Start your own business
This checklist is designed to help you get started. It has seven key components:
- Identify Your Reasons
- Self Analysis
- Personal Skills and Experience
- Finding a Niche
- Market Analysis
- Planning Your Startup; and
- Finances
Each component is comprehensive and is designed to prepare you for self employment. In addition, each component includes an analysis of you responses as well as a menu of supporting resources.
1. IDENTIFY YOUR REASONS
As a first and often overlooked step, ask yourself why you want to own your own business. Check the reasons that apply to you.
- Freedom from the 9-5 daily work routine
- Being your own boss
- Doing what you want when you want to do it
- Improving your standard of living
- Boredom with your present job
- Having a product or service for which you feel there is a demand
Analysis:
Some reasons are better than others, none are wrong; however, be aware that there are tradeoffs. For example, you can escape the 9-5 daily routine, but you may replace it with a 6 a.m. to 8 p.m.
2. A SELF-ANALYSIS
Personal Characteristics
- Are you a leader?
- Do you like to make your own decisions?
- Do others turn to you for help in making decisions?
- Do you enjoy competition?
- Do you have will power and self discipline?
- Do you plan ahead?
- Do you like people?
- Do you get along well with others?
Personal Conditions
- Are you aware that running your own business may require working 12-16 hours a day six days a week and maybe even Sundays and holidays?
- Do you have the physical stamina to handle the workload and schedule?
- Do you have the emotional strength to withstand the strain?
- Are you prepared if needed to temporarily lower your standard of living until your business is firmly established?
- Is your family prepared to go along with the strains they too must bear?
- Are you prepared to lose your savings?
3. PERSONAL SKILLS AND EXPERIENCE
- Do you know what basic skills you will need in order to have a successful business?
- Do you possess those skills?
- When hiring personnel will you be able to determine if the applicants' skills meet the requirements for the positions you are filling?
- Have you ever worked in a managerial or supervisory capacity?
Have you ever worked in a business similar to the one you want to start? - Have you had any business training in school?
- If you discover you don't have the basic skills needed for your business will you be willing to delay your plans until you've acquired the necessary skills?
Analysis
Certain skills and experience are critical to the success of a business. Since it is unlikely that you possess all the skills and experience needed you'll need to hire personnel to supply those you lack. There are some basic and special skills you will need for your particular business.
The questions you responded to are designed to identify the skills you possess and those you lack.
4. FINDING A NICHE — Is Your Idea Feasible?
- Identify and briefly describe the business you plan to start.
- Identify the product or service you plan to sell.
- Does your product or service satisfy an unfilled need?
- Will your product or service serve an existing market in which demand exceeds supply?
- Will your product or service be competitive based on its quality, selection, price or location?
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