Learning how to start a business is the first step towards accomplishing the dream of being your own boss. Being an entrepreneur can be incredibly rewarding and is a worthy goal to aspire to. Before you make the jump to starting your own business you have to consider the following.
Are you ready to start your own business?
Wanting to start your own business and being ready and able to are two very different things. If you want to be successful your timing has to be right. Here are four important questions you have to ask yourself and answer yes to before you go any further.
1.Finances: Are you financially able to launch your own business?
When starting your own company you usually have to take a pay cut and invest your own money to get it to a place where you can seek outside investors. You should try your best not to go into debt before starting you business. You should have a decent sized savings account so you can take a pay cut and start building your enterprise. If you don’t have a savings account and you can afford to live below your means then you will still be alright. Start saving as soon as possible as you build your business and avoid the rush to spend and throw all your own money into your business. Your savings account will come in handy when you least expect it.
2. Family: Are you in a good place with your family to launch your own business?
Having support from your friends and most importantly family is a key driver to success. It is much easier to start your own business if you don’t have kids and if you are single. If you do have a family it is important that your spouse or partner supports you in your effort. This does not mean that they have to work with you in the business. This means that you have to communicate your plan with them, keep them in the loop on how it is going and always be honest. If you do this you will be fine. Their support and encouragement will get you through the hard times and will inspire you to keep pushing and never give up.
3. Fitness: Are you in the right mental and physical health to be successful?
Starting your own business and growing it is extremely taxing. If you are not mentally and physically fit and secure in yourself I would advise against it. This doesn’t mean you have to be a fitness nut or be in tiptop condition. It does mean that you have to be in good health and taking care of yourself. It means you have to have enough will power to hold things together when it gets tough. If you can’t run and grow yourself you will never be able to do that for a business. Be honest with yourself because this will make or break your business.
4. Experience: Do you have or are you willing to learn the skills needed to grow a business? Running a business and growing it is not easy. If you have not built up enough experience in your field of business I would advise doing so first. However if you are willing to learn the skills that it takes to build and grow a business then you should bet on yourself and do so. Learning skills like SEO and PPC are core to business growth now. The point is you have to know enough about how these things to be able to either do it yourself or know how to hire people who can do this things for you. If you are clueless on how websites actually work then it will be harder for you to hire a good web designer. Learning is extremely important to starting your own business.
When should you start your own business?
If you have answered yes to those four questions or three out of the four then the time is now. Don’t wait until your cozy job gets you so complacent and trapped in golden handcuffs. What people don’t tell you is that as you grow in your career there is a point where it will be incredibly hard to quit and start your own business. That’s because of how addicted you would be come to your paycheck and the lifestyle it brings.
Free eleven step guide on how to start a business
If you are ready to start your business then you should download our free ebook. It’s an eleven-step roadmap on how to start your own business.
About the eBook:
I developed this ebook for a course I taught for people who attended The Launch. The Buzz and The Buy In event in New York City.
Baruch College, the Small Business Association and the Flatiron/23rd Street Partnership joined forces to help anyone interested in entrepreneurship and small business.
The How to Start a Business eBook Covers:
The free how to start a business ebook covers eleven steps on everything you need to do to launch your business.
How to start a business ebook covers:
- Business plans
- How to develop a business name
- How to develop a product or services
- How to protect your business with trademarks
- How to develop business assets
- How to build your team
- How to get a tax ID number
- How to incorporate your business
- How to open a bank account
- How to get business insurance
- How to launch your business