Should you start a Business??

 

Print this checklist and answer each question with honesty.  There are no ‘points’ to add up that will provide you with a magic score that tell you if you’re ready to embark on this journey or not.  This is intended to point out the items you don’t answer ‘yes’ to and offer you the option to re-think your decision and prepare yourself to work on those ‘no’s.  Good luck!

 

Checklist for Starting a Business

Yes 

No

 

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I like to do a professional job. I am suspicious of shortcuts. I am able to make decisions quickly and confidently, and I almost always stick with what I've decided.

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I am a good planner, and I pay close attention to details.

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I am an energetic worker, and I know my home business will require me to work long hours – as many as 12 hours a day, six days a week, and maybe on holidays.

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I value information, and I can take advice from others.

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I am adaptable – I will be able to change if the business requires it.

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My family supports my decision to start a home business and understands that it will demand a great deal of my time and attention.

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I realize that my customers, suppliers, family and friends will occasionally have conflicting expectations of me that I'll have to balance.

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I have enough room in my home to conduct business without conflicting with my family's normal activities.

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Local zoning regulations allow businesses like mine to operate in residential areas. My neighbors know I plan to start a business.

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I know it is likely my business will not show a profit right away, and I have sufficient financial reserves to cover my business (and family) needs for three to four months.

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I have determined that there is enough demand for my product in my community to support another business.

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I have studied my competition's strengths and weaknesses and know how to make my product or service different or better.

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I have sought advice about record keeping, taxes, legal matters, and insurance from qualified professionals.

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I know there is a good chance that my home business will fail, but it is worth the risk for me to try.

 

Alena Anteri and Dawn Castellanos are the founders and co-editors of
VPMom.com.  Additional business and family advice can be found by visiting
http://www.vpmom.com