Home and small businesses are a $427 billion-a-year industry and if you've been planning to launch your own venture now may seem like the right time to do it.

But before you go into business, try to convince yourself why you shouldn't, says Paul Stappas, founder of Bookkeeping Administration Management, a service provider to small businesses. That approach will help you minimize the risks associated with impulse-driven decisions and insufficient research prior to starting your business.

According to Stappas, it can also function as a litmus test: "If all the analysis is positive, then you know you have an objective, rather than emotional, reason for going into business."