Owning a business: do you have what it takes?

According to the SBA, 50% of all small businesses fail within the first 5 years. Wow! That’s scary! Think about it this way – you’re standing in a room with another small business owner. Most likely one of you will close your doors. Who will it be? There’s a 50% chance it’ll be you!

Are you skilled enough to manage your inventory, track your financials, create marketing materials, develop a website, manage your employees, and retain customers through proper follow-up? Are you organized enough to schedule your time and your employees’ time properly? Do you have the software skills it takes to run your business efficiently? If you answered no to any of these questions, do you have the funds to hire someone to help?

This brings other questions to think about. Do you have the skills to hire and manage employees? Do you know the state and federal laws associated with Human Resources? Do you know how to process payroll?

Do you have the funds to hire professionals? You’ll need an accountant, attorney and business manager. Yes, you do need a business manager. The SBA states that one of the reasons small business fail is lack of experience. This is where a business coach/manager will earn every dime you pay him or her. Other reasons for failure are unexpected growth, over-investing in fixed assets and insufficient funding. Again, a good business coach will be able to assist you by helping make these difficult decisions.

These are all questions that must be considered. And if you’re still reading, then you haven’t yet been scared off. So, you just might have the internal fortitude it takes to move forward with your desire to be a business owner.

Of course, the success of your business depends on motivation, determination and perseverance. It takes passion, faith in self and willingness to work hard and long. The benefits of being an entrepreneur are that the long hours and hard work don’t usually seem like work because you love what you’re doing. The profits come to you rather than someone else. Think of the sense of accomplishment and excitement you’ll create for yourself!

If you don’t want to deal with the long start up normally associated with a new business, you can purchase an existing business, a franchise, independent business opportunity or turnkey business package. Any of these can be very helpful and shorten the time it takes to start your own business, plus provide support and experience.