Is Now the Right Time to Start my Own Business?
Now is a time in which entrepreneurship is more prevalent than ever before. Every day, you hear stories about people quitting their traditional 9 to 5 job and starting their own business. Sometimes this is a great decision for the individual, and sometimes it just doesn’t work out. If you have ever considered going into business for yourself, these are a couple of questions that you may want to ask yourself before taking that first big step.
Do you know what you want to do?
Whether you are providing a great product or offering a helpful service, do you know what you business will be? This is the first step in starting your own business. Find what you want to do, think it out, and write it down. What resources will you need? Will this be just you, or a team of people? How much will you need to invest in this initially? What competition do you have? These are all questions that you should be asking yourself right at the start. Do not make the mistake of not doing your research before you start your journey down the entrepreneurial rabbit hole. Many start-up businesses do not work out because the preliminary research was not done and the business plan was not well thought out.
Are you passionate about this?
Many people start a business on their own just because they do not want to work for someone else. I’m not saying that this is not a valid reason to want to start a business. But you have to make sure you are passionate about whatever you venture into. This will not be an easy job. So be sure that you enjoy what you are going to be doing enough to stick with it when the times are hard. Your passion needs to motivate you to take thoughts of working for yourself, into a reality.
Will you start your business full time?
Or as a part time gig? Many successful entrepreneurs started their business as a side hustle. There is no shame in working a full-time job and doing your own work on the side. It is sometimes necessary to get that regular paycheck to keep up with living expenses while you are getting your new company started. However, if you do decide to quit your job and go into business for yourself full time, be sure that you have a plan! Your business most likely will not make a profit right away, so be sure that you have some money saved to support yourself and a budget in place so that you are not overspending. In addition to that, be sure to have a business plan in written out. Have an idea of when you want your business to realistically start to make a profit, and steps on how to get to that point. Stay Focused!
Do you have the time?
If you answered yes to the second question on this list, then the answer here should be: You’ll make time. Not to be insensitive, but everyone is busy these days. Everyone has a lot to juggle day-to-day, but if you are serious about starting your own business, then you need to make time for it. Starting off, it may be ok to dedicate just a few hours a week, but eventually, this needs to be a priority for you if you want your business to be successful. Write out you current schedule and see how much free time you have. Once you have that done, schedule time to work on your business. If it is on your schedule, you will be less likely to procrastinate on getting things done. Don’t let you business become something that you put off until it becomes another forgotten hobby.
Are you ready to be your own boss?
There is a reason that not everyone is on the management career path. Being a boss takes a certain set of skills that is not confined to just ordering people around (though you can do that too). If you’re going to be your own boss, then you need to be motivated, independent and organized. Find what motivates you and display that some way visibly so that you do not forget it. Running your own business is not always going to be the simplest thing in the world, and you will need something to remind you of why you are doing this. When you do run into problems, you will not have someone higher up to tell you how to fix things. Therefore, you need to be independent. Be prepared to put you problem-solving skills to work! And lastly, stay organized. You will need to be able to keep track of your ideas, and eventually your finances. Not only that, to start a business, it will be important for you to network and work with other people sometimes. Being organized makes it much easier for someone else to work with you. It builds your brand and makes them want to work with you again in the future.
If you answered yes to most of these questions, you may be ready to be in business! Despite the fact that this will not be the easiest job you have ever had, it will certainly be one of the most fulfilling. Seeing you vision become reality is one of the most rewarding things that you will ever experience. If you read over these questions and feel you are ready to start your own business, then my final piece of advice is to start now.