Have you been thinking about taking the next step in your career? Is being an entrepreneur calling your name?

Opening a new business can be both exciting and overwhelming.  As the old saying goes if you fail to prepare you are preparing to fail. Knowing what you are getting yourself into and being prepared will give your business the head-start you deserve and is vital to the process of opening your own business.

Before making this momentous decision we suggest you take the time to complete the below exercise. Set aside an hour, pull out your laptop or a notepad and honestly answer for yourself the below questions:

1. What problem will my business solve?
2. Who are the clients my business will service?
3. How do I envision my role in my business?
4. Do I have the skills/licensing necessary to offer the services I hope to provide?
5. How will I afford transitioning to owning a business?
6. How will I obtain the initial capital needed for my business?
7. Can I afford a business setback?
8. What obstacles will my company face?
9. What obstacles will I face personally?
10. Am I truly committed to doing what is necessary to make this business successful?

Now that you have taken some time to answer those questions. Were they easy to answer? Do you feel satisfied with your answers? Did your answers surprise you?

Use this exercise to identify what, if anything, you still need to work on to feel comfortable moving forward. Discuss these items with a spouse or trusted friend and solicit feedback. Consider using this exercise as a guide for developing a business plan even if you only intend to use it for yourself.

Business ownership can be a scary but exciting venture, with a little bit of preparation you can join the many successful business owners around the world!

Once you are happy with your answers and ready to take the next steps check back in for our next blog: First Steps to Opening a New Business in Texas.

Written by Carol Sheffield