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Are you thinking about opening a small business? Why do you want to? The reason that you want to open your own business is important because if you do it for the wrong reason, you may be disappointed and waste lots of time and money before you fail. If your reason is one of the following erroneous ones, think again before proceeding with opening a small business. Opening A Small Business: Erroneous Reason 1 - You Want To Quit Your Job Wanting to quit your job is an erroneous reason to consider opening a small business. If that's your reason, find a better job instead. There will be parts of operating your business that you may hate. However, most small business owners have to perform those jobs because they can't afford to hire them done. Even if you can, you still have to do each job enough to know how to supervise your employees who do them. You need a better reason for opening a small business than hating your present job. Opening A Small Business: Wrong Reason 2 - You Don't Want A Boss Do you want to be your own boss, or do you just not want anyone bossing you? Guess what, opening a small business doesn't mean you have complete autonomy. Sometimes a boss is a person in an official position or one who pays your salary. Sometimes bosses are bankers, clients, customers and even employees who make demands to assure that they get what they want from your business If you just don't want anyone bossing you, invest in a hobby instead of a business. Opening A Small Business: Bad Reason 3 - You Want More Free Time Don't kid yourself. You will work more in your own business than you ever have on a job. That is if you want your business to succeed. You'll be working 50 to 60 hours weekly in order to build your business. If you just want to work part-time so you have more free time, you'll never succeed in business. Opening A Small Business: Erroneous Reason 4 - You Want To Increase Your Income Your business is not going to start providing you money immediately. Rather it is going to eat up everything you've got for a long time before you can start taking money out of it for personal income. Your new business will actually take from your personal income, and if you quit your job to start it, you may be left with no income at all for years. So if you need more income now, don't even think of opening a small business. Get a second job instead. Opening A Small Business: Wrong Reason 5 - You've Invented A Better Mousetrap Having a good idea for a product is not reason enough for opening a small business. You have to know that there is a market for the product already established. Having to take time to educate people about their need for a product can take more time than your business can survive without sales. You also need to consider if you can keep others from copying your product and stealing your sales just as you finally get people convinced that they need your product. Don't think that you're guaranteed success just because you have a good product idea. Opening A Small Business: Bad Reason 6 - You Have Some Money To Invest Great! You will need startup funds, probably more than you anticipate. But you need to ask if opening a small business is the best investment for your funds. You may do better investing in the stock market so that you're gambling on businesses that are established and managed by seasoned entrepreneurs and business managers. Just because you have some money to invest is not a good reason for opening a small business. A Small Business: Bad Reason 7 - Advertisements Say It's Easy Many people will lie to you in hopes that you will make money for them. They don't care if your business succeeds as long as they get plenty of your money while you're trying. Don't believe them because opening a small business and making it a success is not easy. If it was easy, everybody would do it. Many try and fail because they think it's easy and soon learn that its the most difficult thing they have ever done in their lives. If you aren't willing to work hard on your business, don't bother even starting it Summary Don't consider opening a small business for one of these erroneous reasons, or you will regret it. Still, there are legitimate reasons for opening a small business. If you are motivated because you know a service or product will meet an unmet need for a target market, and the people in that market want to meet that need enough to part with your money, then you may want to think more about opening a small business. But don't forget you have to be able to market to the people, or your small business won't be a success.
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