What does it take to own and manage a successful business of my own?

If you’re thinking of starting or purchasing a business, that’s great. But before you jump in, give some thought to why you want to start your own business in the first place. Make a written list of all the reasons. Excitement from the challenge, independence, both professionally and financially, and the desire to use all of your talents and abilities are some of the most frequent motivations. Write all the reasons down.

Next, ask yourself if you have the desire and ability to devote the time it will take to create a successful business.

To decide the type of business that suits you well, think about what gives you joy, and uses the talents and abilities you already have. Ask close friends and family for their thoughts, and see if either the type of work you do now, or any of your avocational activities can be made profitable.

Then begin your research to find the exact niche your new company will fill. Determine what product or service you will provide, what your competitive environment will be and what your strategy will be to establish market share. The most important factor in your future success will be the demand for your product or service, so be careful to weigh this decision carefully.