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Questions to ask yourself when selecting a business

Guest post by: Rene Truter

Article Overview: If you're thinking about starting your own business, there are a few points you have to ponder before you can even start the process.

Questions to ask yourself when selecting a business

If you're thinking about starting your own business, there are a few points you have to ponder before you can even start the process.

Ask yourself the following questions:

Can you afford to start your own business?

The first step is to look at how much money you have available. If you do not have money, consider how and where you will access financing.

Will the business yield adequate income?

Calculate how much income you will need for the month and ensure that your earnings will cover your expenses. In the first few months, be prepared to make some sacrifices.

Does it suit your personality and lifestyle?

Does your business idea reflect your hobbies and interests? Doing what you are passionate about has a higher success rate as you will be more inclined to see to the needs of clients because you understand your target market.

Do you have the necessary skills and experience

Your qualifications or prior work experience should be considered. It is wise to capitalise on existing experience and skill, rather than to diversify into something completely different.

Are the hours satisfactory?

Depending on the type of business, you may have to work long hours for years.

Does it coincide with your morals and values

Successful entrepreneurs align their personal and professional values. It is therefore advised to consider cultural and moral values.

Do you have the support of your family?

Go into a business where you will be able to share and enjoy your profits with your family. In general, aim to run a business that is profitable - but that you will enjoy. Seek synergy in terms of what you have to offer the business and what it can offer you.

Copyright© 2010 Business Partners Ltd. All rights reserved.

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Article Tags: buying a business, questions, starting your own business



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Synergy and Other Creative Insights - Truth is that there is [u:2iwgooi1]C[/u:2iwgooi1]ollaboration - on a formal basis and [u:2iwgooi1]c[/u:2iwgooi1]ollaboration which is informal. Let's say that you have a great new product. Before it launches you get loads of buddies in the same business as you to tear it apart and let you refine it. Creative people will get others in as well. people from outside the business - or those who are in the business who might not have anything to do with it and seek their input - listening hard. These aren't focus groups, they are way beyond this - they are real outsiders and thus have very open minds, asking the dumb, the stupid questions, which are often the most valuable. Questions like these help me be a good coach too! I once worked in a business where the backshop (the store room) was always untidy. They held a team meeting and had the cook in as well (you know the one who ran the employee facility). She knew nothing about the storeroom and its processes, but boy did she ask some tricky questions of them. Sometimes, little 'c' collaboration is real good at the mocro level, without which the big 'C' collaboration would be worthless.
Re: Quote of the Day - "Don't be embarrassed about asking "stupi - One of my favorite requests when leading a class, workshop, lecture, interview, whatever... There are no Stupid Questions, don't be afraid to ask - someone else has the same question, but is afraid to ask On the other hand - try anticipate the questions Back to the first hand - Some People ARE dummer than a ROCK
Coming up with a business name - I've always been curious about how people select their business names and would love to hear how you came up with yours. When I first started my company I was selecting between Evan Carmichael & Associates or the Carmichael Organization. The reason was I had read two books by Anthony Robbins and Donald Trump and learned about how they came up with their companies names to make them look bigger than they were when they were first getting started. Robbins chose Anthony Robbins & Associates while Trump chose the Trump Organization. I settled on Evan Carmichael & Associates and later changed it to Evan Carmichael Communications Group when I incorporated on the advice of my lawyer. I agree that it is not the most innovative name out there but my business is about building a brand. I would love to hear how you came up with your company name!
Re: Marketing ideas? - Questions will set you free... And make you Rich [quote="KH_Global":349pds7c]Just ask ask ask. That is it.[/quote:349pds7c]
Re: Contact Information - Another idea would be to have an email form in place to accept "ticketed" inquires (if people are afraid of spammers seeing their email address). However, I hate how some sites try to persuade you out of sending an email by bombarding you with lists of "Frequently Asked Questions & Answers" as I find they're rarely helpful.


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