Going into business is a big decision. Honestly, it is not for everyone. Having your own business will be both stressful and time consuming, so you need to consider a lot of factors before taking the plunge.
Here are a few questions you need to ask yourself before going into business:
Are you a self-starter?
Do you take initiative to get things going? Being in business for yourself means nobody tells you what to do or forces you to work. If you are not self-motivated to get up each day to work hard, then we suggest you work for someone else. Being in business is a wonderful thing, but it does require hard work and motivation to initiate new ideas and take risks.
Do you like to make decisions?
As a business professional you need to make many different decisions. Again, you answer only to yourself, so you need to be comfortable making decisions. On a positive note, isn’t this what you have always wanted while working for someone else? “If I was in charge I’d do…” Remember, the buck stops with you!
Do you have the physical and emotional stamina to run a business?
We’re not going to lie, running your own business is hard work and requires many hours to be successful. It is also extremely rewarding. You will have many long days (and even nights). If you want to work eight hours a day, this may not be the best option. Of course, once you establish your business (which may take many years), life does get easier.
How well do you plan and organize?
Owning your own business requires very good organizational skills. If you do not have these skills, hire someone who does. Business has many different aspects and being organized will make things easier.
Is your drive strong enough to maintain your motivation?
Sometimes you will need to dig deep to keep things together. Starting a business is not only hard work and time consuming, but there will be days when things just won’t go right, and you will feel like throwing in the towel. It is during these times when you will need to recommit to your vision. You have to really want this!
How will the business affect your family?
This is an important question to ask yourself because you will need the support of family to be successful. Having your own business will involve a lifestyle change. In our case, we are passionate about fitness and about our business, so it has been a wonderful journey together. Your family will need to understand your commitment and agree to be part of it – even if it’s just to be your cheerleader.
Are you still reading? I know much of the above seems negative. We just want you to go into business with your eyes wide open and think about your commitment before taking the plunge. Although challenging, having your own business has many benefits, including:
1. You’re the boss.
2. Hard work and long hours directly benefit you rather than increasing profits for someone else.
3. Earnings and growth potential are limitless!
4. A new venture is exciting!
5. Running a business will provide endless variety, challenges and
opportunities to learn.
6. You will experience greater satisfaction every time you reach one of your
professional and career goals.