1. Is This the Business I Want? As yourself: Am I considering this business because I like it or because there's money to be made? While it's important to make money at a business, it's more important to make money at a business that you are passionate about. With passion, you'll have the extra drive necessary to keep you going in difficult times.. 2. Where Will I Be 5 Years from Now? Looking ahead to your future will help you identify your true desires. For example, if you say: “I'll be doing something else, this is just temporary, I really want to....” Well, then let me say, why wait? Move on to what you really want and put your effort into that and make work. If you see yourself as being successful in your current business idea, then you are on the right track.
3. Is this How I Want To Spend My Time? Running a business requires time. You have to keep in mind that the majority of your time will be spent running your business. Which brings up an important question that you need to ask yourself: Is this what I want to be doing all day for the next few years? 4. Am I Willing to Put In the Necessary Time to Run this Business? Running a business is not like a job; you don't just put in your 8 hours and then go home and forget about the job until the next day. When you own a business, you have to put in whatever hours are necessary. You‘re the owner and you're responsible; you can't pass the responsibility on to someone else. 5. Is There a Market for My Business Idea? You may think you have the best business idea in the world, but if no one wants what you have to offer, then you're going to spend a lot of time and money for nothing. You need to ensure that there is a demand for what you're doing, without the kind of competition that will prevent you from succeeding.
6. Will Licensing and Registration of My Business Idea Be a Problem?
Make sure your business idea is legitimate and you are able to register it. There are laws and regulations for where, and what type of business, you can and cannot operate. Be sure to check with your local business registration office.
7. Do I Have Family Support?
Running a business takes time money and dedication. Running your business can easily disrupt your family life and put pressure on relationships. Be sure you have the support, because if you don't, you may hear, “I told you so,” every time you hit a bump.
8. Will this Business Support Me?
You need to figure out if this business will support you. Will you need to stay at your job until you business takes off, and when it takes off, will it be enough? This issue has a lot of variables involved but you need to have an idea if your business will support you or not. And don't just look at sales; you need to look at profits. Because if your sales are $500 a day and your profit is $50 then you can only count on the $50.