Are you wondering about the steps to start a small business? One of the first steps to start a small business is to make sure you are really ready! Just about everyone thinks about starting their own business at one time or another, but the process can be daunting!
Although one of the most important steps to starting a small business is to develop a business plan, there”s actually a lot you should be doing before you get to that point. Once the euphoria of your idea starts to fade, you can ask yourself if it is time for you to start a small business of your very own.
Here are 7 Ways to Know You Are Ready to Start a Small Business, plucked from my own experience!
1) You Have a Great Idea
Most plans to start a small business begin with an idea, and if you already have one, great! Before you start writing a formal business plan, do some basic checks. If you are going into an industry with local competition, find out more about those businesses. If your idea is more unusual, try search engines or services like Kickstarter to see if another entrepreneur is running with it. In most cases, you won”t be the first to have an idea – and you don”t have to be! Make sure someone is profiting with a similar idea, then give it your own twist.
2) You Have Some Startup Money
Every business needs some money to get started. Raising money from investors usually means writing a business plan, but you can get to work on your capital situation long before then. Ask yourself: Do you have money saved that you might be able to invest in the business? Do you have a steady job that you”ll be able to work until your business is successful? Do you have friends or family members who might be interested in investing? A good local bank?
3) You Are Ready for Uncertainty
If you are working full-time now, you don”t have to quit to chase your dream – in fact, you probably shouldn”t, since your wages or salary can help support your business. Before you get too excited, though, realize that business income fluctuates wildly in the beginning, and you”re likely to be taking a pay cut at first. Are you comfortable not knowing what the next check will look like – or even where it will come from?
4) You Are “Too Lazy” to Work for Others
Many successful entrepreneurs discover that, as they are taking the steps to starting a small business, they are eager to put in twelve hour days for their own enterprise … even if they could barely drag themselves through eight hour days working for someone else. If this describes you, and you consistently apply yourself to your own ventures, you have a key trait for success.
5) You Can Set Your Own Goals
As a small business owner, you are going to be setting lots of goals: For yourself, for your profits, for your sales figures, and for dozens of other areas. Over time, running a business will teach you all of these things, but having some experience in planning, measuring, and reaching your personal goals can make the process a lot smoother.
6) You Can Delegate
In the beginning, you will be tempted to do everything for yourself when you are running a new business. Sad to say, though, you probably aren”t good at everything … at least, not AS good as you are at the one or two key skills that sparked your idea. You”ll have to learn to delegate tasks you might not be experienced at, such as marketing, advertising, and so on. Learning about each area will help you find good opportunities for collaboration, though!
7) You”ll Be Doing What You Really Want
The truth is, lots of people are willing to do things they don”t really enjoy when they are working for others. People usually start a business so they can turn this around and make the leap to something they love. Even if the business you”re building isn”t something that fills you with excitement every waking moment, it SHOULD be a step in that direction. Otherwise, you might find yourself burnt out in the first year when the benefits of a 9-to-5 are nowhere in sight.