Every entrepreneur and successful business owner began by asking themselves this question. There are many things to consider, the first being coming up with a viable idea that will be profitable. There are several questions to ask yourself when you begin to ponder the question should I start my own business:

1. Is there a void in the marketplace that I can fill, or a problem I know I can solve? If you can solve a problem or provide a solution for a gap in the marketplace, that’s a wonderful starting point.

2. Do I have an exceptional skill, talent or product that I can parlay into a profitable business idea? If you can provide a solution to a problem or serve a gap in the market while doing something you love, you’ve hit a veritable business jackpot.

3. How crowded is the market – are there already several competitors in your area doing what you want to do? Make sure that either you can do it better, or the market is growing so fast that there’s plenty of room for you too.

4. Do you want to dive in and work your business full-time, or will this be a side-hustle until you get the idea off the ground? Regardless, embarking on an entrepreneurial venture involves the devotion of time and hard work – make sure you’re committed.

One of the next steps when asking yourself should I start my own business is to decide what type of business you want to be and how much liability you are willing to take on personally. Some of the options are:

 - Sole Proprietor/Doing Business As (DBA): This is the easiest to start up but leaves you personally liable. Taxes are filed as part of your personal tax return.

 - Limited Liability Company (LLC): Provides flexibility, allows for multiple owners, and you are not personally liable. This option limits your ability to go public.

 - Corporation (INC) (S or C Corp): Preferred by investors and ideal if you plan to someday go public. You are not personally liable, but must have a Board of Directors. You are taxed as a business, and there are more administrative requirements.

This blog is a guide and not meant to provide legal or tax advice. Consult both a business attorney and a CPA to help you understand the tax and liability implications of each option, and to assist you in deciding which is best for your business.

Should I Start My Own Business

Over the coming months, we will take a deep dive into the essential things you need to take into consideration when developing your business idea, such as:

- Creating a Business Plan: Why it’s important and what it should include.
- Creating a Marketing Plan: The importance of Market Research. 
- Do I Need Small Business Financing?
- Do I Need to Lease Commercial Space or are there Small Business Space Alternatives

There is a long list of incredibly successful people who started out small. Look at Mark Zuckerberg who started Facebook from his Harvard dorm, Jeff Bezos who founded Amazon in his garage, or Mrs. Fields cookies – a company that began in the kitchen. An idea that is thoroughly thought out, coupled with proper preparation, planning and strategy, can transform a dream into reality.

Make a Coworking Office Your First Step to Starting a Business

Coworking space is a very cost effective way to get a business started, read more about this on our blog: Coworking Offices Save Start-Ups Money.

Red Oak Coworking Office Suites at 409 Elm Street in Manchester NH are high profile, luxury office suites where you can be successful and feel productive.  Located in the heart of New Hampshire’s largest city, this location offers office suites, conference rooms and dedicated desks. Offices can be combined to create 2-4 office “pods” – AKA Team Suites - with a shared hallway. Amenities here include a business center, off-street parking with available EV charging stations, a reception area with greeter, and use of the state-of-the-art on-site fitness center.

Also available is our 66 Hanover Street location downtown, which offers virtual business address or a variety of workspaces ranging from private or shared offices to open space coworking desks with parking nearby.  Both locations have kitchen space, free coffee, tea and filtered water, and free WiFi.  Lounge areas and conference rooms are also available.  Contact Red Oak Coworking for more information.