Questions to Ask Yourself Before Starting a Business

 Posted on March 15, 2019 in DuPage County Business Law Attorney

Do you work hard every day so that the owner of your company or its shareholders can make a few extra dollars? Would you not be happier if your hard work allowed more money to find its way into your pocket instead—and not just because you got paid for overtime? Nearly every person who has ever had a job has given at least some thought to owning a business someday, but only a select few ever take action on those thoughts and dreams.

If you have been thinking about starting a business, there are many things to consider. Some of them are more abstract in nature while others are more concrete and logistical. For example, you should be asking yourself:

What Would My Business Do?

It is impossible to own a business without something to sell. Some businesses sell products they make themselves. Some sell products that other companies make. Some businesses sell services like accounting and tax preparation instead of products. Once you decide what you want to sell, you will need to figure out what will make your customers choose your business. This will require research to determine what needs exist in the areas you wish to serve. If your idea is much like many other businesses that already operate in a particular area, you might want to reconsider your idea—or at least your intended location.

Are You Up to It?

Working for someone else is nothing like working for yourself, especially in the early years of your new venture. Nearly all small business owners spend the first few years working long days serving customers during business hours, then managing paperwork, compliance, and other details late into the night. If something were to go wrong, you are the one that would need to address it. Do you have the skills necessary to run your own company?

What About the Intangibles?

Running a business takes passion and determination in addition to skills and ability. If you continued to work for another person, you could essentially quit at any time and start looking for a new job. While your immediate situation might suffer, you always have that option. When you open your own business, you will not have the same luxury of such freedom to decide to pursue something else. Your team, your clients, and most likely, your creditors are counting you to be open for business.

You might have all of the necessary knowledge and skill, but your commitment is a vital part of the equation. Your business has no chance unless you dedicate yourself completely to its success. This means that if you are uncertain about opening a business, you might want to wait until you are certain.

A Wheaton Business Lawyer Can Help

As you go through the decision-making process, a qualified legal professional can provide trusted guidance and helpful advice. Contact an experienced DuPage County business law attorney for a confidential consultation by calling 630-665-2500 today.

Sources:

https://www.sba.gov/starting-business/how-start-business/20-questions-starting

https://www.thebalance.com/thinking-of-starting-a-small-business-2947258