Starting your own business is rewarding. Being your own boss is a dream that thousands aspire to be. Although people are enamored by the thought of scheduling their own hours, gaining a great amount of income and ultimately succeeding with their ideas and products, building a business from the ground up is challenging. The truth is that there is a lot more work that goes into becoming your own boss.
Before taking the plunge, examine if you have what it takes to be an entrepreneur by asking yourself some tough questions.
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Are you a self-starter?
As your own boss, you decide when to develop projects, set deadlines and create priorities. Small business owners are highly-motivated. Their success doesn’t come from sitting back and waiting. Successful business owners are self-starters motivated by their drive to succeed.
Can you negotiate?
Leases, contracts and prices. As a small business owner, you’ll need polished negotiating skills to help save you money and keep everything running smoothly.
How good are you at planning and organization?
If you’re a mess, your business will be too. Financials, inventories and schedules, businesses are dependent on a variety of factors that shouldn’t be disorganized. Good organizational and planning efforts will help you in avoiding pitfalls and setbacks.
How comfortable are you with failure?
Starting your own business is hard. Failure in almost guaranteed, whether it be with unfulfilled expectations, disappointment or broken promises. Business owners do not allow the fear of failure to limit their vision of success.
Do you mind long workdays?
Not limited to just workdays, business owners put in long hours at the office. That sometimes means 12-hour workdays, working weekends and giving up your social life.
How will your business affect your family?
The first few years of business ownership can affect your family life. It’s important for you to be able to surround yourself with supportive family and friends who you can trust. Running your business can mean less time spent with them. These questions are essential to understand what goes into business ownership. Once you’ve answered these questions, the next step is examining the type business you want.
Narrowing the Type
The next step in entrepreneurship is deciding the type of business you want to start.
It all starts with an idea and transforming it into a sellable product. Startup costs can range between $10,000 to $100,000 depending on the type of company you own. Potential startup owners dream of growing their idea into a successful business, maybe even a franchise, and taking the world by storm. It’s a working commitment that many people strive for.
Franchising a Starbucks, McDonald’s or something else provides an opportunity to buy into an existing successful business that comes with a proven track record, training program, supply chain and technical support. By purchasing a franchise, you’re unlocking a turnkey commercial venture that’s ready for you to operate. If you’re detail-oriented and want an established system, franchising might be for you!
Establishing a Business Plan
If you’ve done all of your research and are ready to take on the challenge of being an entrepreneur, then the next step is creating a business plan. For more information on getting yours started, click here.