So you want to go into business for yourself? No boss, set your hours and do what you want to do? You might wan to look before you leap, there is a lot to consider when beginning a small business.

First, what reason do you have for wishing to strike out on your own? Do you just want to be your own boss? Are you looking for financial independence? Do you want creative freedom and to utilize your talents? Any one or more of these reasons are fine and may give you a jumping off point for your business plan.

Second, ask yourself what kind of business is right for you. What do you like to do? If you enjoy building things then a carpentry business may be for you. What technical skills do you have? How much time are you willing to put in to run your business? A new business will take a lot of hours worth of work to get it up and running successfully. Do you have a hobby or interest that is marketable? If you love scrapbooking, what about a store dedicated to supplies for fellow enthusiasts?

Next, ask yourself is what you have in mind practical. Will it fill a need? Can you supply better quality and services than other businesses in your area?

Now consider exactly what kind of business you would like. Will it focus on one area such as scrapbooking or a wider spectrum such as crafts? Decide on the products and services you wish to provide. Choose a name and a location. Where will you purchase equipment and supplies? How will you compensate yourself? And don’t forget insurance, financing and resources.

Now that you’ve made the basic decisions, you must consider larger possibilities. What legal restrictions, if any, apply in your area? How will you distribute earnings? Where is your capital coming from? How many employees do you plan on hiring?

How do plan to market your new business? Advertisements in local papers and phone books certainly. When placing these ads, be sure to provide information on the products and services you will provide. Let the public know exactly what to expect. If your business caters to a certain niche, advertise in places that will reach those people.

What about the financial part of your venture? Where will you obtain your startup capital? What about a monthly budget? Perhaps draw out a projected budget for the first year. What is your expected return on your investment? Will you do the accounting or hire an accountant? With all you will deal with at startup, hiring an accountant makes good sense. What about a lease or rental agreement? Don’t forget taxes! Local, state and federal taxes should be budgeted for.

Lastly, how do you plan to operate your business? You need a plan for day to day operations. Consider your options for hiring personnel. Plan for production or delivery of your product. There are so many things to consider when beginning a new business venture. These are some of the numerous questions you should ask yourself to ensure the smoothest possible start.