There is no way to eliminate all the risks associated with starting a small business. However, you can improve your chances of success with good planning and preparation. A good starting place is to evaluate your strengths and weaknesses as the owner and manager of a small business. Carefully consider each of the following questions.

Are you a self-starter? It will be up to you - not someone else telling you ­ to develop projects, organize your time and follow through on details.

How well do you get along with different personalities? Business owners need to develop working relationships with a variety of people including customers, vendors, staff, bankers and professionals such as lawyers, accountants or consultants. Can you deal with a demanding client, an unreliable vendor or cranky staff person in the best interest of your business?

How good are you at making decisions? Small business owners are required to make decisions constantly, often quickly, under pressure, and independently.

Do you have the physical and emotional stamina to run a business? Business ownership can be challenging, fun and exciting. But it's also a lot of work. Can you face 12­hour work days six or seven days a week?

How well do you plan and organize? Research indicates that many business failures could have been avoided through better planning. Good organization ­ of financials, inventory, schedules, production ­ can help avoid many pitfalls.

Is your drive strong enough to maintain your motivation? Running a business can wear you down. Some business owners feel burned out by having to carry all the responsibility on their shoulders. Strong motivation can make the business succeed and will help you survive slowdowns as well as periods of burnout.

How will the business affect your family? The first few years of business start­up can be hard on family life. The strain of an unsupportive spouse may be hard to balance against the demands of starting a business. There also may be financial difficulties until the business becomes profitable, which could take months or years. You may have to adjust to a lower standard of living or put family assets at risk.  Learn more at the Small Business Administration

The Little Things You Need To Know If You're Self-Employed

by Jeff Colburn

When I started my first business I was pretty naive. I thought I could just let people know about me and honest, sincere, intelligent people would use my services. Okay, you can stop laughing now. There are a million little things that you will learn as you progress with your business, but let me bring you up to speed on a few important ones.

It's hard enough dealing with all the problems that will crop up, but you also need to be careful of scams. Many scam artists prey on business's, both large and small. If you receive a bill in the mail, check to be sure you ordered, and received, the product before sending out a check. If you didn't order the product, don't pay for it. Also, if someone calls about renewing something, like a yellow page ad, be sure this is the company you think it is, and that it's really time to renew. The scam artists may threaten you by saying that they have a recording of Mr. X (one of your employees) ordering the product and if you don't pay they will take you to court. If this happens, keep a record of all the contacts they make with you, and file a complaint with the Better Business Bureau and contact your local police department. read full article