Information on starting your own business and resources to consult before you embark upon this challenge.
Operating your own business provides endless variety, challenges and the opportunities to learn and improve your job skills. Starting and managing your own business allows you to be your own boss. No longer working for someone else, your determination and long hours could result in unlimited earnings and growth potential.
This section gives you information on the issues involved with starting your own business and resources to consult before you embark upon this challenge.
Starting a business is risky so you should spend time researching and planning. Your personal assets are used as collateral when you acquire a business loan from a financial institution. If the business fails, you run the risk of losing all your personal assets.
It is also not uncommon for the average business owner to spend 12-hour workdays, six or seven days per week. Starting and managing a business will require strong leadership, time-management, organizational, and financial skills.
Research the community to find more information on the resources available in your area and develop a workable business plan. Consult with local experts on labor market conditions in the area to determine if there is a need for the product or service that you are interested in providing. Some nonprofit organizations, colleges and universities provide assistance in developing a business plan from inception to fruition. To find out where to get help, check out the following internet sites:
Internet Sites Related to Self-Employment
- Service Corp of Retired Executives (SCORE) is a nonprofit association dedicated to the formation, growth and success of small businesses nationwide. SCORE volunteers donate their time and expertise to provide free confidential counseling and mentoring to people interested in starting their own business.
- Business.com - Helpful information to start a small business from writing plans to hiring workers and financing