Starting a business is a life changing decision. Here are ten things to consider before starting your business.

Do you have a dream? Do you have an idea for your business that you believe in? Before you do anything else, you must know what you are going to do with your new business and be in love with that product or service.

Do you have the time? Your own business is not a forty hour a week job. It takes a lot of your time, 24 hours a day on occasion. Starting your business does not mean that you will work fewer hours.

Can you afford it? Starting your own business will require some investment, some money. It may be a small amount, or piles and piles of cash. You should clearly understand the costs of starting and know if you have that amount of money available.

Do you have a plan? Starting your own business may be one of the most important things you will ever do. Planning that business before executing the plan is vital. Without a business plan, that dream you have may be lost as you drift from one issue to another.

Can you sell it? You may have a great idea, the funds to create a business based on that idea. But, if you cannot sell your product or service, you have no income and shortly, no business. You must know if there is a demand for what you want to do.

These first five tips open the door to starting your business. There are also some very practical things you must consider before starting that cannot be overlooked.

Consider taxes, fees and registrations. Governments at all levels require filings, paperwork and fees before you start a business. They regulate where and how you can do business. You need to devote some time to these demands because the government is the only outside force that can shut your business down immediately and without warning. Things like a tax identification number, a DBA filing, sales tax authorization or a zoning permit all matter a great deal.

Consider banking and finance. The mechanics of handling the money that you are going to make by starting your own business are important. Do you need a separate bank account/ If you are going to accept credit cards for payment, you need a merchant account from a provider. You will need a way to keep your books, to account for income and expense and to tell if you are making any money.

Consider personnel and payroll. Who is going to work in this business? Whether you are the only one, or you have dozens of employees, you will need to account for hours and payroll. You have to file the government paperwork, issue paychecks and manage your employees. You are going to be a boss, even if you are just your own boss.

Consider operations. You should have a clear idea of the way your business is going to operate. How will sales come in? How will you create your product, order supplies, store inventory? How will you ship your product, and collect payment for it? Even if your garage will be your corporate headquarters, you must organize your business.

Consider success. How do you define success? What sorts of measurements will give you the information you need to decide if your business is a success? What will make you feel successful?

These ten things to consider before starting your business are not all you need. They will provide a solid foundation for your new business. The Internal Revenue Service has resources to help you. You can also find lots of materials at the Small Business Administration. Your state and local governments will also have assistance available for you.

Learn more about this author, Charles Simmins.
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