A lot of people want to open a business. The majority want to open business for the wrong reason. Here are some of the wrong reasons to open a business.
- You do not have a plan. In order to reduce risk and to test your market with your product and service you need a plan for how you’ll make money and grow your business. If the idea of creating a plan stresses you out, it might not be a good fit.
- You don’t have money. No all the business makes money the moment you open the doors. Therefore, it may be months or even years before you make any profit, which means that, you’ll need enough money to pay your business expenses and your personal expenses.
- You have a good idea, but you don’t know if the market wanted it. Having ideas about a business is great. Those ideas have to solve problems or serve the community’s o population’s needs, you’ll have a hard time finding customers who can purchase your products or services.
- Want to be your own boss. If your drive to open a business is based on being your own boss and you don’t want anyone to tell you anything, you need to think about that your clients are your bosses. They usually dictate when you open your business, how many hours you will be working etc. Your business depends on your clients.
- You’re the supporter of your family. Opening a business is very risky and if you are the breadwinner of your family it is not a good idea to open a business unless you have plenty of money save that can support your family and the business adventure you are planning on opening.
- You have no experience in this industry. You need to know everything about the industry or business that you plan to open your business. If you want to open a restaurant and you do not know anything about restaurant operations, the chances of you to succeed are very slim.
- You want to do what you love. It is recommended that you open a business in an area where you have passion and for the things that you love to do. However you also better know how the business world works. If you do not have the expertise it is better to have partners who know how to run that business. You and or your partners need to have a basic understanding of marketing, accounting, management and finance.
- You’re not excited enough. You must be passionate and excited about starting a business. You should see yourself working in that business for decades. You must be willing to work 80 hours a week, while keeping your day job, and see your family less. If you’re not, it’s not worth the pain of starting a business to find that out.
- Don’t want to work too hard. This is definitely the wrong reason to open a business. The fact of the matter is that business owners work a lot of hours, especially at the beginning of the business ventures. Some business owners said that they work between 8 to 12 hours per day. It takes about 2 to 3 years to get the business going. Business owners usually do not take vacations until the third or fourth year after opening a business.