If you’re getting worn down by a long commute or a difficult boss, the thought of working for yourself can be very appealing. And even in a slower economy, it’s still possible to find your perfect niche. Depending on the specialty, some companies prefer to streamline their ranks and work with outside vendors. However, it is especially important to do your homework and understand the realities of business ownership before you jump in.
- Make sure you are committed to and passionate about your business idea. You will be spending many long hours getting started, and it may take a while for your business to pay off.
- Research is critical. Take some time to analyze your area of interest. Are you filling an unmet need? Especially if you are considering an online business, how likely is your area to be outsourced? What is your business plan, and who are your potential investors? Learn more in the Resources section below.
- Expect limited or no earnings to start. Especially in the first few months, you are building your base and may have start-up costs that offset any profit initially. Make sure you have a plan on how to cope during this period.
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