So, you are thinking of starting your own business? The rewards can be significant. It is easy to get excited and carried away with enthusiasm.

Do you have what it takes? The intent of this article is getting you to seriously consider the observations and questions, below. Everything comes with a price.

Calculate The Costs of Owning a Business or Is It Really Worth The Effort and Energy?

Make sure you have calculated the cost of starting your own business. And I am not talking about money. You will invest money in your business and in many other ways -- some with a high cost. For example:

• Time: owning a business often requires working long hours and extra time to own a business. Time is the one resource that we most take for granted and yet, irreplaceable. You will never be able to recover the time squandered chasing unrealistic goals based upon inflated expectations. The old proverb measure twice, cut once is appropriate for the business owner. Plan before you leap.


• Pay Yourself Last: there will be times when you will need to pay your staff and suppliers before taking a dime for yourself and your family. This can be a tough pill to swallow and test your resolve and commitment to the business. Because the timing of when your bills need to be paid and payments from your customers will not always be synchronized. A line of credit can help relieve the financial pressure.


• Stress: people have different ways of dealing with stress. For some, stress is a motivator and enabler. For others, they freeze and cannot do a thing. How do you react to stress, tension and pressure? At some point along the way, your stress wallet will be stretched. Make sure you have a strategy to absorb, reflect or eliminate excess stress.


• People: people are the life blood of your business. Do you like people? You do not have to be a 'people person' but it will help you along the way. Today, over 90% of all businesses are 'service' businesses. A service cannot be inventoried because it has to be experienced. One person (employee) delivers the service while another (a customer) receives it.


• Initiative: the pace of business seems to always accelerate and the quicker your problem solving ability the faster you are on the road to getting the results you want. Being bold and making a decision with limited information can be stressful for many personality types. Others find it easy to get started and are willing to take some risk. They trust their instincts and experience. If you are highly analytical, the time it takes to thoroughly research a concept may impede your progress. It may also be helpful. Knowing when you need to take initiative and when you need to slow down comes with time and experience. Be patient and get moving.


• Organization: more businesses fail due to a lack of organization and structure than any other reason. Plus many businesses fail due to lack of proper financing and poor management - both of these indicate a lack of organization. The purpose of management is more than process and control. It is to help others get something done. Not having enough money is either a lack of common sense, planning, or a lack of knowing how much money you need. Regardless, being more organized will cure the problem.

Are You Prepared To Pay The Price?

I admire entrepreneurs. It takes guts and gumption to stay in business. There is nothing as exciting as seeing an idea, where you are helping people, come to life. The key to having a successful business is to have a clear vision and determination. Just make sure you know the costs, are prepared to pay the price and have the time, talent, and money. If you do, be prepared for an exhilarating ride! If you do not, it could be one of the most painful experiences of your life.