LONDON - NOVEMBER 08: British Prime Minister David Cameron addresses civil servants at the Foreign Office on November 8, 2010 in central London. Cameron spoke of a shift in power from government to the people, as business plans for every government department were published by Whitehall. (Image credit: Getty Images via @daylife)If you are thinking of starting a small business or a home based business, you should take inventory of your motivations for starting this endeavor and your personal and professional goals. The questions below are three important questions as you begin your quest to becoming a successful business owner.
1. What kind of business should I start? Just as there are millions and millions of jobs out there, there are also more than a million different ways to make money as a business owner. Will you make and deliver gift baskets? Does a career as a florist strike your fancy? Should you start a debt collection corporation? Or what about a day care? Are you interested in establishing your own bookstore? You can easily see that business ideas soon spiral into the infinite. When deciding which business you want to start, you may be guided by where you can do the bulk of the work, i.e. will it be a home based business, a brick-and-mortar space, or a mobile business? Answering these questions will help mold your business plan.
2. Full-time, part-time, or supplemental? In starting a business, it is vital to have some idea where you want the business to go. However, in its beginning stages, it is absolutely crucial to take a long hard look at where you currently are in your financial situation in life. This will help you decide if this business will be a full-time biz, a part-time biz, or something you do on the side to supplement your income. If you have a family to support and you have health and retirement benefits from your current employer, it may not seem responsible to abandon your current day job to follow this untested business plan. Remember the old adage: If you can't make money part-time, then you can't make money full-time.
3. What am I waiting for? Seriously, what are you waiting for? The most important key to success is deciding when it is time to take action. There are a million different resources available on the web to assist you in your brainstorm to find out which business will work for you. Once you find which niche you are passionate about, research the market, develop a business plan and just do it!
So...what are you waiting for? Start brainstorming now to find out which business idea will work for you and begin your path to financial freedom.
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