Do you want to wake up each day motivated and looking forward to the day?
It’s a sad fact that around 80% of you reading this will answer a resounding “no”.
As a result, some of you might even have toyed with the idea of starting your own business as your main job or second income. Want to know if you’re cut out for it? Read on.
Some 270,000 businesses get off the ground every year. Of those, around half don’t make it into their third year. If you think you’d like to run your own business, ask yourself these questions first:
What’s your motivation for starting your own business? Wanting to get out of your day job is not enough. You have to believe in what it is you’re doing to be successful. Simon Sinek makes a great case for why some companies are successful in this video. What he says is that their product is proof of what they believe in. “People don’t buy what you do, they buy why you do it,” he says.
- Are you prepared to spend an inordinate amount of time to get your business started? Are you prepared to do your homework?
According to well-known businessman Theo Paphitis, there is a common theme why businesses fail: “They don’t do their homework,” says Theo. “You wouldn’t sit an exam without doing any preparation. A business is no different. It’s about knowing more than the next guy or girl and performing better, and the only way you can do that is through knowledge.”
- Can you handle responsibility?
It could be your life-long dream not to have a boss. But being your own boss means that all the responsibility lies with you. It also means that you need to be aware of your own strengths and weaknesses, and admit when you need help. You will need to make some hard decisions. The upside of all this is of course, you will be your own boss!
- How do you cope with setbacks?
A new business will have a bumpy road. What other qualities do you possess? Are you a risk taker? Are you a “self-starter”? Can you meet challenges head on and come out the other side? Is every problem a problem or an opportunity? Do you enjoy a challenge? According to high-flying entrepreneur Richard Branson, you need energy and passion to start up your own business.
- Do you have a support network?
Are your friends and family behind you all the way? This support could be absolutely crucial. The time you spend on your new business will probably impact your family and social life in a big way. Get them on board and it won’t seem so tough.
Still not sure if you want to make the plunge? We’re experts in Business Startup Coaching. We can help you brainstorm ideas, create marketing plans, gain clarity on whether this is for you or not. We can assist you to become a business person to ensure you have habits and mindsets that support this new venture. Call us on +44 (0) 203 002 8895 to find out how we can help or email firstname.lastname@example.org