How do you know you’re ready to start a business? Truth is you may never truly know, but read on for our 5 questions to ask yourself before starting a business! Maybe they will help your decision along. Keep in mind that these are not the ONLY questions to ask yourself, just
Can you commit?
Think about how much time and effort you think starting a business takes… then multiply that by 10. It is always, always harder than entrepreneurs think it will be to start a business. And, one you are exhausted from the start up and launch, now you need to run it, pivot it, plan some more… be prepared for more than you think you are taking on. Can you commit to the process? The WHOLE process?
Do you have a solid idea/plan?
So you have an idea, but have you thought about your plan?: who your audience is, what your expenses and profit margins can actually be, what start up steps you need to complete, how you are going to market and sell/bill your products or service? Get real on all of it… and maybe even enlist a business consultant to help outline this- I’d be willing to bet it will save you time, stress and money in the long run!
Do you have a support network?
Do you have people around you that support you and your vision? Do you have people rooting for you? Do you have other entrepreneurs in your circle that you can ask questions and talk through problems that can come up? Being a business owner is lonely if you have to do it completely solo! It takes an entrepreneur’s life to really know an entrepreneur’s life, trust me.
Do you have enough financial reserves or a back up plan?
It’s great to believe in yourself, but it’s not great to leave yourself exposed to total destruction if this idea of yours does not play out. Make sure you have a cushion to fall back on, whether that be some savings, a loan (and ability to pay it off), don’t burn bridges, and maybe even have another job to fall back on if ever needed.
Are you prepared for failure?
What if your idea fails? Do you have an answer for that? If the answer is “I don’t know” then perhaps you are not ready until you have a real answer in mind.
Contact me today if you could use a little help!