Setting Up a Business in Florida: 7 Questions to Ask
7 Questions to Ask Before Starting Your Florida Business
Starting your own business is a great way to take control of your life. Not only does it give you more control over your financial future, you can even work from home if your profession allows it, too. But owning a business isn’t for everybody. Here are seven questions to ask yourself before business formation.
1. Do You Have the Passion?
Setting up a business, no matter how small it may be, is going to be a considerable endeavor. This is something that you will (hopefully) be in for the long-haul. It will require the sort of dedication that means putting certain things like personal time and weekend fun with your friends on the back burner. If you don’t have the fire inside you, if your business isn’t something that you are genuinely willing and eager to make sacrifices for, then you might want to reconsider whether it’s a real goal or merely a flight of fancy.
2. Do You Have the Drive?
We can’t stress this enough – running a business requires dedication and persistence. You have to be able to pick yourself up and dust yourself off after taking a loss. Even the most successful small businesses have been known to take a few years to start turning a profit. This is not something for the easily discouraged or those who have trouble keeping up their momentum.
3. Can You Make the Hard Decisions?
This one is doubly true for solo entrepreneurs, but partnerships would do well to pay close attention as well. Owning a business means that you’re the boss, the final authority, and that doesn’t just mean ordering people around, either. You will need to be able to not only assess situations quickly and accurately but propose solutions and take responsibility for the results (or lack thereof). It helps to be a good judge of character, too, if you plan on taking on any employees.
4. Can You Handle the Stress?
You might already know that becoming a business owner will be stressful, but do you know just how stressful it can be? Stress isn’t just unpleasant – it can lead to serious physical ailments, too. Income – one of the biggest stressors in modern society – can be inconsistent at best when operations are first starting up. And then there’s the pressure that comes with the responsibility you have over your employees. Not only are you the one controlling their livelihoods, but you’ll also need to be prepared to handle problem employees, too. Owning a business can be one of the most fulfilling career paths that a person can follow, one full of freedom and self-direction. However, it’s not the easiest road out there, and should only be undertaken by those with the constitution and fortitude to go as far as is needed.
5. Can You Adapt to What Life Throws at You?
Business, especially at the outset, is an unpredictable animal. There’s no guarantee of success and not much of a safety net should things fall through. Don’t be surprised if you still find yourself experimenting with different strategies and adapting to changes in the market as your business grows; there’s nothing honorable about nor anything to be gained by sticking relentlessly to your original plans if they aren’t turning a profit. Adaptability is far more crucial to the sustainability of a business than stubbornly adhering to old, disproven or suddenly inadequate ideas.
6. Are You Comfortable Delegating?
A lot of us out there find a great deal of comfort and accomplishment in handling things ourselves. It could be tempting, or even necessary, that you handle multiple roles when first starting out. But this is not a sustainable way of doing things. It leads to burn out, which leads to mistakes, which leads to harm to your business. Not only does delegating tasks to others save you a lot of trouble and grief, but it also gives you the chance to have real experts and skilled professionals in these positions.
For example, you might have been able to handle your own bookkeeping when you started up a few years ago, but as operations have expanded it’s getting more and more complicated. Don’t risk messing that up – find a bookkeeper that you can trust and let them handle that for you so that you can do what you do best: run your business.
More information on effective delegation can be found here.
7. Are You Financially Stable?
Obviously, business owners need to have money management skills. Those who are already in heavy debt or who lack self-control with their spending habits might want to think again about starting a business at this time. If you aren’t already a money wizard, it can be a good idea to study up on finances and financial management before taking what can be quite the expensive plunge. If you’re still unsure, consider running your business plan by a local business lawyer today.
Looking to start a business or grow your current business? Contact FL Patel Law today by visiting our website or calling (727) 279-5037.