Should you start a new business in this tough economy?

With this economy ever changing many people have modified their career course to self employment.

This is a good thing. Small businesses drives the economy and every business from your local nail salon to large corporations such as Capital One started with someone who had an idea, so why not you?

But before you give up your day job, here are some thoughts to consider.

1. Do you have a passion for what you are going to do?

Entrepreneurs have to be able to self motivate. There are hundreds of tasks that need to be accomplished in order to meet your business goals, so those long lunches and 4:00pm Tee Off will be a thing from the past.

2. Can you delegate and accept constructive criticism?

Running a business is difficult to do by yourself. Many tasks need to be accomplished, sometimes simultaneously. You must surround yourself with trusted partners and employees to perform tasks without you micromanaging.

3. Can you sell your product?

Every business sells a product or service. Without marketing your company there is no way to make money. If you are unable to make cold calls, network or call a prospect and ask for an appointment you should reconsider becoming an entrepreneur.

4. Are you a forward thinker and detailed oriented?

According to the Small Business Administration, two-thirds of new businesses survive for at least two years, and only 44 percent survive at least four years. They fail because they do not plan. You will need to write a business plan and do financial forecasts even if you do not need funding.

When you open a new business, you are the customer service department, the chief copywriter, the marketing planner, the accountant, the inventory control specialist, the head of HR, and the sales strategist. If you need help in any area consider a business adviser to walk you through the maze or a company like Business Center International. Business Center International provides the resources you need to succeed.

Rent fully furnished Office Space, Meeting Rooms and Virtual Offices in a professionally staffed Serviced Office Business Center. BCI offers exceptional value and service for all your Work Space needs.

Angela Abbasi is Vice-President of Business Center International and the Virtual Office Center

BCI is a family owned and managed business center with 21 years experience in the executive suites industry. Contact us today to Book a Tour.