Business – It’s NOT for Everyone!

Owning and running your own business is not without its challenges and equally I know that I would be hard pressed to find a path in life that is so fulfilling and challenging – but it’s not for everyone.

It’s important to have a plan and a realistic view of how you and your business will work. If you are looking to get rich quick, only work a few hours a week or you listen to friends who tell you that your idea is fabulous and that you should “just go for it” then take heed of my warning – running your own business is a whole lot more than being your own boss. Here are a few reasons why you may not want to give up the day job just yet !!

Have You Done Your Homework?

If you haven’t taken the time to work out what the start up costs of your new venture are likely to be then you are probably not ready to take the leap just yet. You need to spend time determining the costs as well as working out how you are going to sustain yourself during your first year.

I’ve known clients who, once they have decided to start up their own business, immediately applied for funding for their business. Some have used personal savings and delved deep into their already diminishing funds in desperation to keep their business open.

Now I’m not saying don’t get a loan or use savings, but do your homework first, work out how you are going to meet your financial obligations whilst creating a solid foundation for your business going forward.

Your Friends and Family tell you it’s a Fantastic Idea!

Sure it’s awesome that you have the backing of friends and family and I genuinely believe that they will, for the most part, have your best interests at heart. You are excited about your new business and your friends and family love to see you so inspired and motivated, it’s only natural.

Whilst you might have an innovative idea for selling vintage clothing or setting up a cup cake emporium it’s going to take a lot more than well meaning friends and family members spreading the word to ensure that you STAY in business. You must test and measure your products and services and do a lot of research to determine if there is a market for your chosen venture.

So you Hate your Boss and are Tired of Working Long Hours in your Job huh?

By starting your own business you think you will be able to work less and that you won’t have to answer to a boss? Think again!  If you are serious about starting a business you will have to work harder and longer hours than you probably imagine – it can be a rude awakening if you are not prepared. Also, whilst you may not have a “boss” per se, YOU are where the buck stops for your customers, so they are effectively your boss and there are many. You cannot afford to let them down. Starting a business will require more time and effort plus an irregular income.

You want to Get Rich Quick!

There is nothing wrong with wanting to make money, doing something you love and that helps others but it’s not likely to happen within the first year or two. When you start in business you should take time to create a strong marketing plan, a map if you like of how you will develop and grow your business for success – just be prepared for the fact that success will not appear overnight.

You are Afraid of Failure and Taking Risks

Starting your own business is very exciting but if the idea of failure or of taking risks has you diving for the duvet you may want to rethink your plans. As a business owner you have to make decisions and each decision has an element of risk so you must be comfortable with taking the lead, being accountable and responsible for the results.

Fear is an emotion, a perfectly normal one too. So long as you take consistent action, learn from the mistakes and take steps to ensure your business succeeds then fear can be overcome.

Finally, a large majority of businesses fail in their first year so it is vital that you have a clear purpose for wishing to start in the first place, backed with passion and determination to succeed. If you don’t then my suggestion would be “don’t give up the day job! …. Not just yet anyhow ;-)

Is Your Business Everything You Imagined it would be?  I’d love to know ….