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Additional info for Start Your Own Business (5th Edition)
Often, this step alone will be enough to tell you whether you should start part time or full time. You can’t become so caught up in your love for what you’re doing that you overlook the business realities. If you find there is a huge unmet need for your product or service, no major competition and a ready supply of eager customers, then by all means go ahead and start part 1 ■ THINK 33 START YOUR OWN BUSINESS full time. If, on the other hand, you find that the market won’t support a full-time business, but might someday with proper marketing and business development, then it is probably best to start part time at first.
List five things you enjoy about your work: 7. List five things you dislike about your work: chapter 3 ■ GOOD IDEA! 24 START YOUR OWN BUSINESS Things About Me Worksheet, continued 8. When people tell you what they like most about you, they say: 9. Some people dislike the fact that you: 10. Other than your main occupation, list any other skills you possess, whether you excel at them or not: 11. In addition to becoming more financially independent, you would also like to be more: 12. Write down three things you want to see changed or improved in your community: part 1 ■ THINK 25 START YOUR OWN BUSINESS They Delivered Here’s a business startup story that’s a great example of seeing a need and filling it.
If, on the other hand, you find that the market won’t support a full-time business, but might someday with proper marketing and business development, then it is probably best to start part time at first. Investigate factors such as the competition in your industry, the economy in your area, the demographic breakdown of your client base, and the availability of potential customers. If you are thinking of opening an upscale beauty salon, for example, evaluate the number of similar shops in operation, as well as the number of affluent women in the area and the fees they are willing to pay.