Having the amount of money that you need to start up a business is not the only important thing to do to start your own business. It is actually very easy to find where you could spend your money, but sadly, it is hard to guarantee that your investments will be all worth it. Thus, it is crucial that you make sure you are ready to quit your job and become an entrepreneur before you spend out a single penny out of your savings.
Here are the things you should ask yourself before jumping into the field of entrepreneurship:
Are you ready to change your lifestyle?
Becoming an entrepreneur definitely means having a different lifestyle, especially if you have always been an employee. It is very wrong to think that running a business is the easiest way to get rich, because it certainly isn’t. A lot of hard work and dedication is required in starting up a business. you need to be ready to learn new things as well if you want to excel in your new role.
Do you have a huge and growing market for your business?
Your future customer base will be the lifeline of your business. It is, therefore, important that you penetrate a big and expanding market. You cannot use your common sense in this one. What you need is an official market analysis data for you to see if the business you have in mind has a chance of being a success.
Can you assemble a competent and motivated team?
Needless to say, you need to hire people to work for you and help you grow your business. You may be able to do things on your own at first, but eventually, you will need other people’s expertise to address various business issues you may face. While recruiting may seem like an easy process, it can be quite challenging to find the most competent people to work for you. Once you have successfully hired skilled workers, the bigger challenge would be to keep them. It takes a lot of management skills for you to know how to keep your workers satisfied and motivated to work hard.
Do you have the skills needed to manage a business?
Owning a business is more than just investing money and selling products or services. There are so many other aspects of business that you need to be good at to ensure success. As a matter of fact, experts advise working with a business mentor in the early stages of putting up a business. Look for a credible coaching centre where you could find a mentor who will serve as your guide as you learn the ins and outs of being an entrepreneur.
Cecile Peterkin is a certified career and retirement coach, and a registered member of the Career Professionals of Canada and the International Coach Federation. She is also the Founder and Senior Career Strategist at Cosmic Coaching Centre, provider of career and life management services for middle managers and mid-career professionals across Canada, United States and Europe.