- How much will you need to pay your bills until the money starts coming in from your home business?
- Will you be keeping your full-time job or is there another breadwinner in the family that can help you until you develop an income stream?
- What will your continuing outlays be for items like equipment, salaries and/or inventory?
- How many products must you sell or how many hours of service will you need to provide before you reach the break even point?
- Where will the money come from? Will you need to borrow or draw down a savings account or sell some investments and/or assets?
- Will you need a silent partner to help provide working capital, especially until you reach your break even point and being making a profit?
- Are you willing to use your home equity to finance your business?
- Have you checked into SBA loans from the U.S. Small Business Administration?
- Is there any possibility of getting a grant to start your business?
Knowing these answers will help you decide if you can act now. If not, it can also help you to plan to secure the money you need and help you set a target startup date.
