Home Based Business Startup
The financial Leap of Faith
Commitment to start the business
Getting and securing the correct financing for your new business, if you need it is crucial because there is no absolute positive guarantee that your business will make money for you straight away.
You should look to have sufficient reserves in the bank to last you for several months without any income from your business unless you do it the way I did the second time around. My first start up, I had reserves but the second time I did it, I didn’t so I carried on working for someone else for two years until my business was making enough. The latter was hard work but worth it.
You need to be really honest with yourself about your start-up capital reserves. If there is not enough money to see you through until your business begins to make money, then you are definitely not ready to start. Being true to yourself at this stage is likely to save you a lot of pain. If you decide to start a new business without enough cash behind it, keeping it working will prove very hard indeed.
There are many different sources of potential start-up funding, including bank loans, overdrafts and private loans. Internet start up resources like www.kickstarter.com
Don’t be afraid to get expert help with your Home Based Business Startup, talk to an accountant, small business adviser or your business bank manager
Find out if you have got what it takes for
Your Home Based Business Startup
Starting a business can require a considerable time investment, finance and energy. You need to honestly assess whether you really have what it takes before you even begin and how well you can handle the all of the risk involved.
Ask yourself these questions:
- Are you prepared for the personal demands of setting up a new business?
- How well do you handle uncertainty?
- Are you willing to draw on expert help when you need it?
- Are you prepared to take chances and gamble on your ideas?
- Do you have a positive attitude?
- Can you bounce back from setbacks?
- Do you have core business skills?
- Do you have any of the key qualities of a typical entrepreneur?
- Do you have an absolute determination to succeed?
- Are you able to delegate?
- Are you prepared to spend time carrying out in-depth market research?
- Do you have sufficient funds to set up a new business?
Very few entrepreneurs can claim to be strong in all of the areas
required. The key with your Home Based Business Startup is to make the
most of your assets and take action to address any gaps. This could
include learning new skills yourself or drawing on outside help by
delegating, recruiting or outsourcing.
At the end of the day, you
are the only person who can decide whether you have what it takes to
make your dream of starting a business and making it into a reality.
Next: 7. How I started My Business and the Decision Process I took
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