With the beginning of a new year, goals are at an all time high. For many, starting a new business might be something that’s crossed your mind… but are you ready? Becoming self-employed or even starting a home based part time business takes preparation and planning, it’s not just something that you should jump into blindly. Here are a few ways to know that you’re ready to dive into your new adventure:
You’ve Got The Motivation and a Plan
Of course, you can’t start any new project without motivation! If you haven’t got that, then what the heck are you doing trying to make a go out of a business?!
When it comes to creating a new business, you should feel extremely driven to make your ideas a reality, but remember to stay realistic about your expectations. Motivation without some sort of plan could lead to a quick failure. Think intensely about possible scenarios and try to have an answer for every question that pops into your head relating to the business. Write them down to reference later!
You Can Handle it Financially
You probably won’t start making a living wage right off the bat, so it’s important to determine whether or not you can actually handle a new business financially. Are you able to cover any start up costs, and if not, are you able to sort out a loan of some kind? It’s true what they say — you’ve got to spend money to make money. Every new business comes with at least some start up costs, so budgeting for these before you begin is a good place to start.
What about your own living expenses? Are they going to dwindle if you choose to focus your energy on starting a new venture? A good rule of thumb is to make sure you have at least a few months worth of income saved up in case your plan fails to launch. A lot of new entrepreneurs will toss all of their savings into the business pot and hope for the best. This isn’t really a smart way to go about things since there is no possible way to predict whether or not your business will take off.
Related: 5 Ways to Make Some Extra Cash
You’ve Got The Time
Even part time businesses take time, and if you haven’t got enough of it to dedicate, then it’s a good idea to make some! Plan your working schedule and try to get into some sort of daily routine with dedicated hours that you work on your business. This will help to propel your startup and lay a good foundation for your success. Some people have more time than others to contribute to a business, so also make sure that it can work around your life, family, or current job.
You’ve Done Your Research
Before you settle on a business idea, doing extensive research about it will help you get off to a running start. That’s not to say that you won’t still have to figure things out as you go, but being really knowledgeable about your chosen business topic will definitely give you an advantage. Research competitors, suppliers, shipping options, and read articles or advice from others in the same field if possible.
What about taxes or employees or business registration? Advertising, or costs of building a web presence? You should look into every option and aspect of these things before you dive in as it will save you a lot of headache in the future!
You’ve Got That Entrepreneurial Spirit
It takes a certain type of person to handle being an entrepreneur. Being your own boss is a burning desire that you really need to have. If you’re the type of person who is better at taking commands from someone rather than being your own leader, it’s time to rethink this whole self employment thing.
Owning your own business means that you’ll be the one to make all of the calls. You need to have a great sense of independence as well as responsibility to make the decisions required to keep things running. The success of your business is entirely dependent on YOU. You must be confident with your ideas and disciplined enough to get stuff done. If you possess all of these qualities, you are well on your way to becoming your own boss!