There are many issues to consider before deciding to start a

Your Personality – Not everyone has the
required personality traits to thrive as a business owner. Aside
from extensive knowledge about the particular industry, to be successful
as a business owner requires self-motivation and a variety of
organizational, management, and marketing skills, as well as the ability
to deal with customers and vendors. See Do You Have the
Characteristics of an Entrepreneur? for more information. Think
you’re ready for starting a business but are concerned about whether or
not you have the “right” traits and attitudes to be an entrepreneur

  • Your Financial Situation – Your financial
    situation is a key consideration when determining whether to start a
    business. How much risk can you tolerate? If you are currently in a stable
    employment situation and have a family do you really want to strike out on
    your own? (Providing you have a good relationship with your current employer
    one way around this is to see if they would consider a contract
    arrangement. Starting a new business can also take significant amounts of
    startup capital if you have to purchase equipment, rent/lease
    business space, and hire employees – do you have savings or
    access to funding from family, or the ability to secure debt
    financing from a lending institution or equity
    financing from angel investors?
  • Effect on Family – If you are
    married be aware than running a business is a family affair. Aside from
    the family financial considerations stated above starting a business
    generally requires much more of your time than regular employment (and
    will likely continue to do so for years). The time commitment and the
    associated stresses and uncertainties of running a business can place an
    undue strain on family relationships. Note however, that involving family
    members in your business can also be very beneficial. Aside from providing
    trusted help employing your spouse and/or children has great tax
    advantages. There are additional benefits if your business can be operated
    from your home.