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Are You Ready to Start Your Own Business?

| Mar 7, 2018 | Business Planning |

Many people dream of owning a business one day. Maybe you envision running a pizza restaurant with your spouse and kids and grandkids one day, or perhaps it is a sleek Tech startup you see yourself leading. Whatever it is you imagine, there are a few steps, often more than a few, to turn a daydream into reality.

How do you know if you are ready?

Passion

Is this business something you are genuinely passionate about? That is, is it something you would probably want to do no matter what? If you are looking at it through the lens of just as an escape from the drudgery of your current job or as something that would make you more money, then you may be lacking passion. Having passion is critical because you likely have many long hours ahead of you, and you will need something to sustain you.

A plan

In this case, a plan does not necessarily mean a business plan, although that can be good. Rather a plan means that you have devised ways to support yourself while you start and build the business. For example, maybe you will continue to work full time and focus on the business on evenings and weekends. Or perhaps you have inherited money and can use that to support yourself for two years.

Speaking of business plans, it is not always a good idea to write a complex, in-depth plan before you have even launched your business. A leaner plan may be better to start with while you experiment with a minimum viable product (or minimum viable process) and learn through hands-on experience what needs to go in a fuller business plan.

Knowledge of the risks

Some people jump into a business before fully educating themselves about the risks of being a business owner. To give a simple example, it can be dangerous to hire someone for design services without using a written contract. Likewise, it can be risky to make an offer on a business without digging thoroughly into its background.