Do you have what it takes to own your own business?

Strengths and Weaknesses Create a Personal Resume Analyze Your Personal Attributes- friendly, motivated, people person?

Setting Goals Specificity- be realistic and specific Optimism- be positive Realism- small steps Short and Long Term- goals Short Term goals- attainable in a short period of time Long Term goals- may be years Income- figure out how much you realistically want to make Lifestyle- what will you have to give up, are you willing to travel or move, etc. Type of Work- what will you be doing?- indoors/outdoors Ego Gratification- be honest with yourself and understand your strengths and weaknesses, likes and dislikes and what you can reasonably do.

Personal Goals and Objectives Worksheet 1. The most important reason for being in business for myself is? 2. What I like best about being in business for myself is? 3. Within five years I would like my business to be? 4. When I look back over the past five years of my career I feel? 5. My financial condition as of today is? 6. I feel the next thing I must do about my business is? 7. The most important part of my business is (or will be)? 8. The area of my business I really excel in is?

Things About Me Worksheet List at least five things your like to do or are good at. List five things you are not good at or you don’t like to do. List three products or services that would make your personal life better. List three products or service that would make your business life better. When people ask what you do, what’s your answer (list one occupation or whatever mainly occupies your week) List five things you enjoy about your work. List five things you dislike about your work.

Things About Me Worksheet When people tell you what they like most about you, they say. Some people dislike the fact that you. Other than your main occupation, list any other skills you possess, whether you excel at them or not. In addition to becoming more financially independent, you would also like to be more. Write down three things you want to see changed or improved in your community.

Checklist For Evaluating Ideas Ask yourself the following questions when evaluating an idea for a business or product Have you considered all the advantages or benefits of the idea? Is there a real need for it? Have you pinpointed the exact problems or difficulties your idea is expected to solve? Is you idea an original, new concept, or is it a new combination or adaptation? What immediate or short-range gains or results can be anticipated? Are the projected returns adequate? Are the risk factors acceptable?

Checklist For Evaluating Ideas What long-range benefits can be anticipated? Have you checked the idea for faults or limitations? Are there any problems the idea might create? What are the changes involved? How simple or complex will the idea’s execution or implementation be? Could you work out several variations of the idea? Could you offer alternative ideas? Does your idea have a natural sales appeal? Is the market ready for it? Can customers afford it? Will they buy it? Is there a timing factor?

Checklist For Evaluating Ideas What, if anything, is your competition doing in this area? Can your company be competitive? Have you considered the possibility of user resistance or difficulties? Does your idea fill a real need, or does the need have to be created through promotional and advertising efforts? How soon could the idea be put into operation? There are many methods available to evaluate your ideas. Pick the best option for you.

What’s Next Business Idea Evaluated Should you start your business- plan full-time/part-time Market- Economy Financial issues Family issues

Part-Time Tips If you decide to work full-time and own a business part-time keep these things in mind: Involve your family Be ready to give up personal time Focus on the task in front of you Make the most of every minute Take advantage of time zone differences and technology Don’t overstep your boundaries Be honest

Buying an Existing Business Buying an existing business is not as risky as starting a business from scratch. Business has benefits: Generating cash flow and profits Customer base Employees who know the clientele and business

Buying an Existing Business Things you should consider when buying an existing business Make sure you buy a business that actually suits you. Find a business in an area you are familiar with. Look at the location of the business.

Making a Deal When purchasing an existing business make sure you: Use the seller’s assets- know what assets you will gain and what liabilities you will be responsible for Bank on purchases- finance companies and banks lending $ Ask the seller for financing Use an employee stock ownership plan (ESOP)- selling stock in company to employees Lease with option to buy Assume liabilities or decline receivables- have owner keep receivables

Business Evaluation Checklist If you want to buy an existing business consider: Why does the owner want to sell the business? Does the business have potential for future growth, or will its sales decline? Is the business in sound financial condition? Have you seen audited year-end financial statements for the business? Have you reviewed the most recent statements? Have you reviewed the tax returns for the past five years? Have you seen copies of all the business’s current contracts?

Business Evaluation Checklist Is the business now, or has it ever been, under investigation by any government agency? If so, what is the status of any current investigation? What were the results of any past investigation? Does the business have any debt or liens against it? If so, what are they for and in what amounts? What percentage of the business’s accounts are past due? How much does the business write off each year for bad debt? How many customers does the business serve on a regular basis?

Business Evaluation Checklist Who makes up the market for this business? Where are your customers located? (Do they all come from your community or from across the state or are they spread across the globe?) Does the amount of business vary from season to season? Does any single customer account for a large portion of the sales volume? If so, would the business be able to survive without this customer? (larger customer base is better in case something happen to a single client)

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