Do you have what it takes to own your own business?

Strengths and Weaknesses

Create a Personal ResumeAnalyze Your Personal Attributes- friendly,

motivated, people person?

Setting Goals

Specificity- be realistic and specificOptimism- be positiveRealism- small stepsShort and Long Term- goals

Short Term goals- attainable in a short period of time Long Term goals- may be years

Income- figure out how much you realistically want to make

Lifestyle- what will you have to give up, are you willing to travel or move, etc.

Type of Work- what will you be doing?- indoors/outdoors

Ego Gratification- be honest with yourself and understand your strengths and weaknesses, likes and dislikes and what you can reasonably do.

Personal Goals and Objectives Worksheet

1. The most important reason for being in business for myself is?

2. What I like best about being in business for myself is?

3. Within five years I would like my business to be?4. When I look back over the past five years of my

career I feel?5. My financial condition as of today is?6. I feel the next thing I must do about my business is?7. The most important part of my business is (or will

be)?8. The area of my business I really excel in is?

Things About Me Worksheet

List at least five things your like to do or are good at.List five things you are not good at or you don’t like to

do.List three products or services that would make your

personal life better.List three products or service that would make your

business life better.When people ask what you do, what’s your answer (list

one occupation or whatever mainly occupies your week)

List five things you enjoy about your work.List five things you dislike about your work.

Things About Me Worksheet

When people tell you what they like most about you, they say.

Some people dislike the fact that you.Other than your main occupation, list any

other skills you possess, whether you excel at them or not.

In addition to becoming more financially independent, you would also like to be more.

Write down three things you want to see changed or improved in your community.

Checklist For Evaluating IdeasAsk yourself the following questions when

evaluating an idea for a business or product Have you considered all the advantages or benefits

of the idea? Is there a real need for it? Have you pinpointed the exact problems or

difficulties your idea is expected to solve? Is you idea an original, new concept, or is it a new

combination or adaptation? What immediate or short-range gains or results can

be anticipated? Are the projected returns adequate? Are the risk factors acceptable?

Checklist For Evaluating IdeasWhat long-range benefits can be anticipated?Have you checked the idea for faults or

limitations?Are there any problems the idea might create?

What are the changes involved?How simple or complex will the idea’s

execution or implementation be?Could you work out several variations of the

idea? Could you offer alternative ideas?Does your idea have a natural sales appeal? Is

the market ready for it? Can customers afford it? Will they buy it? Is there a timing factor?

Checklist For Evaluating IdeasWhat, if anything, is your competition doing in

this area? Can your company be competitive?Have you considered the possibility of user

resistance or difficulties?Does your idea fill a real need, or does the

need have to be created through promotional and advertising efforts?

How soon could the idea be put into operation?

There are many methods available to evaluate your ideas. Pick the best option for you.

What’s NextBusiness Idea

EvaluatedShould you start your business- plan

full-time/part-timeMarket- EconomyFinancial issuesFamily issues

Part-Time TipsIf you decide to work full-time and own a

business part-time keep these things in mind:Involve your familyBe ready to give up personal timeFocus on the task in front of youMake the most of every minuteTake advantage of time zone differences and

technologyDon’t overstep your boundariesBe honest

Buying an Existing BusinessBuying an existing business is not as risky as

starting a business from scratch. Business has benefits:

Generating cash flow and profitsCustomer baseEmployees who know the clientele and

business

Buying an Existing BusinessThings you should consider when buying an existing business

Make sure you buy a business that actually suits you.Find a business in an area you are familiar with.Look at the location of the business.

Making a DealWhen purchasing an existing business make

sure you: Use the seller’s assets- know what assets you will

gain and what liabilities you will be responsible for Bank on purchases- finance companies and banks

lending $ Ask the seller for financing Use an employee stock ownership plan (ESOP)-

selling stock in company to employees Lease with option to buy Assume liabilities or decline receivables- have

owner keep receivables

Business Evaluation ChecklistIf you want to buy an existing business

consider:Why does the owner want to sell the business?Does the business have potential for future

growth, or will its sales decline?Is the business in sound financial condition?

Have you seen audited year-end financial statements for the business? Have you reviewed the most recent statements? Have you reviewed the tax returns for the past five years?

Have you seen copies of all the business’s current contracts?

Business Evaluation ChecklistIs the business now, or has it ever been, under

investigation by any government agency? If so, what is the status of any current investigation? What were the results of any past investigation?

Does the business have any debt or liens against it? If so, what are they for and in what amounts?

What percentage of the business’s accounts are past due? How much does the business write off each year for bad debt?

How many customers does the business serve on a regular basis?

Business Evaluation ChecklistWho makes up the market for this business?

Where are your customers located? (Do they all come from your community or from across the state or are they spread across the globe?)

Does the amount of business vary from season to season?

Does any single customer account for a large portion of the sales volume? If so, would the business be able to survive without this customer? (larger customer base is better in case something happen to a single client)

“This workforce solution was funded by a grant awarded under Workforce Innovation in Regional Economic Development (WIRED) as implemented by the U.S. Department of Labor’s Employment and Training Administration. The solution was created by the grantee and does not necessarily reflect the official position of the U.S. Department of Labor. The Department of Labor makes no guarantees, warranties, or assurances of any kind, express or implied, with respect to such information, including any information on linked sites and including, but not limited to, accuracy of the information or its completeness, timeliness, usefulness, adequacy, continued availability, or ownership. This solution is copyrighted by the institution that created it. Internal use by an organization and/or personal use by an individual for non-commercial purposes is permissible. All other uses require the prior authorization of the copyright owner.”“This workforce solution was funded by a grant awarded under Workforce Innovation in Regional Economic Development (WIRED) as implemented by the U.S. Department of Labor’s Employment and Training Administration. The solution was created by the grantee and does not necessarily reflect the official position of the U.S. Department of Labor. The Department of Labor makes no guarantees, warranties, or assurances of any kind, express or implied, with respect to such information, including any information on linked sites and including, but not limited to, accuracy of the information or its completeness, timeliness, usefulness, adequacy, continued availability, or ownership. This solution is copyrighted by the institution that created it. Internal use by an organization and/or personal use by an individual for non-commercial purposes is permissible. All other uses require the prior authorization of the copyright owner.”