Business success is the American Dream. You have “always wanted to do it.” But, should you? Here are six questions to ask before you start.

1. Do I fail well?

If you take your new business seriously and treat it as a business rather than a hobby, you will find that all businesses go through tough times. Do you have the persistence to admit something did not work and find a way to get where you want to go? To be successful in business you must find a way around the roadblocks on your path to success. If you treat your business as a hobby when the tough times happen you might be more likely to quit rather than find a way around them.

2. Do I sell well?

All small business owners must sell. You are the most passionate person in your business. In addition, you must constantly be looking for customers and opportunities to display your company. If you do not have selling skills, take a course, read a book, or go through a sales training program. Selling skills are critical for business success.

You have made many contacts through the years. Make a list of the people you know and determine whether that person can help you with your business. Could they be customers? Suppliers? People who can help you sell or promote your business? Contact everyone on the list and ask for help. If they say “No” ask them who might be able to point you in the right direction.

3. Do I have enough money to make it through?

Determine how much money you think that you will need to start your business and then triple that number! Can you afford to take the risk with your retirement dollars? Severe cash flow problems will take your focus away from building a profitable business and can hamper your retirement years.

Include cost of sales and costs of running your business. How much does it cost to produce your products? Will you need a salary? What employees will you need? Will you be paying rent or running the business out of your home?

4. If I have partners, what will they contribute?

A partnership is a marriage. Ensure that your partners contribute as much financially as you do. This way they have the same stake in the success of the business. In addition, your partner should complement your skills rather than have the same skills that you do. If both of you, for example, love to sell and hate accounting, the business will suffer.

Make sure that you have a good partnership agreement in place before you start working together. An attorney expert in business partnership agreements should prepare or at least review the agreement between the partners. This ensures when the tough times hit you know what will happen.

5. What do I do if my friends think my idea is a good idea?

If your friends tell you that you have a great idea ask them to invest. That will quickly tell you whether they truly think the idea is great.

6. Who are my customers and will they buy?

Your customers write your paycheck. Identify who your customers are and why they will purchase your products and services. What is in it for them? Why should they buy from you instead of the company they are currently purchasing a similar product from? What additional need and benefit are you providing? Are you charging more than your competition? If so, you must justify your price with the value you provide. Once you have happy customers ask them for testimonials and referrals.

Make sure you begin your business with your homework done. Answering these six questions can help you do just that.