Are You Ready to Start a Business?
Are you ready?
Sometimes we get swept up in what is trending or what we see friends successfully pursuing, rather than honestly assessing if it is right for us.
If you are thinking or starting your own business, take a few minutes out to reflect. Analyse your strengths and weaknesses and your unique situation to start an honest exploration of whether starting a business is the best decision for you.
One of the first questions I would ask someone who wonders if they are ready to start a business is, “Do you want to start a business?” Sometimes we get swept up in what is trending or what we see friends successfully pursuing, rather than honestly assessing if it is right for us. Perhaps starting a business seems like the next logical step in your career path or it may seem like the only way to increase your income. Whatever has inspired you to this point it is worth analysing your unique situation in line with the realities of running a business and make the decision that is right for you.
Remember that starting and building a business takes time and effort. It takes an investment of your own money - money you could spend on other projects, hobbies, professional development or just about anything else. In other words, without the strong motivation of really and truly wanting to have your own business it will be difficult to get through the challenges or obstacles that are common to business or entrepreneurship. That being said, starting and running a business can be an exciting and empowering adventure that brings freedom and all kinds of possibilities for your life. It is also a deep and broad learning experience. I have heard it said many times that running your own business is one of the greatest personal development tools out there.
So how do you know if business if right for you? How do you know if or when you are ready? We can’t cover everything in a single article, but several key questions will build awareness and help you decide on the best direction for you.
A great starting point is to assess your strengths, weaknesses, opportunities, and threats or challenges as related to launching a business. Also note that weaknesses or threats don’t have to indicate a ‘no’ to starting a business, just as having strengths and an awareness of opportunities are no guarantee of success. Gathering this data and building awareness of what is more or less important for starting your business will help you make an informed decision as to whether you will go ahead and launch your business now, in the future, or not at all. (Alternatively, you may realise a different kind of business or business model is a better fit.)
This set of questions is by no means exhaustive. What you learn from answering these questions however can help you determine what else you might need before starting. Considering these five areas should inspire further questions for your reflection, or to discuss with your partner, family or accountant. When you are aware of a weakness you can reach out for support in this area. Leaning into your strengths can make starting and working in or on your business more joyful and sustainable.
Let’s begin by grabbing a notebook and answering that most important question:
How much do you really want to run a business? Add a few sentences about your ‘why’ - why this particular business.
Skills/Qualifications:
Do you have a qualification or training in this area?
Do you have experience in this area?
Do you need a license to operate this type of service or business? If so, do you have a current license?
Have you ever operated a business before?
What is your process when you need to know, understand or do something new? For instance, do you search YouTube until you find what you need? Do you reach out to your network for expert advice or training? Do you learn quickly through books or manuals?
Money/Finance:
How many months business expenses can you cover?
How many months personal expenses can you cover?
What personal sacrifices are you willing to make in order to work on your business?
ie. Time - eg. give up TV, Social Media surfing? Money - eg. give up drinks/restaurants? No new clothes/books/shoes for a while?
Mindset:
How would you describe your risk tolerance?
What do you do when faced with a difficult problem at work? (Select the best answer)
Ask a colleague or my manager for help.
Call in sick and hope it’s over when I get back tomorrow/next week.
Try to work it out myself, and bluff my way through it if I can’t.
What is a personal challenge you faced recently and how did you come through it?
If this venture failed, what would you think, say, and do?
What is your greatest fear around starting this business?
How does this fear connect with the fears you face in other parts of your life or work?
Self-Care:
Do you engage in moderate physical exercise for at least 30 minutes on most days of the week?
Do you eat a balanced diet including plenty of vegetables even when you are stressed or extra busy?
Do you have a regular bedtime and regularly get 7 to 9 hours sleep a night?
Do you have a practice that connects you with your purpose and helps you regain perspective when things get difficult?
Support:
How comfortable are you with asking for help?
Do you already have a mentor or trusted advisor you can call on when you need to talk through something in your business?
Do you have someone with whom you feel comfortable talking about anything?
If you have a partner or live with family, how supportive are they of your starting this business?
What are your partner or family’s expectations of you and of the business? For instance, how much time do they expect you will be working? How much revenue or profit do they expect you will be generating?
How well do your partner or family’s expectations match with yours?
If you would like to discuss your answers to these questions and get greater clarity and support with your next steps, reach out for a free 15 minute consultation. I can help you understand how your answers are likely to impact your business. You can book a meeting here or connect by email first if you prefer.
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