Seven Bad Reasons For Opening A Small Business
May 14, 2008 – 11:10 amAre you thinking about opening a small business? Why do you want to?
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 your reason is one of those listed in this article, you may want to rethink opening a small business.
Opening A Small Business: Erroneous Reason 1 - You Want To Quit Your Job
Wanting to quit your job is an erroneous reason to consider opening a small business. If that’s your reason, find a better job instead.
There will be parts of operating your business that you may hate. However, most small business owners have to perform those jobs because they can’t afford to hire them done. Even if you can, you still have to do each job enough to know how to supervise your employees who do them.
Wanting to quit your job is an erroneous reason for opening a small business.
Opening A Small Business: Bad Reason 2 - You Want To Be Your Own Boss
Everyone has a boss or bosses.
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.
You’ll be working 50 to 60 hours weekly in order to build your business. If you just want to work part-time so you have more free time, you’ll never succeed in business.
Opening A Small Business: Wrong Reason 4 - You Need More Money
Your business is not going to start providing you money immediately. Rather it is going to eat up everything you’ve got for a long time before you can start taking money out of it for personal income.
To build a business, you have to put everything the business makes back into the business for at least the first few years. So you need to expect less personal income through those years.
So if you have an immediate need to make more money, get a second job instead of opening a small business.
Opening A Small Business: Wrong Reason 5 - You’ve Invented A Better Mousetrap
Just having a great new product isn’t enough to assure business success.
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.
Don’t think that you’re guaranteed success just because you have a good product idea.
Opening A Small Business: Erroneous Reason 6 - Grandma Left You Money
Yes, a new business requires money and by opening a small business, you are investing in yourself. But is that a good gamble.
You may do better investing in the stock market so that you’re gambling on businesses that are established and managed by seasoned entrepreneurs and business managers.
Just because you have some money to invest is not a good reason for opening a small business.
A Small Business: Bad Reason 7 - Advertisements Say It’s Easy
Don’t believe everything you read and hear. Many people will tell you that opening a small business and making it successful is easy, but most of them are just wanting to make money off you. Running a successful business is lots of work. Anyone who tells you differently is telling you a lie.
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
Synthesis
If one of these bad reasons has motivated you to toy with the idea of opening a small business, you’re better off to save your time and money.
Still, there are legitimate reasons for opening a small business. If you are motivated because you know a service or product will meet an unmet need for a target market, and the people in that market want to meet that need enough to part with your money, then you may want to think more about opening a small business. But don’t forget you have to be able to market to the people, or your small business won’t be a success.
Tags: Small Business
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