At some point in your entrepreneurial journey, you just my come up with the decision to leave paid employment and go it alone to be your own boss.
Yes you want to start your own business.
There is never going to be an easy answer to this question as there are lots of advantages and disadvantages in whatever direction you take.
Starting your own business takes time, effort and a lot of consideration. Some people thrive at being their own bosses and managers. Others may find they prefer paid employment elsewhere.
If you have an idea for a business and would like to get started, there are a few questions you should ask yourself before you do. Running a business is a commitment. Crucially, you will need to consider whether or not self-employment is right for you.
#1. Do You Have the Time and Patience?
Running and growing a business can take a lot of time out of your schedule. Is this time that you can easily afford?
- Great results may not happen overnight. Running a business takes patience and a willingness to see things through.
- Are you more concerned about getting great results quickly than long-term growth? If so, you may find running a business to be frustrating.
- Not all of your ideas will lead to ideal results. It is a process of learning as well as taking your time.
#2. Are You Disciplined Enough?
As your own boss, you will be wholly responsible for everything you do.
- Can you deliver on the promises you make?
- Are you motivated to run and grow your business even when results are not what you expect?
- You will need to invest yourself in your business each and every day.
#3. Can You Delegate Work?
Running a growing business requires support from other people.
- Are you willing to bring people into your team who can help?
- Running a business alone could lead to less security for your brand.
- The more dedicated people you have on-side, the more chances you have of securing worthwhile contacts and contracts.
- You should never control everything your business does. It is important to be open to delegate.
#4. Are You Skilled Enough?
To be able to deliver ideas and concepts, you will need to also be skilled at what you do.
- Are you already skilled in your field of business?
- Will you be willing to train, or learn, if necessary?
- Are you confident in your abilities and your ability to deliver work?
#5. Are You Confident with Money?
As a business owner you will need to have a good grasp of money and corporate finance. That doesn’t have to mean complex reports or statements right away. However, a willingness to work to a budget is essential.
- Can you confidently work to a regular budget? Are you comfortable working with numbers?
- If not, are you willing to delegate financial administration to an accountant or book-keeper?
- Do you understand the value of money and how it plays a part in your business?
- If you are already able to plan ahead financially in your everyday life, you may already have the confidence to handle business finance.
Small businesses and start-ups often fail as a result of owners not asking themselves the above questions. However, many succeed with the right determination, passion and focus. Providing you can confidently answer the above points and are happy to move forward, there are no limits to what you can do.