the drive, the
ambition, the desire to work long and hard and a clear idea
of what you have to offer.
If you have considered the above questions
and still feel that you have the makings of a business
owner, stick with us. We are going to provide some advice
and suggestions over the next few months and help you on
your way.
Ed. Note: Olivia Holden is executive
director of ASSETS Toledo which conducts business course
taught by volunteers from the local business community in an
experience-based approach. She can be contacted directly at
ASSETS Toledo – 419-381-2721 or by email at
oholden@assetstoledo.com.
