Starting your own business is a fantasy of many, and with good reason. Who wouldn’t love to walk away from the life of employee, and into the world of self-employment, and being your own boss. But, this is not an undertaking to be taken lightly, this is not a decision to be made in haste. Before you take the leap, you need to figure out if this is the best move for you at this time. Here are just a few questions to ask yourself, questions that will really help you gain clarity about your next steps.
Why?
This is a very important question you need to ask that requires going really deep beyond any surface, generic reasons you may have, such as wanting to be your own boss, or do something you care about. While discontent with your current professional situation is certainly okay as a driver to change, you have to be sure that you actually want to run a business. You can’t use this an some sort of escape plan from being an employee. A lot goes into being a business owner, and it has to be something that you want on the deepest levels of your being.
What about Money?
It takes money to start a business, and you likely have several financial responsibilities tugging at you right now. You need to figure out the finances in detail before moving forward—this part can be uncomfortable because it makes the prospect very real. It is where the worry and doubt begin to creep in about whether you should make this decision, and if you do, will you succeed? How much money do you need to start? What options do you plan to pursue for small business funding? Do you have savings and will you use it? How are you going to pay your bills? Do you know how you would handle a sudden financial emergency? Do you need to scale back a bit on spending in your personal life to make this venture more feasible, and if so, are you willing to do this for at least several months, perhaps longer?
Have You Really Thought about What This Requires of You?
Running a business can bring great joy and a sense of fulfilment; being able to spend your days doing the things you love most is not a shabby way to spend your time on this planet. You probably feel really excited, and that enthusiasm is key to getting through the bumps and doing all the stuff that needs to be done to be successful—it fuels the fire. But, remember you are thinking about starting a business, not a hobby. There are lots of logistical issues that will require your attention. You have to think about boring stuff like ordering supplies, and figuring out your estimated taxes. This is the flip side of all the fun stuff, and you need to think long and hard if you are up to the challenge.