There never seems to be the exact right time to take that leap and start your own business. Whether you are working for someone else and want the freedom to do your own thing or if you’ve taken a break from the working world to focus on your family, you may be trying to find the ideal time to throw caution to the wind and just do it already! However, there always seems to be something holding you back.
Now that summer is coming to a close, those with children in school may be thinking that this could be the sign they need. With more free time during the day, it could be the perfect chance to dedicate those hours to a new venture. If you are in this situation, here are some things you should consider.
Are You Willing to Make Tough Calls?
If you’ve been working for someone else or out of the workforce for a while, you may have been able to avoid doing things like firing people, having tough conversations about productivity, or deciding on difficult things like budgets or product purchases. If you want to start your own business, these tough calls will be on your plate frequently. Are you ready to do what it takes—even if it’s difficult? If so, you might be ready to start your business.
Do You Know What You’re Good At?
No man or woman is an island—even when they go into business for themselves! Even if your vision of a business is just a one-person show, you’ll still need to work and partner with others to make it a success. Identify what you’re really good at and find others to fill in the blanks. For example, if you’re great with people but not so good with finances, you may want to partner with a CPA firm like Hayes & Associates to help out on this front. If you find that there are major missing pieces when it comes to your skillset, it might be time to start looking for a business partner.
You’ve Got Some Money Saved Up
While there are plenty of people who have launched a new endeavor without a dime to their name, it’s always easier—and less stressful—to start a new business if you’ve got some money saved up. This will help you make necessary investments in aspects of your business like marketing, products, or an office space. It will also take the stress off having to make money immediately as you’ll know you have a pool to pull from to cover your bills.
You’ve Developed a Network
We’ve all heard the saying ‘It’s not what you know, it’s who you know,” and there is nowhere where this is more applicable than in the business world. If you don’t yet have a network in your desired industry, you might want to hold off on going all-in with a new business until you do. Join some groups, set up some coffee dates, and get your name known before you take the leap.
You Have a Business Plan
A business plan will make you ask some tough questions and ensure that you’ve done all the legwork necessary to launch a business that has a chance at succeeding. If you’ve not drafted a business plan, you should do so before you make the decision to launch your endeavor. Not sure how to write one? There are business coaches available who can walk you through the process and help you develop a path to success.
Is Now the Right Time?
After you’ve dropped the kids off at school—or wished them luck as they drive themselves—you may think it’s time to focus on your own future. If you’ve done the research, have some money in the bank, and already have a network, it might be time to take the next step toward starting your own business.
