Whatever the mind of man can conceive and believe, it can achieve. Thoughts are things! And powerful things at that, when mixed with definiteness of purpose, and burning desire, can be translated into riches. (Napoleon Hill, 1883 – 1970)

 Maybe you always dreamt about being your own boss and successfully running your business.  Or you are looking for ways to protect an existing business while maximizing your growth.  You could also be a part time entrepreneur, managing your business after finishing your regular workday, be it that you are employed elsewhere or a stay at home parent.

 The bottom line is: You are savvy and hardworking, and you deserve to earn the fruits of your labor. You know your product or service and we can help you advance it.  Over the next few weeks, check our website at ssclawgroup.com under Benjamin's blog for business owner tips and tricks.  We strive to find a solution that meets your needs at the intersection of law, business, and tax issues.  This week's entry covers some thoughts you should entertain before starting your business.

 Part 1. Asking yourself the hard questions

              Drive/Determination/Organization

– Successful entrepreneurs possess all of the aforementioned qualities. Do you have what it takes?

Knowledge of your product

– Research on the Internet or through a public library is especially cost effective; hands-on experience may be invaluable 

Market insight

– Do your research on supplies, competitors, bankers, and market surveys

 Capital analysis

– How much money will it take to start the business? How long can you “float” your business before it needs to become profitable?

 Profit requirements

- How much money do you need to make to break even?

 Support costs

– If the business will be your main source of income: How much money do you need to survive on your business? In particular, what are your monthly fixed costs that need to be covered? (Food/gas/living/insurance/mortgage/etc)

Remember, an honest self-assessment is of the utmost importance. Your desire to succeed and motivation cannot be substituted for.  All other points may fluctuate and can be influenced by your determination.  Take charge of your professional growth in 2014!  Check back next week for legal considerations for your business.

To shorten the wait:  Georgia residents, please go to bit.ly/19KwxCt to access Georgia specific resources.  Florida residents, please check http://1.usa.gov/1cCn0aL and http://bit.ly/1ebYU9y for helpful information.