Are You Ready To Start Your Own Business?

By Zack | Entrepreneurship

Jun 12
How to know if you are Ready To Start Your Business

How To Know If You Are Ready To Start Your Business

“The man who moves a mountain begins by carrying away small stones.” – Confucius

Read Time: 8 Mins.

The minute I clicked “send” to launch the “opening” of my blog to my 100 closest friends and family, marked a new story for me.

When I launched my business, I wanted to do it with those that I trusted most.

Looking back, it was only the beginning but it felt like the end.

It was one of the most nerve wrecking emails I’d ever sent. I had been working on building my website and preparing content for the last 6 months.

I was putting what I had been working on, thinking about, and dreaming about out for others to see.

Things have continued to grow and progress. It would not be possible without a few key things in place first, though.

Bonus Guide: click here to download a bonus guide 5 ways to avoid common online scams

I’ve had a lot of people ask me about how I started my own business or how they can start theirs.

I am working with several people to help them think through the best way to start their own business currently.

What I’ve learned is that there is no clear path to starting your own business. Everyone’s journey looks a little bit differently.

There are a few things you can do to make sure you are ready to take the leap out on your own.

Below are seven things that I believe will make the process a little easier.

How to know if you are Ready To Start Your Business

How To Know If You Are Ready To Start Your Business

You Have The Right Mentality

This means that you are ready to become your own boss. A recent poll stated that 70% of people are not happy at their current jobs.

This is good and bad. If you are one of those people that hate their job, then you have extra motivation to start your own thing. It also means that if you are one of the 70%, you are unfulfilled every day.

That’s not good. Take it and use it as your fuel.

I get it, not liking my job was one of the reasons I wanted to start my business as well but it wasn’t the only reason and it won’t be the only thing that you need.

If work just isn’t going well you have extra motivation to start your own business. Take it in conjunction with a few other things and you will be well prepared.

You Know There’s A Market

Starting a business is a big undertaking. While you can start most businesses for under $2,000 these days, it’s important to have knowledge of the market you are going into and how you can offer value.

For example, if you want to be an online retailer for homemade baby toys, you may find once you begin your research that the niche you are looking at is relatively small. Doing your research up front can save you time and money later.

If you’ve been keeping an eye on a niche, you know how big it is and who the major players are, you may be in a better spot to make your entrance.

Business is a practical endeavor. You have to offer something of value to others in order to succeed. Focus on your strengths and find the right market.

You Have The Right Skills

This may be a no-brainer but it’s worth saying. You must have some basic skills to be your own boss. Early on in business, it’s most likely just going to be you so you have to be okay with doing everything.

Here are a few key skills you will need:

  • Objectivity & ability to be experimental
  • Research and learn new things (a lot of new things!)
  • Tenacity and perseverance
  • Niche specific skill (video production, website creation, graphic design)

You Are Financially Prepared

Starting your own business doesn’t mean raising millions of dollars. It could be as simple as launching a website with a simple product that solves people’s problems.

It’s wise to be in a good place financially before you launch.

Don’t forget that you are taking a risk starting your business. Focus on meeting these basic benchmarks before you take the leap.

  • Be 100% out of debt
  • Have $10,000 or 3-6 months of living expenses in the bank
  • Be willing to spend $1,000 – $3,000 on launching your business and not afraid to lose it

Being in the right place financially first makes it easier to take risks.

Ready To Work Harder Than Ever Before

How to know if you are Ready To Start Your Business

Starting your own business will change your mindset on “work”. Instead of every hour working for you, as if you are employed by someone else, now every hour is working against you.

As a business owner, you have to define your most important objective and hunt it down every single day.

You Have A Support System

When you start your business, you’ll be faced with challenges. You will want a support system to help you talk through these problems and give you an extra push when you need it.

There are going to be days you are on fire and there will be days that you feel stuck and not sure what to do next. A good support system will help you through the tough days.

You Will Regret If You Don’t Take Action

If you are going to regret starting your own business in 5 years, why not try something now? You’ll never know unless you do.

Keep in mind that you don’t have to start now but realize that to start, you need to be strategic. Follow the above items as a guide to determine how ready you are to start.

Learn the market, find the right tools and mentors, prepare a support network, and saving financially can make your step to becoming your own boss easier.

Around 63% of 20-somethings want to start their own business. You don’t have to have an MBA to start a business. You just need determination and a good idea.

Download our simple PDF guide that will shot you some great next steps if you are thinking you want to give it a shot. You really have nothing to loose and everything to gain.

Bonus Guide: click here to download a bonus guide 5 ways to avoid common online scams

Related: How To Start A Blog From Scratch 

What are your questions about starting a business? Have an idea? Share it below!

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About the Author

Zack and his wife started FreeUp to help share their passion for personal finance with others. He is the primary writer for FreeUp, where he discusses all things personal finance, entrepreneurship, and life. Click the icon to the left to follow him on Twitter and Facebook.

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