SHOULD I START MY OWN BUSINESS?
You’re feeling a pull to start your own business and it’s exciting and terrifying at the same time!
Should I go for it?
Am I being crazy?
Can I put the lid back on this desire now it’s out there?
I’m a firm believer that if you want something badly enough, you’ll find a way to make it happen.
So buckle-up and get ready for the ride of your life!
But…before you launch straight in, here are a few things to consider…
Have you got a buffer to see you through the lean start-up months?
Even if you have a fantastic idea, it could still take a while for the cash to start rolling in, so it’s a good idea to start saving or set aside some money that will pay your monthly bills and any start-up costs.
When I started my business back in 2012, I saved up £12,000 and this was more than enough to keep me going for the first 6 months of business.
Having this money on reserve will also take some of the pressure off so that you don’t feel huge pressure and desperation to make sales quickly.
Whatever business you are going into – needy is creepy, and you’re ideal clients and customers can smell it a mile off.
Better to have a buffer and not need the cash at the start.
Also spend a bit of time really considering how you’ll feel about not getting that monthly salary direct to your bank account, come rain or come shine.
Having your own business creates uncertainty around income – are you prepared for that?
If you aren’t able to build up a buffer, are you able to start your business as a side-hustle and decrease your employed hours as profits in your new business increase?
Are you ready and willing to put the time in?
Starting a business is all-consuming, and if you have visions of a laptop lifestyle, midday naps, walks in the park, and more free time than you can shake a stick at…think again!
When you start a business there is So Much To Do – even basic logistics can be time consuming, and then you’ve got to start building your authority and audience from scratch.
Consider whether you are willing to work above and beyond the 5 day a week 9-5, especially at first.
Yes, once you get established you may be kicking-back and enjoying more freedom, but that freedom is going to be paid for with your time up- front.
Take some time to really feel out your idea.
- What exactly is your business going to offer?
- Who is going to want to buy it?
- How are you going to sell it to them?
- How are you going to deliver it?
- What are the logistics?
- Who are the competitors?
Before you start a business it’s a good idea to be able to answer questions like these so you are fully prepared and confident in your business proposition.
It’s super important that you are crystal clear on exactly how your new business is going to make money!
Way too many people start businesses with blind-faith in their idea and a ‘if I build it they will come’ mentality.
Those people are back in the 9-5!
Work through exactly what you are going to sell, how you are going to sell it, who to, and how much for.
Decide how much money you want / need your new business to make, and by when.
As best you can, forecast how many of each thing you need to sell in order to make your financial targets.
When you start your business, set sales targets for yourself from the start, so you get into the habit of incorporating business development into every day.
This will give you the best chance of success in the long-run.
Consider where you’ll be working from.
Will you be home-based? In which case where will you be sat each day?
Your environment is important.
Is it quiet enough, comfortable enough. Do you have the equipment you’ll need?
Will you be disciplined enough to avoid distractions, like the laundry and breakfast telly?
Will you be better off in a co-working space? If so what are the costs attached?
Will you be buying / renting your own space? Again, if so, what are the costs attached?
Really consider the environment you’ll be working in before you get started.
Finally, make sure you take the time to fully understand the costs attached to running your own business.
Think about equipment you’ll need.
Budget for monthly running costs like printer ink, fuel, mobile phone…
Having a firm grip on the financials up-front is absolutely crucial if you are going to start a business, and not just an expensive hobby.
There you go, a few things for you to consider BEFORE you launch straight-in and start your new business.
If you are ready to take your idea to the next stage, I’d be happy to jump on a call and have a chat to help you gain more clarity around your idea and the next steps you can take to get started.
If you’d like to have a chat, you can book a time in my cuppa calendar using this link.
If you enjoyed this blog, join my Clarity Community because next week I’ll be sharing what NOT to focus on when starting a new business.
Wishing you all the very best, Sally