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5 Questions to Ask Yourself Before You Start Your Own Business

by Marty Hopkins

Have you always dreamed of having your own business? Does the idea of setting your own hours appeal to you? Consider establishing a business without giving up your steady income by starting a home-based business while you are still working. There are many excellent books on this topic, but you can begin by asking yourself the following questions:

What is Your Area of Expertise? Since you cannot be all things to all people ask friends where they believe your talents lie. If you decide to sell a product or service make sure you are selling something you love. Find a niche or a need that is not being met and fill it.

Are You Willing To Start Part-Time? Keep start-up costs low by starting small and determining if you can find time to work at another business. Create space in your home for an office or workshop devoted exclusively to your business. If you want to make your own product consider taking a class.

Have You Done Your Research? Identify the competition in your local area and nationally. Do online searches for statistics which will help determine the direction you might take. Subscribe to trade publications and find a mentor whom you trust.

How Will You Market Your Business or Service? Customer service takes time, patience, and a talent for listening. A mailing list of your customers can be your most important tool for marketing and communications. Make a list of contacts who may be able to help you.

What Professional Assistance Will You Need? Always keep personal funds separate from business funds. You may need an accountant, an attorney, and a bookkeeper. If you do not have a personal relationship with your banker establish one now.

If you are excited after answering these questions keep a notebook with your answers and ideas and get started on a business plan today!

What I know is, is that if you do work that you love, and the work fulfills you, the rest will come. -Oprah Winfrey

Marty Hopkins may be contacted at BalanceforWomenNow .
Marty Hopkins is a successful business owner, jewelry designer and creator. She markets and sells her creations to individuals and galleries. Her passions include wine, world travel, and women's basketball.

Categories: Just for me, Money & Work,

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