So you’ve been working at your craft for awhile now. You've sold a few items, and you’ve decided it might be time to go full time, to start your own business. Working for yourself has its rewards, it also has its challenges. Before starting your own business you should evaluate whether being your own boss is the right decision for you.

Some of us just aren’t cut out to be our own boss. This may be for a variety of reasons. Being your own boss requires a certain set of skills combined with the right circumstances. Just as we’re not all built to be singing stars some of us just don’t possess the skills or live under circumstances that are conducive to being our own boss. Before moving forward with your plans you should honestly answer the following questions.

Are you a self starter?

 Being your own boss requires a great deal of self discipline. No one is going to be there looking over your shoulder to see that the job gets done. There will be no time clocks to punch. You will be the one ultimately responsible to see that things get done.

How well can you handle other people?

Business owners have to develop relations with a variety of differing personalities. How well will you be able to deal with a demanding client or a negligent employee?

Are you good at making decisions?

 While you may solicit advice, ultimately all decisions will be up to you.

Can you put in long hours?

A common misconception is that running your own business is a vacation. Nothing could be further from the truth. Running your own business is a lot of work! Be prepared to work 12-16 hour days, 6-7 days a week. In the early years the compensation is often paltry compared to the amount of time invested.

 Are you good at planning and organizing?

Running your own business requires good planning and organizational skills. You’ll have to keep track of all aspects of your business from financial statements to inventory control. The number one cause of business failure is poor planning.

How will the decision to start your own business affect your family? Your finances?

Long hours coupled with uncertain compensation can be difficult on your family. This is especially true if you are a single parent and/or the main source of the family income. Can your family deal with the long hours and the depth of commitment being your own boss will entail? Is your current financial situation stable enough to handle an uncertain income? You may have to adjust to a lower standard of living until your business becomes profitable. Is your family prepared?

Once you’ve honestly evaluated your answers to the previous questions and made the decision to move ahead, it’s time to start developing your business plan.

We'll cover how to go about developing a business plan in another segment.

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