Have you ever thought of starting a business?  If so, you’re not alone.  Over the past 15 years, there has been an over 50% increase in the number of women running their own businesses in Canada.

There are a terrific number of advantages of being an entrepreneur:

1. You are in control – There is no one to report to, you can take vacation when you feel the need (or want), and you can decide what direction you want to take your business in.

2. You can give back to society – As an entrepreneur, you have the opportunity to give back to your community by offering important services and creating wealth and job opportunities for others.

3. You can be true to yourself and your values – You have the power to do what you want and say what you believe, think your own thoughts and live your own life.

Along with advantages, there are a few challenges that entrepreneurs face – especially in the start up phase. To get a business off the ground, entrepreneurs need to be able to multi-task and wear several hats at the same time – web guru, administator, sales and marketing specialist, bookkeeper – which can be stressful and even lead to burn-out. Then of course, there’s the worry of financial uncertainty.  Without a well-thought through financial plan, the money piece can be daunting and often stops women from taking the entrepreneurial plunge.

So, do you have what it takes to be an entrepreneur?  Here are a few things to consider before starting your business:

• What are you passionate about? What activities bring you the most joy?  Is there something that you do in your spare time that could be turned into a business?
• Is there a market for your product or service? Think about who your ideal client is, what they need and how you can reach them.
• Can you deliver the product or service profitably? Once your product or service is sold, will you be in the black or red?  Will you have enough cash flow to sustain yourself now and have some left over for taxes and savings?
• Do you have the skills and knowledge to run a business? If you’ve answered “no”, don’t despair, there are many books, courses and experts to point you in the right direction and to help you get a plan for your business in place. (Check out www.womensentreprise.ca)
• Do you need to invest in the business to get it started? How much start-up capital do you need?  Where will you get the funds – from savings? loans? family? business start up grants?
• How will you transition from your current occupation to your new business? Will you quit your current job cold turkey and start your new company or begin working on your new business part time?  Can you work from home or do you need an office?
• Do you have your financial house in order? Do you have enough money set aside in case there is no, or negative cash flow during the first few months of operation?  Have you determined the amount of money you need to make each month to be financially stable?

Although there is a lot to think about and plan for, entrepreneurship can be one of the most rewarding ways to make money and fulfill your dreams.  It takes passion, energy and planning, but knowing that you have created a successful company that is making a difference is certainly something worth considering.

If you need to get your personal financial house in order before you start your business, join us on October 20th to learn the 10 Steps to Better Finances.