Have you wondered if you could succeed as your own boss? According to the Small Business Administration (SBA), the small business sector is growing rapidly, but still many people fail in business in the first two years. While corporate America has been downsizing, the rate of small business start-ups has grown, and the rate for small business failures has declined. The work of marketing, selling and building a client base can be a huge learning curve. Once you get things going, you’ll have to figure out the best way to scale. Starting a business is exciting, but it’s not for everyone. Here are 5 ways to help you determine if you are ready to become your own boss:
You’re unemployable: It’s possible that you have a really great 9-to-5, but it may not be doing work that makes you excited to wake-up in the morning. If you’re always thinking to yourself that you can do things better than your boss or if you have trouble finding your passion and often switch from job-to-job, you may be unemployable. For some people, the fulfillment that you’re seeking can only be solved by looking internally. Figure out what you want to create in life because it could be time for your small business idea to be born.
You enjoy business planning more than your jobs: Spending your lunch hour making plans and lining up potential vendors is a sure fire sign that you may be getting close to making the leap into business. Having a plan is critical before drafting a resignation letter. Before you leave a job, be sure that you have a written business plan in place. It should explain the problem you’re solving for customers, operations details, include a strong marketing plan, sales projections and a budget that will provide a roadmap for launching a successful venture.
You see ideas everywhere: Perhaps, when you’re out to dinner with friends, you find yourself strategizing about things the owner should do to improve the business. When the entrepreneurial bug hits, it’s hard to turn it off. In fact, you start seeing business ideas and opportunities at every turn. You may even play around with what you would name your enterprise. If you’re a person that constantly sees solutions for everyday problems, it could be that entrepreneurship is calling you.
You have the cash: There is no way to avoid it; the money to start your business will come from your right or left pocket. Every small business needs some level of start-up cash. If you have put away at least one year of monthly living expenses and have compiled your own fund for start-up or seed capital, then you’re moving in the right direction. Prospective business owners should get several customers on board before they decide to go into business. Getting your first set of clients will allow you to test the business concept, make mistakes and iterate before you go all in.
You’re focused and follow-up: To start a business you need to be focused on one big idea to start. You should build a business around one problem that you can solve as a specialist and when that becomes a thriving business then you’ll have the ability to launch other projects. If you know that you have a crystal clear vision and can focus and follow-up then you could be ready to become your own boss.
Becoming a business owner is not a traditional path. But when you properly plan and prepare, you can start a business that allows you to design a life you love. If you are really serious about making the transition I advise you read my book Become Your Own Boss in 12 Months – a month by month guide to a business that works, to get step-by-step guidance on how to do it in 365 days or less.
“Business Woman” courtesy of arztsamui/ www.freedigitalphotos.net
What other signs are telling you that you’re ready to become your own boss?
I was laid off leaving me the freedom to start my own legal transcription business from my home office. I have always been 9-5 and am excited to be able to start out on this journey. I am just trying to get the clients to get my business started. Thank you for your inspiration.
VERY good information. Thank you!