I’m sure many people come to this site looking for business tips. And, I know some people are looking for advice on how to start their first company. Today, I’m not going to focus on that. I want to talk about whether or not you’re ready to start a business. Before you go searching for tips and tricks, find out if the decision is right for you.
To do this, take a look at these four questions down below:
Is Your Job Worth Leaving?
As I write this, I realize there is a question that should come before this. First and foremost, do you have a job? If you don’t, then the rest of this paragraph won’t be of use to you. Instead, you should think about whether or not you should find a job.
Is it a better idea for you than starting a business? This will depend on your career path, and what job prospects look like. If things are bleak, then a business may be your best shot at success.
But, back to the main question; is your job worth leaving?
This is a massive thing that you must think about deeply. Starting a business can be a big risk. Even if you have an amazing idea, things can always turn sour. If you have a secure job that’s well-paid, is it worth leaving for a risk? You could be in a good position within an established company. You’ve got room to grow and gain promotions too.
In that scenario, it would take a pretty incredible business idea to warrant a change of situation. However, there are people in the opposite situation. They have a bad drop and get treated poorly. There’s no room for growth, and they’re not happy with where they work. They’re sick and tired of following orders and want new and better things. In this case, the prospect of your own business is well worth leaving your job!
Are You Ready For All The Concerns That Come With A Business?
I find that this question is usually one that gets people pondering. Are you ready for the concerns of running a business? Can you deal with all the issues that might pop up?
Naturally, some people argue that this question is pointless. Some people might not know if they can handle concerns until they come around. To me, this just means they aren’t ready for the concerns at all. Because, if you are, you’ll know straight away. You’ll give a clear answer of yes, and go through all the issues in your head.
Remember to think about issues that aren’t so obvious. Dealing with gaining customers and reducing costs are obvious things. What about obscure challenges like contract management solutions? Think about the little things that you’ll be responsible for. Are you ready to take on so much responsibility? If you are, then starting a business is right for you. If you’re not, then it won’t be a good idea. You have to be ready to deal with concerns and issues that pop up.
How Much Money Have You Saved?
Money is a very big part of starting a business. No matter how hard you try, you can’t escape the burden of money. Typically, it can cost a lot of cash to get your company off the ground. Just think about all the startup costs you need to pay for. Then, you have to consider the running costs too.
Naturally, if your business is successful, then running costs won’t be an issue. You’ll make enough money to sustain your business. It’s those original startup costs that you need to think about for a long time. How much will it cost to start your business? You need to figure this out and find the funding for it.
However, your personal savings are also very important. Firstly, you may need them to finance your company and get the ball rolling. Secondly, you’ll rely on your savings for personal use. Think about it, if you start a business without a job, you have no income. So, you need your savings to tide you over until the money starts rolling in again.
It’s recommended that you have well over nine months worth of savings to support you. What this means is that if you’ve never put any money into savings, you aren’t in a position to start a business. You won’t have enough money to support yourself while you start things up. If you have substantial savings, and can work out that they’ll support you, then you’re in the right place. Financially speaking, you won’t get hurt by this business idea for you.
Are You A Leader?
We’ll round things off with one simple question; are you a leader? While this question may be simple, it has a huge impact on your decision. If you can’t lead, then you’re going to struggle. You can’t avoid the fact that leading is a big part of running a business.
Think about all the decisions you have to make from the moment you get started. Everything will go through you, and that’s a hell of a lot of responsibility. If you can lead, then you’re in a much better place to start a business. You’ll be more confident and can handle tasks a lot better. Remember, every successful business comes from great leadership.
But, it’s also important because you need to lead your employees. They’ll contribute a great deal to the success of your company. And, they won’t perform properly if they aren’t led well. You have to create an aura around you that inspires people.
When you hire new staff, there should be hundreds of people applying for jobs at your company all because of you. People will work hard for a leader that inspires them. As a result, your company will be far more productive than it once was. So, ask yourself, are you a leader?
Ask each of these questions to yourself. The answers you give will help determine whether or not a business is right for you.