CHECKLIST FOR GOING INTO BUSINESS

INTRODUCTION

Owning a business is the dream of many Americans ... starting that business converts your dream into reality. But there is a gap between your dream and reality that can only be filled with careful planning. As a business owner, you will need a plan to avoid pitfalls, to achieve you goals and to build a profitable business.

The ‘Checklist for Going into Business” is a guide to help you prepare a comprehensive business plan and determine if your idea is feasible, to identify questions and problems you will face in converting your idea into reality and to prepare for starting you business.

Operating a successful small business will depend on

• a practical plan with a solid foundation;

• dedication and willingness to sacrifice to reach your goal;
• technical skills; and
• basic knowledge of management, finance, record keeping and market analysis.

As a new owner, you will need to master these skills and techniques if your business is to be successful.

IDENTIFY YOUR REASONS

As a first and often overlooked step, ask yourself why you want to own your own business. Check the reasons flat apply to you

1. Freedom from the 9-5 daily work routine.

2. Being your own boss.

3. Doing what you want when you want to do it.

4. Improving your standard of living.

5. Boredom with your present job.

6. Having a product or service for which you fed there is a demand.

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. routine.

A SELF-ANALYSIS

Going into business requires certain personal characteristics. This portion of the checklist deals with you, the individual. These questions require serious thought. Try to be objective. Remember, it is your future that is at stake!

Personal Characteristics

YES NO