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Are You Opening A Small Business For Erroneous Reasons?

by Linda P. Morton

So you’re thinking about opening a small business. Why?

Your reason for opening a small business can mean the success or a failure of that business. If you want to succeed, you should base your decisions on good reasons.

If the reasons that you want to open your own business is listed below, you should reconsider.

Opening A Small Business: Erroneous Reason 1 - You Want To Quit Your Job

Hating your job is the wrong reason for opening a small business. You’d be better off to just change jobs.

There will also be parts of running your business that you won’t like, but unless you’ve got loads of money to pay others to do those jobs, you will have to do them. And even if you do have the money to hire help, you need to know how to do each job in order to supervise your employees’ work.

Wanting to quit your job is an erroneous reason for opening a small business.

Opening A Small Business: Erroneous Reason 2 - You Don’t Want Anyone Bossing You

You’ll have people bossing you even in your own business.

The people that loan you money will demand certain procedures to assure return on investment. Your clients or customers will require specific accommodations or quit doing business with you. You personnel will want considerations.

So if it’s complete autonomy that you’re wanting, you should consider a hobby rather than a business.

Opening A Small Business: Bad Reason 3 - You Want More Free Time

Despite all the hype about people getting rich in business by only working part-time, business owners average spending more time working than employees do.

If you aren’t willing to work 50 to 60 hours every week, you shouldn’t even consider opening a small business.

Opening A Small Business: Erroneous Reason 4 - You Want To Increase Your Income

Any increase in your income from opening a small business is going to be a long time coming. It may take years before your business does anything but take money.

Your new business will require seemingly unlimited resources, and want start giving back for a long time, probably years.

So if you have an immediate need to make more money, get a second job instead of opening a small business.

Opening A Small Business: Erroneous Reason 5 - You Invented A Great New Product

Just having a great new product isn’t enough to assure business success.

You’ve got to assure that there is a need for your product and a target market willing to pay enough for it that you can make a profit. And then you must have a way to assure that nobody copies it and steals your customers.

So just having a good product idea is not enough to risk opening a small business.

Opening A Small Business: Wrong Reason 6 - You Have Start-up Funds

Why do you think that opening a small business is the best investment for your money?

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.

So just having enough money for opening a small business is not reason enough to risk it.

A Small Business: Bad Reason 7 - Advertisements Say It’s Easy

Don’t believe everything you read and hear. Many people will tell you that opening a small business and making it successful is easy, but most of them are just wanting to make money off you. Running a successful business is lots of work. Anyone who tells you differently is telling you a lie.

If it were so easy, everyone would own a successful small business. The truth is that many people try, but few succeed. Building a small business into a profitable one is probably the hardest thing you will ever do.

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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