When starting a business, it’s easy to get excited, especially if it’s your first business venture. Just the thought of being your own boss, choosing your own schedule and making your own money is an exciting thing. Which is why you have to use your brain when choosing a business venture. Sometimes your excitement can fog your judgement in the beginning only to land you into a headache later on.
So here are a few tips to help you make a sound decision on your next business venture.
- Know the Rules. If you know the rules of your business, just like Neo in “The Matrix,” you’ll be able to “dodge bullets.” Here’s what I mean by “know the rules.” One of the most overlooked obligations for American employers is to display government labor law posters in the workplace. Labor law posters help to be OSHA compliant, and if you’re in a business that frequently gets checked, you’ll need to know these sorts of things. Now, I’m not saying that you have to know every single rule or law in existence. I’m saying that if you don’t, consult with someone that does.
- Is it your passion? This tip is huge! I once heard a quote that went something like this, “If you love your work (job), then you’ll never have to work a day in your life!” If you’re passionate about what you do, the mundane tasks of the day won’t seem like a burden to you. When you’re having fun, time flies. Choose a business venture in an industry that you’re passionate about, and if times get rough, your passion will carry you through those hard times.
- Do you have experience? Although experience isn’t a necessity in running a success business, it sure does help. Having experience in the industry you’re choosing to start a business in will only increase your odds of succeeding, or partnering with someone who does.
- Can you leverage it? Take a good hard look at the business model and see if it’s something you can leverage. Once you get it running, can you take a step back by hiring others to run the business for you? Can you increase your profits, or is there a variable that can put a cap on your earning potential. We all go into business to make money and help people, but helping people for free is a hard thing to do. Choose a business you can grow and expand.
Owning your own business is just as rewarding as it is exciting. So, make sure that when you do begin your next business venture, you’ve done your research on what it takes to experience all out massive success.
David Allred is the author and creator of CFW. David has been teaching entrepreneur minded people how to earn a full time income working from the comfort of home for nearly a decade.
Think about it. Never miss your kids’ events, set your own schedule, choose your own income and enjoy a lifestyle and income which most people only drool over!
Be sure to connect with David Allred on Google+, Facebook and everywhere else!
