Want To Open Your Own Business?

Ask Yourself Ten Questions

DANBURY — Is now a good time to start a business?

“We hear this question more and more from our clients,” said Jeff Apton, counselor at Western Connecticut SCORE (Service Corps of Retired Executives), which serves Newtown. “If we knew that answer, we might also be able to predict the winner of the ’09 World Series!”

SCORE is a nonprofit organization affiliated with the US Small Business Administration (SBA). Nationwide, there more than 11,000 volunteer business counselors who provide free, confidential business counseling and training workshops to small business owners.

Counselors are experienced business people who have been successful entrepreneurs, business owners and senior executives. Anyone planning to start a business, or needing help with their existing business who would like to make an appointment can do so through SCORE’s website, www.westernctscore.com.

For would-be entrepreneurs, their internal state may be more important than the state of the external business world. Do they have the necessary set of personal traits to succeed in business?

Without them, even the best business idea may be doomed at the start, Mr Apton said.

Starting a business is a great way to follow a dream and create something personally and financially rewarding. SCORE counselors can help with the fundamentals of a business start-up: writing business plans, projecting cash flow, and planning sales and marketing.

“Our counselors are also asking clients to answer ten questions,” Mr Apton continued. “The answers they give may help clients learn more about themselves and their ability to handle a business before they commit to the time and expense of a new business.”

SCORE shares a few of these questions here:

1. Can you afford financial risk? Many new ventures do not succeed, and you may lose much of whatever money you have. This may affect your financial goals, such as children’s college expenses, or retirement savings. In both good and bad times, getting investors and banks to lend you money may not be easy.

2. Are you prepared to run all aspects of your business? In the beginning you may need to do everything from sales to marketing to bookkeeping. You may not like, or feel comfortable, with some of the tasks you will need to do. A great salesman, for example, may not enjoy dealing with the problems of employees.

3. Are you good at speaking and persuading others? In any new business, explaining your ideas — to investors, customers and employees — is a good part of what you will need to do. Very few things truly “sell themselves.” You will be selling your idea and product all the time.

If you can honestly answer “yes” to these and the other questions, you likely have what it takes. If your answers uncover weaknesses, all is not lost. You have something to work on.

“The Greek philosopher, Aristotle said, ‘Knowing yourself is the beginning of all wisdom.’ This is true today, as it was in ancient times,” Mr Apton observed.

To see all ten questions, go to www.westernCTSCORE.com. Or, make an appointment for SCORE counseling. The questionnaire is free, as is SCORE counseling.