Miami Business Solutions
· Considerations for Starting Your Business
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Is owning a business right for you?

The first step, and the most important, in the process is to determine if starting a business is right for you. Running a small business is as stressful as it is rewarding. The following information is intended as an introduction to small business ownership and to help you determine all the parts of your business.

Personal Assessment
  • Are you a self-starter?
    You will be the one developing projects and creating business plans without someone else setting the deadlines. It will be up to you to organize your time and follow through on small details. Remember you will be the leader and it is up to you to set the example for your business. Many times you will be unable to rely on a team as you would working for someone else.
  • Are you a good multitasker?
    When you own your own business you will be in charge of multiple areas of business you may not have previous experience with.
  • Are you comfortable with risk?
    Many times opening a small business means quick decisions on unforeseen projects,unplanned setbacks, and spontaneous opportunities. If for you risk is an opportunity then you might be the right person to start a small business. Small business ownership may be more of a challenge if you prefer organized and straightforward projects and plans.
  • How well do you do with different personalities?
    As a business owner you will develop relationships with customers, vendors, staff, bankers, lawyers, accountants, consultants, and more. These relationships can be stressful because of the variety of personalities you will encounter including the demanding customer or impatient teller.
  • Are you a decision maker?
    As a small business owner you will constantly need to make important decisions, sometimes with very little time and under pressure.
  • Do you need a regular paycheck?
    When you are starting your business you will face months of financial uncertainty as unexpected costs appear. It will be important to consider whether you have enough savings to help you weather the financial ups and downs of small business ownership.
  • Do you have the stamina to run a business?
    While running a business is exciting and challenging many times you will face 12-hour work days for up to six or seven days a week.
Your Business Proposal

What kind of business do you want to open?

It is important to understand your market and the unique contribution your product or service will make. There are many types of businesses an entrepreneur can open, it can be a home based business, a service, selling a brand new product, buying an existing business, or opening a franchise. Here are some important underlying questions to answer along the way.

  • Who will be my customer base?
    Perhaps one of the greatest risks associated with opening a new business is not having a customer base. Therefore it is important to know who your potential market will be.
  • What are the unmet needs in the market?
    Identify the unmet need of a target market and work hard to deliver a product that will meet that need. Sometimes that market may be too small to sustain your business and that is why it is important to determine how large and what percentage of business that market will provide you.
  • Franchising
    Often times franchising is a less risky way of owning your own business. There are more than 3,000 business franchises available to choose from. The challenge is choosing which one is right for you. Some things you should consider when evaluating different options is profitability, effective financial management, image, success in the industry and support.
  • Home-Based Businesses
    Working from home has a number of benefits, but it is also important to maintain a professional environment in your home office. Some important questions to ask yourself, if you wish to open up a home office, include:

    • Can I easily switch from home work and responsibilities to business work?
    • Am I disciplined enough to maintain a strict schedule?
    • Will the isolation of a home office affect my productivity?
    Remember that many home businesses have to abide by the same laws and regulations affecting other businesses.

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