WallyDay.com - Welcome to my sandbox. Play nice.

Are you thinking about opening a small business? Why do you want to?

The reason that you want to open your own business is important because if you do it for the wrong reason, you may be disappointed and waste lots of time and money before you fail.

If the reasons that you want to open your own business is listed below, you should reconsider.

Opening A Small Business: Bad Reason 1 - You Don’t Like Your Job

Not liking your job is not a good reason for opening a small business. It’s much easier and less expensive to just find another job more to your liking.

There will also be parts of running your business that you won’t like, but unless you’ve got loads of money to pay others to do those jobs, you will have to do them. And even if you do have the money to hire help, you need to know how to do each job in order to supervise your employees’ work.

Wanting to quit your job is an erroneous reason for opening a small business.

Opening A Small Business: Bad Reason 2 - You Want To Be Your Own Boss

Everyone has a boss or bosses.

The people that loan you money will demand certain procedures to assure return on investment. Your clients or customers will require specific accommodations or quit doing business with you. You personnel will want considerations.

If you just don’t want anyone bossing you, invest in a hobby instead of a business.

Opening A Small Business: Erroneous Reason 3 - You Want More Time To Do What You Want

Don’t kid yourself. You will work more in your own business than you ever have on a job. That is if you want your business to succeed.

You’ll be working 50 to 60 hours weekly in order to build your business. If you just want to work part-time so you have more free time, you’ll never succeed in business.

Opening A Small Business: Erroneous Reason 4 - You Want To Increase Your Income

You may in time make more money working for yourself. But when just opening a small business, you aren’t going to make as much as you can on a job. Plus, your small business is going to take start-up funds, so you’ll be spending lots of money while making very little that you can consider personal income.

Your new business will require seemingly unlimited resources, and want start giving back for a long time, probably years.

So if you need more income now, don’t even think of opening a small business. Get a second job instead.

Opening A Small Business: Wrong Reason 5 - You’ve Invented A Better Mousetrap

Just having a great new product isn’t enough to assure business success.

You also need to consider if you can keep others from copying your product and stealing your sales just as you finally get people convinced that they need your product.

So just having a good product idea is not enough to risk opening a small business.

Opening A Small Business: Bad Reason 6 - You Have Some Money To Invest

Great! You will need startup funds, probably more than you anticipate. But you need to ask if opening a small business is the best investment for your funds.

Often you can make more, while keeping your job and income, by investing your money in the stock market. Your risk is less because the people running publicly-held businesses are far more experienced and, thus, more likely to make a profit than you are.

So just having enough money for opening a small business is not reason enough to risk it.

A Small Business: Bad Reason 7 - Advertisements Say It’s Easy

Don’t believe everything you read and hear. Many people will tell you that opening a small business and making it successful is easy, but most of them are just wanting to make money off you. Running a successful business is lots of work. Anyone who tells you differently is telling you a lie.

If it was easy, everybody would do it. Many try and fail because they think it’s easy and soon learn that its the most difficult thing they have ever done in their lives.

If you want to succeed, don’t go into business thinking that it’s easy.

Conclusion

If one of these bad reasons has motivated you to toy with the idea of opening a small business, you’re better off to save your time and money.

However, if you have good reasons for opening a small business, you have a much greater chance of success. For instance, you may have discovered a service or product that a large target market of people want and need enough to pay you a profitable price for it. If that’s the case, then opening a small business may be a good risk for you. Still you will have to discover how to market well.