Should You Start Your Own Business?

While the idea of being your own boss is something that appeals to most of us, the truth is there’s more to running a business than being able to set your own hours.

Successfully running your own company requires hard work, careful planning, and dedication; and it’s important to make sure you’re going into it for the right reasons, and with a clear idea about everything that’s involved.

With only 20 percent of new businesses surviving past their first year, getting this right is key and essential for your success. If you’re thinking of starting your own business, you owe it to yourself to get off to the best start possible. With this in mind, let’s take a look at a few things you’ll want to ensure, before you venture out into the great unknown.

You Have a Solid Business Idea

First things first, every good business starts with a solid idea. Never fly blindly in hopes of making an idea work, or assuming that you’ll figure it out as you go along, instead take the time to flesh the idea out, and explore every avenue and possibility before you launch. Do surveys, conduct market research, and validate your idea. Make sure there’s a demand for your product or service, never operate on assumptions alone.

You’re Prepared for All of the Work

Yes, the ability to set your own hours is one benefit of running your own business, but many prospective business owners don’t realize that when they first start their company, they’ll have to put in a lot of hours. Running your own company requires diligence and hard work, and often burning the candle at both ends. It involves stepping up to the plate and doing most of the tasks yourself, until you reach a point where you’re able to bring on help. Far from being a walk in the park, it’s a lot of hard work, at least while you’re getting it up and running. Make sure you’re prepared to put in the hours, before you make the jump.

You’re Not Running Away

When it comes to starting up your own company, it’s important that you’re going into it for the right reasons, and not just as a ‘way out’ of a current situation. Make sure you have a solid business idea, and are launching products or services that are in-demand –and that it’s not just a case of looking to escape the 9-5.

You Create Your Own Success

Successful entrepreneurs have one thing in common: they create their own opportunities. As Jon Burgstone, author of Breakthrough Entrepreneurship: The Proven Framework for Building Brilliant New Businesses says, “Every time you want to make any important decision, there are two possible courses of action. You can look at the array of choices that present themselves, pick the best available option, and try to make it fit. Or, you can do what the true entrepreneur does: Figure out the best conceivable option and then make it available.”

You Enjoy Responsibility

If you enjoy taking on responsibility, then you might be cut out to own your own business. Owning your own company doesn’t mean passing the buck, it does mean stepping up and making things happen, as well as being able to take the blame when things go wrong.

You Have the Necessary Experience and Resources

Finally, while it should go without saying, before you start your own company, it’s important to make sure you have the right resources. Turning your idea into something profitable isn’t for the faint of heart, and you need to be prepared to take the helm, or outsource as-needed. Bookkeeping, payroll, taxes, business licenses, and marketing are a few key areas have to handle, or be able to outsource, so make sure you’re fully prepared before you launch.

While running your own business requires diligence and a lot of hard work, the truth is that it can be extremely rewarding too. If you’re cut out for owning your own business, then you’ll find it to be tremendously exciting and fulfilling. Just make sure you go into it with realistic expectations, and that you know what to expect right from the start.