Are You Really Ready to Run Your Own Business?

Every working person sooner or later feels an urge to put their experience to test and launch their own business. While this sounds like a logical sequel of a successful career, such an endeavor is something completely different from being a successful professional.

You can never tell in advance what’s going to happen with your business. Still, there are some clear indicators that will tell you whether or not you should take that road in the first place. In this text, we’ll try to analyze some features that you need to recognize in your work and your personality to actually delve into running your own business.

Why would you launch your own business?

The first question you should ask yourself is what force is pushing you towards launching your own venture. According to the results of research published by CNBC, a vast number of millennials are interested in becoming business owners. When you look at that data, you might start wondering what keeps you away from doing the same.

Here’s where we get to one of the crucial questions that need to be answered before you go your own way, business-wise: why do you want to do it? Some people make this move because they want to escape from a demanding boss. Others think that they have the best idea since bread came sliced.

Although those ways of thinking could make your brain come up with some fresh concepts, they’re not strong enough reasons to start a business.

However, they could serve as incentives to try something new while you’re still doing your steady job. That way you’ll run a low risk while checking the pulse of the market and scanning whether or not it needs your services.

How will you finance your venture?

No matter how strong your will to weave your own business story might be, you aren’t ready to go that way if you can’t finance the entire process.

For instance, many new business owners employ a number of different ways to collect assets for their individual business effort. If you’re planning to do the same, you’ll need to write an official business plan, so as to put your ideas in writing. That way, you’ll be able to present them in an official form to every potential investor. This will make your business look more serious. Also, it’s more likely to attract the potential investors.

On the other hand, you can finance the initial stage of your business adventure from your own savings. This is a more demanding path that requires several years of high income and detailed planning. However, once you collect enough money to start your own business, you won’t have to make any financial compromises with major or minor investors.

The strategy you opt for will affect the level of autonomy you’ll have in your own business venture, so be very careful when you’re making that decision.

What associates will you add to your team?

At the beginning of your professional quest, you’ll feel free to be able to work entirely on your own. However, this initial enthusiasm will sooner or later wear down as new business tasks start piling up. You’ll soon realize that you can’t cover all the bases of your enterprise alone. If your business overgrows your managerial and labor abilities, it might lead to some inconveniences with your clients.

This is why you should start thinking about collaborating with different business associates from day one.

In line with that, one of the crucial people for the survival of your business will be your accountant. You need to have such a professional by your side from day one, either as a freelance assistant or a full-time employee. For starters, you can outsource accounting services, but later you might need to have an in-house accountant. These tips will help you grasp the moment when you should hire a bookkeeping pro for your business.

Further, every business needs reliable and knowledgeable marketers if they want to become a recognized brand. Again, you should first collaborate with outsourcers. Negotiating reasonable terms with a digital agency will do at this stage. Still, if you start hiring employees and gaining new clients, you should consider forming a special marketing team. That way, you’ll have your special marketing forces to spread the word about your business.

Are you ready to swallow some bitter pills?

Running a business will bring many positive experiences and events into your professional life.  The sole awareness that you’re managing your own business brainchild is already an inspiring force that will drive you forward. Nevertheless, you need to know that you’ll need to swallow some bitter pills from time to time.

There are many potential situations that will be stressful for a new business owner. However, three of them can be qualified as more serious stressors than others.

The first one is firing an employee, especially if that’s someone who has been with your from your business beginnings. However, if you start losing projects or clients, there’s nothing more important than the sustainability of your business. So, you need to get mentally prepared in advance with such a situation. Imagining how you’re resolving such an issue can help you reduce your own level of stress and find the most rational solution for both you and the employee in question.

The second one is dealing with deadlines. Simply put, if you’re bad at organizing your projects and daily tasks, your employees will probably have similar problems. One way to improve your project management is to use the benefits of task automation. The fewer tasks you perform manually, the more time you’ll have for your work per minute of time.

Another way is to accept only the number of projects you and your employees can perform in a reasonable period of time. This is where you’ll need to figure out how much income and work is enough for you and your business. In other words, prevent your business from too fast growth and keep it under control.

Finally, you need to open your mind to various scenarios for your business future. Even if you don’t succeed in putting all your ideas to practice, you shouldn’t fall into despair. New entrepreneurs should make an effort to learn a lesson from their failed attempts and use that experience for new business actions.

What professional goals support your incentive?

This is the last question that you should ask yourself to check if you’re ready to launch your own business.

A rule of thumb is that money should never be the only goal for a private business incentive. It might sound like a cliché, but you need to have a passion for what you do. Every business idea has a larger potential if it’s supported by passion and determination.

As opposed to that, mere passion without proper planning and business experience will most probably lead to a fast business burnout.

So, you need to have a little chat with yourself and see why you’re planning to take your own business route in the first place.

If you possess passion, experience, and a fresh business idea, you should take the bull by the horns and try your luck in the business world.

Conclusion

Being an employee is much different from being an employer. If you’re the former who thinks they’re ready to become the latter, don’t make any hasty moves and stop to think for a while. Although you can never tell for sure what way your business will go, you can do your best to take that road when you’re more likely to succeed. Go through the questions and the analysis provided in this text to check how prepared you are to become a business owner. After that, you’ll have more information about your own preparedness for that business role.

Mark Thomasson
Mark is a biz-dev hero at Invoicebus - a simple invoicing service that gets your invoices paid faster. He passionately blogs on topics that help small biz owners succeed in their business. He is also a lifelong learner who practices mindfulness and enjoys long walks in nature more than anything else.
Mark Thomasson

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