Other deciding factors
There are few more things to consider when thinking about starting your own business. They include:
- Your own level of commitment - Consider the extent or length to which you would go to make your business work (i.e. travel, commuting, relocating, etc.)
- Your family's support and approval of your idea - Having the support of your family is very important to the success of your business, as well as the stress levels you endure in working to making it happen. Make sure you have the support you'll need both emotionally and from a work-load standpoint.
- Zoning restrictions for the location you are looking at - Make sure you know the restrictions on the types of businesses that can occupy a space (particularly if you are operating your business out of your home.) Your town planning office or City Hall can provide that information.
- Your willingness to seek outside help if you need it - Don't hesitate to get professional help for your business. There are many resources that can provide you with great ideas and information that can help manage more efficiently and perhaps even find that "edge."
- The compatibility of the business with your life style - If you're a night person and hate mornings then you probably don't want to open a doughnut shop. Make sure your business idea fits the schedule you work best in.
- The level of personal satisfaction you will get from the business - Sometimes you really have to think about what you would enjoy rather than what you can make the most money at. Remember, you only go around this big merry-go-round once!