Why would anyone want to start their own business? There are more responsibilities more hours of work and often businesses fail. Wouldn't it be easier to work for someone else? Sure it would!

Then why bother with the extra effort necessary to start a business and a dedication to keep it successful?

“Why” is probably the most important question, and one that some business owners and managers need to remind themselves of, when they review where the business needs improvement, or when the market gets more competitive. Some company managements produce a mission statement and display it proudly wore all can read it. It is important enough to the entrepreneur to begin a journey of his or her own business, so why not share some of the vision of the company’s purpose? It helps keep companies on track and focus on what is most important.

When there are enough compelling reasons to start a new business, you will need to determine several things:
• who your customers are and what is most important to them
• why customers should prefer your company's services over another's
• how profitable your company will be
• how much money you will need to start and market your business
• where to get working capital as your business grows
• what your product or service is
• where to locate the business
• hours of operation
• terms of payment from customers
• tax liabilities

The Internal Revenue Service and chambers of commerce websites can provide a thorough checklist for you. You will need this information eventually when you need financing (and eventually, every growing business will need financing).  There are many other considerations that also need to be well thought out and planned for including when to sell the business.

Mergers and acquisitions companies are actively seeking businesses for different reasons, and it should be examined and prepared for by specialists in the business. For example, a seller of a home once top dollar for his property. He may have an idea of its value, but real estate professionals can tell whether the property is worth more or worth less, depending on factors such as the market, location, condition, and other comparable data.

What does it take?

Probably the most important thing a business owner needs is courage. It isn't easy to be self-employed, and it's harder to be an employer. It takes guts and determination and a steady cash flow. It's a juggling, high wire, and magic act all rolled into one, and if you do have what it takes (desire, energy, ability, determination) to be successful, and an authority in your business sector, then the eventual rewards are worth the many sacrifices you will make.
Before you begin your business venture, it will pay to ask some owners of companies their opinions of your ideas for business, and if possible, do this at a distance from the area you expect to start your company. If you want your secret to be kept quiet until you are ready, remember: word seems to travel faster when you least expect it.

Harnessing the power of terror

At some point, usually early in the process of building the business, almost every small business owner experiences terror. It’s usually along the lines of, “What did I get myself into?” Be aware of it. Expect it. Take that bull by its horns and slam it into the ground! Re-read that mission statement and remember why you wanted to be in business for yourself. Keep focused.

Work through the times with fotitude; make the most of each day and opportunities. If you are up to the challenges and possess the attributes of most entrepreneurs, you will be in for the ride of your life.

Jim Angel
www.jhowardco.com

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