Don't Consider Opening A Small Business For The Wrong Reasons
by: LindaP.Morton |
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Opening a small business is a serious life change that you should undertake only for a good reason.
Many people consider opening a small business for all the wrong reasons. Then they are surprised to learn that their own small business doesn't provide what they wanted.
If the reasons that you want to open your own business is listed below, you should reconsider.
Opening A Small Business: Bad Reason 1 - You Don't Like Your Job
Not liking your job is not a good reason for opening a small business. It's much easier and less expensive to just find another job more to your liking.
There will also be parts of running your business that you won't like, but unless you've got loads of money to pay others to do those jobs, you will have to do them. And even if you do have the money to hire help, you need to know how to do each job in order to supervise your employees' work.
So not liking your job is a bad reason for opening a small business.
Opening A Small Business: Wrong Reason 2 - You Don't Want A Boss
Do you want to be your own boss, or do you just not want anyone bossing you? Guess what, opening a small business doesn't mean you have complete autonomy.
Sometimes a boss is a person in an official position or one who pays your salary. Sometimes bosses are bankers, clients, customers and even employees who make demands to assure that they get what they want from your business
So if it's complete autonomy that you're wanting, you should consider a hobby rather than a business.
Opening A Small Business: Wrong Reason 3 - You Want To Work Less Time
Don't kid yourself. You will work more in your own business than you ever have on a job. That is if you want your business to succeed.
You'll be working 50 to 60 hours weekly in order to build your business. If you just want to work part-time so you have more free time, you'll never succeed in business.
Opening A Small Business: Erroneous Reason 4 - You Want To Increase Your Income
Any increase in your income from opening a small business is going to be a long time coming. It may take years before your business does anything but take money.
Your new business will actually take from your personal income, and if you quit your job to start it, you may be left with no income at all for years.
So if you need more income now, don't even think of opening a small business. Get a second job instead.
Opening A Small Business: Bad Reason 5 - You Have A Good Idea For A Product
Just having a great new product isn't enough to assure business success.
You also need to consider if you can keep others from copying your product and stealing your sales just as you finally get people convinced that they need your product.
You need more than just a good product to justify opening a small business
Opening A Small Business: Wrong Reason 6 - You Have Start-up Funds
Yes, a new business requires money and by opening a small business, you are investing in yourself. But is that a good gamble.
You may do better investing in the stock market so that you're gambling on businesses that are established and managed by seasoned entrepreneurs and business managers.
So just having enough money for opening a small business is not reason enough to risk it.
Opening A Small Business: Wrong Reason 7 - You've Read That It's Easy
They lie. Opening a small business and managing it to success is anything but easy. It takes a variety of skills , nearly all of your time, and constant trouble shooting.
If it were so easy, everyone would own a successful small business. The truth is that many people try, but few succeed. Building a small business into a profitable one is probably the hardest thing you will ever do.
If you aren't willing to work hard on your business, don't bother even starting it
Synthesis
If one of these bad reasons has motivated you to toy with the idea of opening a small business, you're better off to save your time and money.
But there are good reasons for opening a small business. One is that you have a product or service that is needed and wanted by a target market whose members will pay you a fair price for it. But even then, you have to know how to market effectively to them.
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