Many Ohio workers have probably thought of being their own boss at one point or another. The lure of making their own hours and only answering to themselves is very attractive, but while there are numerous benefits of starting a business, not everyone is cut out to be an entrepreneur. For people to be able to succeed, they will need, at a bare minimum, large amounts of capital, time and dedication.
One area of business planning that is essential is determining how much money will be needed to keep a business operating. It is fairly common for individuals to overestimate their expected income and underestimate the amount of working capital that is necessary. The reality is that most businesses need at least a year or two to begin making a profit, and failing to have sufficient funds to cover this time can prevent a business from being able to get off the ground.
Along with money, people who want to start a business will need large amounts of time and dedication. While someone may eventually be able to come and go as they please, in the beginning, individuals will need to spend extensive amounts of time getting their business going. Individuals should expect to devote at least 50 hours a week to make their new ventures succeed, and many successful business owners put in far more than that.
Another major part of developing a successful business is understanding the laws and regulations that are associated with a particular industry. Even if an individual does not employ any staff, they will still need to know what their obligations are in terms of taxes, and they are likely to have to enter into agreements with contractors and vendors.
Source: Forbes , “Five Ingredients Entrepreneurs Need to Succeed “, December 04, 2013