A lot of people dream of having a successful business but only a few accomplish their goal. Small businesses are highly likely to fail. The minutest mistakes can cost you the whole business. It’s easy to think about starting a business but when it comes to the practical world, there are many factors that affect your choice. Let’s find out if you’re ready to take the leap of risk or not.
Your 9 to 5 isn’t satisfying you.
There’s a time when you absolutely love what you do. During that time, you don’t mind waking up early or following tight schedules. You love following the timetable even if your boss crafted it for you. However, if these signs don’t seem to match your current situation, odds are you’re on your way to a business. We don’t suggest you to immediately quit your job. In fact, continue your job while you devise a plan for your business. You never know what the fate of your business might be at this point. So keep the job fir financial security while you start to think in detail about your business plan.
You’ve researched the risks.Let’s be real. The practical life is unpredictable. You could have a perfect plan and followed it accurately all along. But in the end, your business could still fail. Starting a business is a complete risk with no guarantees whatsoever. You cannot be ready to startup a business of your own unless you’re well aware of all these possible risks. Keep in mind that in the end, you might have to face a difficulty that no one else ever had to. It’s all an adventure.
You have the energy and time.Not every time in life is perfect for anything. There’s an appropriate time for everything to be done. Similarly, starting up a business needs to be done at the perfect time too. Do you have the energy right now? Are you sure your family isn’t going through a time where you need to prioritize your family first? For example, you could have recently had a baby. In such a scenario, you need to settle with the new family member rather than setting up a new business. Financial security also plays a role in here. What if all your investments go to waste? The business could fail, can you survive if that happens? What’s even more important than that is if you have enough financial support to keep the business running. Most small businesses fail due to cut off of financial support. You’ll have to spend months in loss before your business actually starts producing profits. You need to have enough resources to last your business at least 6 months without any profit generation.
Is my idea good enough?The main part of your business is the product or service you’ll be offering. Question yourself to figure out if there is enough market demand for your idea. Research your competitors as well. Do not go for exactly the same thing that already exists in the market. Get creative and stand out if the crowd.
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Feel free to join my Facebook group Groomed for Excellency Tribe to connect with other working professional who desire to start their faith based business.
Until next time, continue to take steps of excellency and you will leave behind a trail of greatness.
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