My e-mail inbox is full again, which signals to me that it's time to do another round of questions and answers. Below are a couple queries that I know are on the minds of more than a few people:
Eliza from Lincoln, Neb., writes: I'm a 34-year-old female with a great idea for a start-up business. I've written a solid business plan, I have a great marketing strategy and I am emotionally and physically prepared for the challenge. But given the economy, how do I know if now is the time to proceed with my idea?
Eliza, now is a great time to launch a business if you have the financial and emotional wherewithal. Often, the best ideas come out of necessity -- for example, if someone was laid off, needed to bring in some money, and finally took the plunge with that invention or business idea that's been brewing for a few years. Add that to the fact that there is less competition out there right now because many businesses are folding -- and that businesses need to outsource the work of departments they have eliminated -- and you certainly have a good climate for a start-up.
However, be sure to do it in a way that is financially savvy. Research the industry that you are in to see if the need is there. Talk to others in the industry, and look at reference sources like the Bureau of Labor Statistics. You say you're afraid to wait; I'm afraid that if you jump too quickly, you won't have all your ducks in a row. So make a plan, then back it up with six to 12 months of expenses you can live on while your business takes off. Or even better, moonlight a bit before you quit your day job so you can start your business on the side and slowly work your way to full-time. You'll have a safety net in case things go sour.
Sarah in Tampa, Fla., asks: My boyfriend and I are planning to get engaged this year, and we're looking forward to buying a home in the next couple of years. My credit score is great and I already own my home. His credit score is not good and he has a considerable amount of personal and business debt. What happens to your individual credit scores when you get married? And how will that affect our ability to buy a new home together in the future?