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Seven Bad Reasons For Opening A Small Business

By: Linda P. Morton


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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 your reason is one of the following erroneous ones, think again before proceeding with opening a small business.

Opening A Small Business: Bad Reason 1 - You Don't Like Your Job

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

Remember that there are many aspects to running a business. Some you may like. Others you may hate, but you have to do them or hire someone else to. Do you have enough start-up funds to pay employee salaries? If not you're going to be doing jobs that you don't like anyway.

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

Opening A Small Business: Wrong Reason 2 - You Don't Want A Boss

Everyone has a boss or bosses.

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.

Unless you are prepared to give 50 to 60 hours per week to your business, you're wasting your time 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 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'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.

Don't think that you're guaranteed success just because you have a good product idea.

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?

Often you can make more, while keeping your job and income, by investing your money in the stock market. Your risk is less because the people running publicly-held businesses are far more experienced and, thus, more likely to make a profit than you are.

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

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

Synthesis

If one of these bad reasons has motivated you to toy with the idea of opening a small business, you're better off to save your time and money.

However, if you have good reasons for opening a small business, you have a much greater chance of success. For instance, you may have discovered a service or product that a large target market of people want and need enough to pay you a profitable price for it. If that's the case, then opening a small business may be a good risk for you. Still you will have to discover how to market well.

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