You have deiced to start a business.

Congratulations! Now comes the inevitable questions and doubts.

+ Do I have enough money to start my business? + Do I have to take out a loan now? + Am I eligible for this business?

These are the three most powerful questions new business owners ask. If you ask them now, you should not let them stop you from moving forward. Instead, addresses this challenge head-on by applying the following critical start-up solution.

1. Do I have enough money to start my business?

As a small business coach, I see new business owners fail in dealing with this question more than others. And with good reason. They just do not know how much it costs to start up or how long will the new business before they start making money.

Problem: One reason it is difficult to calculate due to start a home business will have different start-up requirements of the opening, for example, a cupcake shop.

Solution: No matter what type of business you start, this is the most common start-up cost of a good business home based business and shop-based need to calculate:

+ Equipment – Every start-ups have some equipment needs. Make sure you count it up to five years.

+ Space – Do you use your home or office, you need the space business. Even if you have a home business office, be sure to factor in the increase in telephone bills, internet, and utilities.

+ Marketing – Be sure to take into account the additional time cell phone, business cards, ads, flyers, printer ink, web hosting, and paper.

Network + – Make sure you factor in the cost of joining and attending local and regional networks for the next five years.

+ Transportation – Will there be a change in transportation or your need to travel? More gas, less gas? New vehicle?

+ Filing fee – Whether your business identity into DBA, LLC, NPO, or Company? Whether your business is just a call for local, state, or national licensing? In any case, you will have a filing fee.

+ Banking – You must have a business account at the bank if you want to accept checks and credit card payments under the name of your new business. Do not run your new business through your personal account.

+ Credit Card Processing – Merchant account, using PayPal, and even credit card swipe machines all cost money.

+ Continuing Education – What classes, training, and books that you need during the next five years to make you and your business a success?

+ Professional Services – You will need a CPA to get your books set up properly, a lawyer to draw up your contracts, and business coach to help see you through the process of start-ups. Do not skimp here.

2. Should I get a loan now?

Whatever you do, do not take out a loan to get your new business start-up unless you have secured a client or customer base to begin with. Why? Because the loan is debt. And to start your business with debt spells disaster, unless you have clients and customers waiting in the wings.

Problem: During our current economic recession, I’ve seen too many businesses go bankrupt because people rely on borrowed money and other software to start up, only to blow through the money without thinking to secure the base of previous clients.

Solution: Make sure you have a client and customer base in the first place, before you start. Next, calculate your start-up costs, plus five years, based on your guaranteed sales. In this way, start-up costs will be managed and you will not need a loan!

3. Am I eligible for this business?

One of the things I watch out for my client is starting a new business that more than two degrees different from what they did before in their lives or careers. That’s because if you go beyond three degrees it is likely that you’ll end up feeling overwhelmed with everything you need to learn and do just to get up-to-speed.

Problem: You like helping people and tasks running, so you want to start your own business concierge. It might surprise you to hear, though, that it is impossible fairly close match to the bridge with ease. Of course, a “people person” is important. However, you also need to know the surrounding area where you work and all the facilities offered. Are you good at multi-tasking? How good are your listening and communication skills? Do you have any experience owning a business or manage people? You also may need to be certified in specific areas, such as travel and hospitality.

Solution: One of the challenges to starting a new business is making sure you have enough skills and experience that is in place to make a match for your new business. In this day and age you have to qualify, at the moment!

Starting a business is an exciting time when you’re full of hope energy, enthusiasm, and high. There are also some common temptation to watch out for during this time, including failing to properly calculate the initial cost, depending on the loan to start up, and take more than you are qualified to handle. The good news is you can handle this challenge by implementing a simple and easy start-up of important solutions. If you do, you will pass through three catastrophic mistake most new business owners make and get off to flying start.