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3 Questions to Ask Yourself Before Starting a Business

By Meaghan Montrose

Making money is not the reason to start your own business. I know that many people are going to read this and instantly disagree, but hear me out first. Money, in and of itself, is not going to make you happy. Money is not wealth. There are other things in life that will make us fulfilled and truly wealthy. Your reason for starting a business should not be to get rich quick and inflate your bank account. Creating your business should be a way to add other types of wealth to your life such as increased time with family, happiness, and personal fulfillment.

First, let me say this- making money is a wonderful outcome of having a business. Money is necessary for life and the more money you have, the more comfortably you can live. I am by no means saying that money is not important. This is the reason that we all have to work. What I am trying to say is that the drive for money should not cause you to start a business. If you enter into a venture with that attitude and nothing else, you will likely not succeed. There are other factors you must consider when making the decision to start your own business. Here are three questions to ask yourself :

1. Is this the best choice for my family?
You need to decide if starting your own business will be in the best interest of your family’s needs. Will you be able to make enough money to afford the necessities and still put some away for emergencies? Will this business negatively impact your quality family time? For instance, some jobs may require that you work during specific hours. These hours may fall during times when the rest of your family is available to spend time with you. A benefit of starting your own business is that it usually means flexibility in your work schedule. If you have children, you may want to avoid working during holidays, weekends, and dinner time in order to be with them.

2. Will the work be satisfying to me?
If you are going to start a business it needs to be doing something you enjoy. Very few people want to work everyday, but your job should not be something you dread. The nice thing about starting your own business is you will be able to decide what you will be doing. Make sure it is something that will keep you happy. It should be something you can see yourself doing over the long run. Don’t decide to start a business that you aren’t thrilled about just because you think you can earn some fast cash. If you don’t like what you are doing, you won’t do it well and consequently you won’t succeed.

3. Am I motivated to make this work?
Starting a business is very exciting, but it also comes with risks. You need to be sure that you are prepared (mentally and financially) to take on the challenge. The initial start-up of a business is the hardest. It usually requires money to get it going and lots of time to set up your materials (such as website, products, business cards) and find clients. You need to ask yourself, “Am I ready to put in the money and effort that is necessary to get the business going?”. It is natural to have some doubts because success can never be guaranteed. Be sure you are prepared for the risks. Although starting a business takes a great deal of commitment, do not put yourself in a situation where you have everything financially and emotionally invested in your business. Make sure you have enough money available to take care of your family if a problem arises. You may want to continue working on the side until your business is well-established and stable.

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