2006 may be the year for you to start your own business.  Use the following checklist to find a business that’s best for you:

Background & Viability

·         What do you like to do with your time?

·         How much time can you devote to your business?

·         What do others say you are good at?

·         What are your hobbies or interests and are they marketable?

·         Is there a need or demand for what your business provides?

·         What is your competition?

·         What are the advantages of your idea?

Knowledge & Experience

·         How much do you know about the area?

·         Will you have to spend extra time and money teaching yourself the business?

·         Will you have to take on a partner because you don’t know the business well enough?

·         Have you ever owned or worked in this type of business before?

·         To what extent is hands-on experience crucial to the business?

Skills & Resources

·         What are your technical skills?

·         Do those skills apply to your business?

·         How difficult will it be to acquire the skills needed for your business?

·         What do you physically need to run the business?

·         Who do you need to run the business?

·         What are the business'' major expenses?

·         How does this business earn money?

Alternatives

·         Does this business already exist?

·         Is buying an existing business plausible?

·         Does purchasing a franchise fit my business goals?

·         Do I have the capital to buy an existing business or franchise?

Pitfalls & Success

·         What are the common difficulties in your business industry?

·         Are you underestimating the time commitment needed for success?

·         Do you have an idea of the financial investment needed for your business?

·         What resources will you use to meet the financial requirements?

·         Have you identified the professionals and organizations you will use as business resources?

·         What is your measure of success?

·         What are your business goals and over what amount of time do you plan to accomplish them?

Answering these questions is a great first step as you explore new business horizons.  Your answers serve as a pre-business checklist.  As you go through them, you will get a better sense of your commitment and the soundness of your idea.  Good luck!