Despite the snake oil pedaled by social media evangelists, it is extremely difficult even in the best of times for small businesses to succeed in the long term. With that in mind, before launching a stellar enterprise, here are six points to consider before jumping into the fray of small-business independence:

1. Don’t put all your eggs in one basket. One small music shop in a relatively small town gets most of its income in lessons and lesson room rentals, an income base that is more stable than just retail sales. Diversify your income stream with more than one business, part-time work or even full-time work.
2. Focus on your relevant audiences diligently; pay less attention to ‘the general public.’
3. Think out of the box for promotions and beware the time drain of social media; while cheap monetarily, time is money and S.M. will suck the life out of you time-wise. Word-of-mouth is effective but achieving — and sustaining — good W.O.M. is another matter entirely.
4. Design your own identity and collateral at your own risk; just because you have M.S. Publisher, or Photoshop, doesn’t mean your ideas will translate effectively. I teach, work full time and consult on these topics for a living and I still hire out design work and strategically outsource many other services I could do myself.
5. Have a good CRM system in place. Most small businesses fail in doing this, if they even know what it is.
6. Set boundaries with customers; if you don’t, it will come back to haunt you and cost you money, time and perhaps worst of all, reputation.

Personally, in this economy, unless you have a solid business plan, tremendous market potential, little up-front investment, significant enough profit margins for your living standards, and solid contingency plans, I would proceed with caution.

Consider the time and money investment versus working an 8-5 job. Which, in your heart, feels most realistic and settling? THAT one is your answer to whether you should start a small business.

Good luck.