Many people think about starting a business. They dream of being an entrepreneur. The idea of being their own boss, making the decisions and having the financial freedom that comes with business ownership is quite appealing. As a business owner, I am often asked how you know when it's the right time to start your own business.
Often our body will tell you it's time. If you are getting an upset stomach on Sunday night just thinking about going to work the next morning, it might be time. If you move from job to job, very quickly getting bored, it might be time. Or if you watch the clock, waiting for lunch, then again for 5:00 to arrive, it might be time.
There is no set answer, but there are steps to take to prepare for it.
Find your passion.
If you don't know what you want to do, then that is your first project. Decide your passion. Passion helps you through a lot of tough times. What do you love to do? What would you do for free if you didn't need the money? Answers to these questions will guide you to choose your new vision.
Don't just quit; have a goal.
Quitting a job without a plan or goal will most often not be a good thing. Put a plan together. Determine the date to turn in your resignation from your current job. Work during the evenings and weekends preparing for your departure.
Most new business have a ramp-up period, so having a business already up and running - even if only part-time - will give you some immediate income from the start. You certainly don't want to quit your income source without some funds already coming in.
Be financially prepared.
Pay as much debt off as you can. Have some money set aside to supplement your business revenues so you can continue meeting all of your financial responsibilities.
While you're still working full time, apply for a credit card in your name and in your business name. Have them locked away in a safe and use them only in an emergency.
Be healthy.
You will spend many hours your first few years. There is more to it than just finding customers. You'll have processes and procedures to establish, a website to create, marketing materials to design, networking to do, social media accounts to create and nurture, quotes to prepare, invoices to send, trips to the bank, etc. Whether you have a service or a product, you'll have all of this to do, and so much more.
Because you'll most likely face stress, work a lot of hours and often forget to eat, you should consider your health. Take vitamins, exercise and eat a healthy, balanced diet. When snacking, choose healthy foods. Drink plenty of water.
Be ready.
Is there a right time to start a business? Only you will know when it is the right time for you.
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