Our economy is recovering, but the traditional nine-to-five job does not always offer the best life-work balance for people with families. In response, many people are starting their own businesses. If you have considered starting your own business but are not feeling confident, consider the following, and ask God for guidance.
Find Your Passion
Any kind of new business will depend largely on your talents and passions, as well as the available market in your community. For example, you might be an educator having trouble finding work in the public school system. However, if you have a natural gift for working one-on-one with students, you could funnel that talent into a tutoring business.
Find the Right Investors
Although many first-time entrepreneurs feel they cannot be choosy about investors, that is exactly what you should do. When considering investors, consider the following questions:
- How much control do they want? Your investors may want to be silent partners or they may seek to become an active partner with some control over how you run your business. If you have enough investors to make your business a corporation, they might want voting shares, stock, or other input.
- How much money is on the line? Can one investor offer all the capital you need or should you find more? Is your first investor willing to help you make connections?
- What else can your investor do? The ideal investor should provide more than money; he or she should also work with you to create a support network.