So you think it’s time to take the leap from being employed to starting your own business. While it’s a great idea to finally take a step closer to achieving your dreams, there are always a lot of factor to consider if you want to ensure its success. So before you hand in your resignation letter to your boss to bring life to this wonderful idea for a business that has been hounding you since forever, ask yourself these questions to know if you are finally ready to take the plunge into the startup industry.
1. Are you ready to change your lifestyle?
If you are currently employed and you want to quit to start your own business you have to be prepared for the days of drought that would certainly face you. Starting your own company is not an easy way to get rich and it entails a lot of hardwork, sweat and even tears. If you are not ready to cramp your style a bit, then you better think twice if this is something you really want to do.
2. Is the market growing and big enough?
It’s not always your instincts and intuition that you should trust when starting a business. You have to have a clear market study on how god and marketable what you plan on doing is.
3. Are there potential customers?
So you think your product is great but are there other people who think the same way you do? While your service or product may offer the solution to a problem, it may not be sufficient or enough for what the customers are looking for. There is a difference with those who “like” a product than those who are willing to “pay” for it.
4. Can you build and motivate a team?
Starting your own business on your own may be a good start but you should look ahead in growing it to add more manpower. Are you equipped with the necessary skills to do that and steer your ship across the shore? Startups are tough and it would require people who are open and willing to collaborate. If you are an introvert or tend to work independently, then you may have to rethink this.
5. Have you counted the costs?
Creating your own business would cost you. Really cost you. Not just your time, effort and tears but your money as well. Be ready with a business plan before you take the plunge. If you are willing to go through that then that’s great but if you are unsure then better to step back and fully study the plan first.