Here are some critically important things you must consider before starting your own business.

You must:

• Be fully aware of the importance of thoroughly and honestly evaluating your own personal ability and motivation to undertake the role of owner/manager of a small business
• Know the essential questions to ask about going into business, be able to get the answers when you need them and weigh them up objectively.
• Know what running a small business involves, in broad but practical terms.
• Be fully aware of the dangers of getting into small business, especially doing so without adequate preparation.
• Understand the value of getting all the help and advice you can from others, both before starting your business and once you have it up and running.

You will then need to be able to:

• Sort out what needs to be done to move your original idea, dream or scheme to the point where it can be seen as an achievable and realistic goal.
• Compare the benefits and costs of your emerging business idea and plans against such criteria as your personal and family life goals and priorities, your personal values and vision for life, the inherent risks associated with self-employment and the major responsibilities involved.
• Assess the likely level of your commitment to the new business.
• More objectively consider your personal motivations for going into business, and your expectations from doing it, and be able to compare them.
• Rate yourself in terms of the essential skills needed for small business ownership and management.
• Decide broadly on the type of business most appropriate to your experience, skills knowledge, ambitions, interests and the kind of person you are.
• Assess how suited and prepared you are to go into the type of business you are considering.
• Make the best possible decision, be it (1) to proceed, (2) to not proceed, (3) to put the idea on hold until more experience is gained or (4) to get more advice and help.
• If your decision is to go ahead, start to formulate and evaluate your broad business idea as the first stage of putting the business together and draft an action list of things that need doing with time frames and ?do-by' dates.

In summary if you are:

• Looking at self-employment as a better alternative to being unemployed or working for a wage or salary in a job that you dislike and/or which has little future.
• Wondering whether owning and running your own business is the best course of action for you and your family, all things considered.
• Trying to decide whether you have ?what it takes' to be successful in your own business.
• Not really sure what skills and abilities are needed, or whether you have them.
• Wondering if you have the necessary drive and motivation to make it all happen.
• And concerned about the widely reported 30 per cent of businesses that fail within the first year and 75% that fail within the first 5 years, you should consult with Gray, Blodgett & Company, PLLC before making any business ownership commitments. We will help you answer all of these questions and reach a decision that is right for you.

Gray, Blodgett & Company, PLLC is a member of the Principa Alliance and we are specialists in working with business startups.  We have a toolbox of resources designed specifically to help you answer the questions in this article and many more. They will help you formulate and implement a small business strategy for success and will dramatically enhance your chances of business success.