Things to consider before becoming an entrepreneur

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Editor’s Note: Here at Dispatches, we are always looking for ways to help our readers do things. For some of our readers, that means helping navigate the working world, for others, it means assisting in the ever challenging question,what’s for dinner?” For still others, it means figuring out how to balance family life with everything else. In an effort to aid in all of these endeavors, we have collaborated on this article written specifically for our readers.

Congratulations on taking the first step to becoming an entrepreneur! There are a few things you should consider as you start this process that will help set you up for success and mitigate long-term headaches down the road. 

Check your finances
Make sure you have your finances in order. Do you have enough reserves or a backup plan if something goes wrong? Ideally, you should talk to a financial advisor and an accountant early on in the business process. These professionals who will be able to help you decide if you have enough money to start a business. You could also look into taking out a small business loan to help you get started. Just make sure you will be able to afford to make the repayments every month. 

Decide on a location for your business
You may be able to work from a home office for a while, which is a great place to be. You could also look into a coworking space if you think you might be more productive outside of your home and away from Starbucks. If finances allow, you might consider renting an office space. If you go the office space route, consider opting for a short-term lease.

Decide what you want to do
You must also decide what you want to do before starting a business. You need to choose something which you actually love doing, and that you won’t regret choosing over time. You want something that interests you, and you will need to be passionate enough to secure clients. If you are stuck for ideas of what you want to do for your business, you can look online for some inspiration on small business ideas for women.

Consider a business partner
A lot of people often choose to find a business partner to help them with the company. A business partner can ease the workload and financial pressures. Make sure this partner is someone you trust and can work well with. Don’t rush into a decision by choosing a friend or family member.

Do your research
Set aside time to 
research other companies so you can identify your unique selling point and target audience.

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