Starting your own business is scary.  There is no safety net in which to fall.  Where are the deep dark pits that you could possibly step into?  And yet, the benefits can be monumental with more freedom, money and liberty than working for a company other than yours. Today, without this objective, our country would certainly be different in many ways.

One of the foremost considerations is cash, as this is hardest to obtain and needed for cash flow during operations. There are many options presently that, if carefully considered, can help you make this jump.  However, too much cash is also a consideration.  When there are surplus funds available, be frugal.  A tendency, particularly in the beginning stages, is to spend on items that are convenient but not absolutely necessary. This can be a detriment to the long-range sustainability of profitable operations.

Another is the thought that your product will sell itself.  Unless you carefully construct a marketing strategy, you could starve before customers begin to realize the need for your product or idea. When you finally realize the time is right to “sell” your idea, it may be too late. Start before needed. It is much easier to turn down orders, than to initially obtain them.

And probably the consideration that is located atop the list is that you must believe in yourself.

Be sure to maintain enough funds to be patient. Oftentimes, growth of a business takes longer than first expected. For instance, nursery businesses sometime take three plus years before the first product can be sold. Momentum or keeping your business running through ups and downs is another investment. Give yourself a chance to walk before running.

We all ask for advice. Use wisdom, in determining what is good and bad for your business. You will be forced to handle many aspects that you may not have an adequate skill set for, such as bookkeeping, human resources, financing, work flow scheduling, etc. Possibly, more than one opinion may help you decide.

Be cautious of advisors that just want you to grow your business until the going gets rough and then shove you into selling your favorite business to them. They can be wolves in sheep clothing, so to speak.

Keep in mind that many businesses started in someone’s garage, including Apple Computers. What drove these people to success? The American dream of ownership is the answer and the survival of watching a business mature and grow. You can do it, but be cautious!

Standard contributor Don Alexander can be contacted at dalexander@southernstandard.com