Starting a new business is quickly becoming #1 on many people’s New Year’s resolution list. It is amazing how a down economy can really inspire the entrepreneurial spirit inside of people. Many people, both employed and unemployed, have the skills and training necessary to go into business for themselves.
However, there a few things to consider before branching out on your own. Here are five things to consider before going into business for yourself:
1. Are you as good as you think you are?
Take time to evaluate your skill sets. Be honest with yourself. Think about your past successes and failures and identify the cause for both.
2. Can your company compete in the long term and survive?
Evaluate the industry. Is it on the upswing, stagnant or on the way down? Identify how long your company can stay afloat in the current and future economy.
3. What is your desired market share?
Be realistic about the amount of business you can generate. Can you take over your industry? If not, is there enough business out there for your business to thrive?
4. What are your differentiators? Why would clients choose your company?
What can you offer that everyone else can’t? Find your niche! Identify the needs that aren’t being meet by competitors and generate business by addressing those needs.
5. What is the financial risk/reward versus what you are currently getting paid as an employee?
Look at the amount of money your current employer makes off of your hard work. Chances are your compensation is drastically lower than what you bring in for your company. If this is the case, you are in the perfect position to generate more income by working on your own.
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