So many people want to start their own business these days because there are others who make it sound so easy. Ever do a search online for how to start your own business? You’ll get loads of scams promising thousands of dollars each month for only a few hours worth of work.
Ha! I sure hope you’re smart enough to know that starting your own business will take MANY MANY hours each month and you certainly won’t earn thousands right off the bat.
How do you know if you’re ready to become your own boss? Here are some things to think about as you construct your business plan…
1. Is there a market for my product or service? You can only be successful if other people want to pay you so do your market research BEFORE you decide to quit your day job.
2. Do you have enough money saved to cover living & business expenses for at least 18 months? Nothing goes as planned and even if your market is clamoring to hire you, unexpected things happen and your profits might not be what you first expected. Be prepared with enough capital to carry you through these turbulent start up months.
3. Who’s my competition? Entering a market with NO competition might sound tempting but that could also mean that no one is willing to pay for your service or product. Likewise, entering a market that has tons of competitors isn’t necessarily smart, either. Do your research first before jumping in.
4. Do you know your numbers? How much do you have to sell everyday to break even? How much to make a profit? Knowing these numbers if vital to creating an action plan that will keep you focused on the end result…PROFITS.
5. Do you have the support of your family? Are they willing to settle seeing you just on weekends or late at night? How will you feel if you have to miss your kids’ recitals and concerts? Sure, being your own boss allows you to have a flexible schedule but only to a certain point. At some point you need to put in the work and you might very well be missing something important.
These questions aren’t meant to discourage you. Rather, you need to have a smart business head before embarking on such an important and life-changing journey.
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