After several years of layoffs, many companies are either standing pat with their current workforce sizes or even adding employees here and there.

Others, however, continue to trim where necessary in order to stabilize their losses and attempt to position themselves for a positive 2012.

In the event you have found yourself the victim of a job layoff recently or just do not look forward to going to work each and every day, could your own business venture be in the cards?

According to various data, anywhere between 1.5 and 2 million people leave a steady employment situation monthly, whether it is to begin a new business venture or take care of a family member. In doing so, individuals can find themselves besieged with a number of questions, especially when putting an ‘open for business’ sign out there:

  • Do I have the proper business plan in place?
  • How will I meet my monthly bills?
  • Do I have emergency funds in place if the start-up business needs a quick infusion of cash?
  • What forms of insurance will I need to operate the business and are there any local zoning requirements I will need to meet?

As you can see, there are a plethora of questions that the first-time business owner must be able to answer without a great degree of difficulty.

The best way to go about managing such a decision is looking at the pros and cons of starting your own company. If the cons outweigh the pros, then by all means give pause to such a move.

Take the time to zero in on such factors as:

  • Steady paycheck every two weeks or chance it? – The toughest question to answer is whether or not to pass on a steady paycheck. Should you have some funds set aside for a rainy day and they are not going towards your new business, then you may find yourself more at ease in pulling the trigger on going from the employee to the employer;
  • Can you multitask all at once? – In a perfect world, you would be able to ease into your own business while still collecting a paycheck from someone else. While that is not always reality, it is oftentimes viewed as the safest way to go about things. Try and ease into your new business in the evening or weekend hours apart from your full-time job. Do a little more towards the business each week and in the meantime keep collecting your employers’ check;
  • Do the work myself or bring on help? – One of the biggest challenges for those wanting to start a business is whether or not to hire others to assist them. While doing it all yourself allows you to not have to watch after others, worry about salaries, insurance, etc. it also means a lot of work on your plate. Many people that start a business will go slowly at first and either do it themselves or hire very lightly, including volunteers and/or family.

Starting your own business can be fraught with concerns and sleepless nights, but it can also lead to some of the best and most purposeful years of your life.

Are you ready to take the plunge?

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