So are you really ready to start your business?  Here are some additional things to consider before beginning your venture. 

• Planning.  The old expression, "those who fail to plan, plan to fail" holds true in entrepreneurship.   There are cases of business people who stumbled into an idea and then unexpectedly grew it into something tremendous, but most of the time, planning is essential for successful business start-ups.  In many cases, aspiring entrepreneurs tend to underestimate costs and overestimate demand.  Do your homework--mistakes like those could wipe out your personal savings and business dreams.
   
• Risks.  Have you considered all possible risks associated with the business?  What would happen if a customer was injured or killed doing business with you?  What are the foreseeable risks, how would you cover risks (e.g., insurance), what do you need to do to minimize risks, and would you and your family be able to financially survive a worst case scenario?
    
• Money.  The biggest factor related to business failure is undercapitalization (i.e., not having enough money).  Do you have enough?  How much will be needed before you open and how much will you need until business starts rolling in?  Will you have enough for pre-opening and start-up costs (there are probably a lot more of these costs than you initially think) and where will you get it?
    
• Attracting Customers.  How will you draw customers into your business?  You may offer the best product or service at the best price, but if no one knows that you exist, you will go out of business (you need profitable exchanges to survive).  Don't plan on word-of-mouth advertising to get you started.  You must let your target customers know that you exist and that you have what they need or want.
    
• Time Investment.  Read profiles of successful entrepreneurs and you will see that they have thrown themselves fully into their enterprises.  Without constant attention and work, it will be difficult to get a new business up and running successfully.  Do you have the time and energy needed to grow your business?
    
• Enjoy the Work.  Do you enjoy the work enough to do it day in and day out?  Can you picture yourself investing almost every waking hour for the next several years doing this work?  And remember, you won't just be doing the work of the business, you will also be responsible for the adminstrative things needed by the business.
    
• Strategy.  How do you plan to differentiate yourself from your competitors?  Do your target customers really care about the difference that you are offering?  Would customers be willing to turn away from doing business with your competitors to do business with you?
    
• People.  Are there enough people out there who possess the skills and competencies that you need to help you in your business (i.e., employees).  How will you find employees and what will it cost to keep them?