Should You Start Your Own Business?

Whether you have wanted to have your own business for life, or you are thinking about starting a business to get a break in your current work situation, you may have questions about starting your own business.  Should you do it or not? Here are some things you need to consider before starting your own business:

How good are you at being a Self-starter?

One of the things you will need to be when it comes to creating your own business is that being a self-starter is a requirement. You need to be able to get things done yesterday. If you are a procrastinator, and need a kick in the pants from a boss in order to get things done, you will have big issues when it comes to starting your own business. Self-motivation is a key component at succeeding.

Do you have a Competent Business Plan?

You need a plan if you want to succeed in anything in life, and that goes double when it comes to business. So that means drawing up a formal business plan, and having a professional look at it before proceeding. You do not have to spend a lot of money – or any money – getting professional advice in many cases. Instead, check with local small business non-profits or SCORE, the association of retired business professionals who volunteer to help small business people succeed. Another way is to talk to an executive coaching expert like at MeredithHaberfeld.com.

Part of doing that business plan means establishing whether your business is realistic or not, and whether you can be successful.  An executive coaching expert or another professional may be able to help you.

Do you have Enough Money Saved?

You cannot expect to make money right away from your business. That means you need to have some money saved that you can live on when you try to get your small business off the ground. If you do not, you could run into real trouble right away with your business.

Can you survive financially without making money for six months? For a year? It is possible that it could take that long before you start making money. So you need to plan accordingly.

Can you work another Job while Starting up your Business?

During the great recession of 2008, many people who lost their jobs tried to start their own business to stay financially afloat. Unfortunately, they didn’t have the money to keep their business afloat, and starting their business was more about finding something to do when not working than a calling. So that is something to consider. Do you have enough money to start your business slowly, while it ramps up, instead of rushing out to get it going without a safety net?  That is something to consider when it comes to starting your own business. Good luck.