So, you are thinking of starting your own business? The rewards can be significant. It is easy to get excited and carried away with enthusiasm. Do you have what it takes? The intent of this article is getting you to seriously consider why you are considering starting a business because everything comes with a price. When I first wrote this article it was mean't to really consider the true cost of starting a business. Since writing my book, 'Tips and Traps When Buying a Business' I realized as a coach that I was seeing the whole picture.

Depending on your circumstances buying a business is most often cheaper and less risky than starting a business.

Calculate The Costs or Is It really Worth The Price to Start a Business?

Make sure you have calculated the cost of starting your own business. And I am not talking about money. You will invest in your business in many ways -- some with a very high cost. These are:

• time: it takes long hours and requires an extra effort to run your own business. It takes time, a lot of time. This resource is taken the most for granted and yet, irreplaceable. You will never be able to recover the time squandered chasing unrealistic goals based upon inflated expectations. The old proverb measure twice, cut once is appropriate for the business owner.
• pay yourself last: there could be times when you will need to pay your staff and suppliers first. It is just a good, ethical business practice. A tough pill to swallow, it will test your resolve and commitment to the business. In addition, bill payments for your suppliers and bill payments from your customers will not always be synchronized. A line of credit can help relieve the pressure.
• stress: people have different ways of dealing with stress. For some, stress is a motivator and enabler. For others, it freezes them up, so they cannot do a thing. How do you react to stress, tension and pressure? At some point along the way, your stress wallet will be stretched. Make sure you have a strategy to absorb, reflect or eliminate excess stress.
• people: people are the life blood of your business. Do you like people? You do not have to be a 'people person' but it will help you along the way. Today, over 90% of all businesses are 'service' businesses. A service cannot be inventoried because it has to be experienced. One person (employee) delivers the service while another (a customer) receives it.
• initiative: business moves quickly. The quicker your problem solving ability the faster you are on the road to getting the results you want. Being bold and making a decision with limited information can be stressful for many personality types. Others find it easy to get started and are willing to take some risk. They trust their instincts and experience. If you are highly analytical, the time it takes to thoroughly research a concept may impede your progress. It may also be helpful. Knowing when you need to take initiative and when you need to slow down comes with time and experience. Be patient and get moving.
• organization: more businesses fail due to a lack of organization and structure than any other reason. I know there is research that states many businesses fail due to lack of proper financing and poor management. I think both of these indicate a lack of organization. The purpose of management is more than process and control. It is supposed to help others get something done. Not having enough money is either a lack of common sense or a lack of knowing how much you need. In either case, being more organized could cure the problem.-

Are You Prepared To Pay The Price to Start a Small Business?

I admire entrepreneurs. It takes guts and gumption to stay in business. There is nothing as exciting as seeing an idea, where you are helping people, come to life. The key to having a successful business is to have a clear vision and determination. Just make sure you know the costs, are prepared to pay the price and have the time, talent, and money. If you do, be prepared for an exhilarating ride! If you do not, it could be one of the most painful experiences of your life.