Let’s forget for a moment all the sleepless nights you’ve spent thinking about all the reasons for going into business for yourself:
* Not wanting the 9-5 routine anymore and having more time to spend with the family
* Hating being bossed around and wanting to make your own decisions
* Wanting to make ‘beaucoup bucks’ and take vacations whenever you want
Let’s ignore the reality that you’ll most likely work 16 hour days, end up having many bosses because you’ll be doing what your customers want and won’t make any money for at least 18 months. So we’ll give you all of the above. You still have to answer yes to four basic questions.
1. Have you identified a problem in the marketplace that you can solve?
2. Is there a product or service that you will use to get this done?
3. Do you know how to run a business day-to-day and how to manage the financial bits and pieces?
4. Do you have the capital to start it up and keep it running until it starts to fund itself?
Whether or not you answer yes to any or all of the above, you still need a business plan to prove to yourself that you clearly understand what you are about to do. Read 10 Essential Elements of a Small Business Plan.
