Do you have what it takes to start your own business?
Starting a new business can be a daunting experience for any individual; there are countless things to think about from financial constraints and the pre-start up stage to the long working hours and your own motivation.
Running your own business can be a very rewarding experience, but like everything else, can also have its downsides. So what is it really like to run your own business? This article explores whether running a business is really for you.
Reflect on your current situation
Giving yourself the chance to reflect on your current situation is crucial. In most cases, running a business on your own involves a certain degree of risk and uncertainty. You need to question whether you are prepared to sacrifice your regular monthly paycheck for a highly unstable income in the first few months or even years. Can you afford to lose any investment that you have made in the business? Are you willing to invest all your time to turn your business idea into reality?
Start with an idea
You need to first come up with a realistic idea but one which you feel passionate about. If you start a business with just profit in mind, in the long term, you will most likely become bored by your business, so the idea has to be something that really inspires and motivates you to push forward. You should also consult others the see if your idea is viable. This may start with your friends and family but you should also conduct some market research to find out what others think. Once you have confirmed that there is a market for your idea, you can start looking into raising your start-up capital either through private investment (including your own), a bank loan or through government funding.
Flexibility and pressure
Many individuals decide to start up their own business in hope of gaining a more balanced lifestyle where you can be your own boss and choose the times you wish to work. Yet in reality, for some, this is far from the truth. Running a business is a time consuming venture, particularly during the early stages, and so you need to ask yourself the following question: How much of your time are you prepared to give up? Are you willing to give up your social activities? Can you be flexible and give the business time when required including evenings and weekends?
Most importantly are you the type of person who can cope with pressure because all the business decisions now lie with you.
Although this sounds rewarding, it can also be a stressful position to be in. Running a business comes with a lot of responsibilities, including managing staff, accounting, handling customers and managing commercial properties and all of this will now fall to you and could mean the difference between success and failure.
Running a business is not for everybody, however, if you have the determination, motivation and drive then you can go all the way to ensuring that your business will succeed and gain the sense of pride and freedom that only comes from being your own boss.