So you’re thinking about opening a small business. Why?
The reason that you want to open your own business is important because if you do it for the wrong reason, you may be disappointed and waste lots of time and money before you fail.
If the reasons that you want to open your own business is listed below, you should reconsider.
Opening A Small Business: Wrong Reason 1 – You Hate 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.
Remember that there are many aspects to running a business. Some you may like. Others you may hate, but you have to do them or hire someone else to. Do you have enough start-up funds to pay employee salaries? If not you’re going to be doing jobs that you don’t like anyway.
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.
If you borrow money, the lender will make demands about how you run your business. Clients and customers will make demands about your service. Even employees will make demands of you.
If you don’t want a boss, start a hobby, not a business
Opening A Small Business: Erroneous Reason 3 – You Want More Time To Do What You Want
Forget it! To build a successful business, you have to work far more hours than you do to earn a salary from a job.
Unless you are prepared to give 50 to 60 hours per week to your business, you’re wasting your time opening a small 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.
You will get very frustrated if you go into business to pump up your personal income.
Opening A Small Business: Erroneous Reason 5 – You Invented A Great New Product
The old adage about building a better mousetrap leading to business success is way out of date. It takes more to warrant opening a small business.
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.
So just having a good product idea is not enough to risk 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.
Often you can make more, while keeping your job and income, by investing your money in the stock market. Your risk is less because the people running publicly-held businesses are far more experienced and, thus, more likely to make a profit than you are.
So just having enough money for opening a small business is not reason enough to risk it.
Opening A Small Business: Erroneous Reason 7 – People Tell You 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 was easy, everybody would do it. Many try and fail because they think it’s easy and soon learn that its the most difficult thing they have ever done in their lives.
If you aren’t willing to work hard on your business, don’t bother even starting it
If you are considering opening a small business for one of these wrong reasons, be smart and don’t.
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.