Tips For Securing Your Business Loan Part 2

The dream of working for yourself and the reality of doing it are often quite different. Not to say that the benefits of working for yourself aren’t real – they are, and they can be great. But to be successful over the long term, once the honeymoon has worn off, requires certain skills.

It’s important therefore to take an honest appraisal of yourself and your personal attributes before making the leap.

Here are some things to consider:

1. Why do I want to be my own boss?

This is a critical question – don’t take it lightly. If the reasons are primarily to do with not liking your current job, and less to do with being passionate about your new business idea – beware. The honeymoon can quickly wear off and you’ll find yourself in exactly the same position in the near future.

2. Do I have the self-motivation to succeed?

Going out on your own can be exhilarating, but there is often no safety net either. After the initial honeymoon period is over, the success of your business will come down to how hard you work, and how effectively you work. And there will be no one standing behind you driving you forward. Do you have the internal fire to see you through the long-hours and inevitable problems of owning your own business?

3. Which way will the cash-flow?

Are you good with money? Cash is the lifeblood of any business, and your ability to manage the flow of cash in and out of the business is critical to your success. As your own boss, it will be up to you to keep on top of invoicing, debt collection, payment of suppliers and utilities. And to make sure that your business has the cash reserves to survive through any downturns.

To be successful in your own business venture over the long terms takes motivation to succeed and dedication to ride-out the bumpy sections of the road. Be sure you understand your true motivations before starting your own business, and make sure you have what it takes to be successful as your own boss.