Assess your readiness
Assuming that you have earned the necessary professional credentials and/or licenses for the business you intend to operate — i.e., you are a registered cosmetologist, real estate broker, dietitian, paralegal, CPA, etc. — it is important that you also have an understanding of general business operations.
While no two businesses are exactly alike, they all share some similarities. For example, no matter how prepared you think you are to open and operate a business, there will be challenges.
With that in mind, here are some questions you should be prepared to ask and answer:
- Do I have the necessary assets — skills, stamina, capital, etc. — to make it as an entrepreneur?
- What questions do I need to ask and answer in order to formulate a concrete, written plan for my business?
- How am I preparing to become my own boss? Have I identified a mentor to guide me and, if not, where might I find one?
- Have I established an online presence?
- What do I know about social media and how to use it effectively?
- How will I go about staffing my business?
- How many employees might I need and where will I find them?
- If I don’t intend to have employees — to operate instead as a sole proprietor — what thought have I given to how my business will survive if I become sick or incapacitated?
Commit your plans to paper STEP 6
Find a way to pay for it STEP 7
Prepare for the unthinkable STEP 8
Hire the right people