5 things to weigh in starting a business

At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict , this post may contain references to products from our partners. Here’s an explanation for

Starting your own business

Maybe you’ve been demoted. Or you are working more but earning less. Or you may have lost your job or are fearful of losing it. Whatever the reason, starting a business may be looking pretty good these days.

Before plunging into entrepreneurship, you should do some serious soul-searching and prep work, says John Cerasani, author of “Paid Training,” who left his corporate job in 2005 to start an insurance business in Chicago.

“While I encourage people to take the leap, they do need to be prepared,” he says. While you may have the skills needed to create your own company, there’s more to starting a business than knowing your job and industry.

Before handing in your resignation letter and starting a small business, here are five things to consider first.