It’s been said that business ownership is not for the faint of heart. While the rewards are great – working in your passion, having independence etc. – it takes determination, courage and creativity.
Some people seem to have the knack for it, while others may struggle. Either way, there are some deep questions you need to ask yourself to determine whether this is the right path for you.
Sign #1. You know your WHY.
Most successful business owners have a strong driving force behind why they want to start a business. Whether they want to affect social change, or work in a field that brings them joy and satisfaction, they use that “why” to keep them motivated during tough times.
Sign #2. You are ready to make sacrifices.
Are you prepared to put in long hours and sacrifice your personal time? New business ownership will likely infringe on your family time and work-life balance. Not to mention your financial stability. Being mentally prepared for a drastic change in lifestyle will help you to adjust to business ownership.
Sign #3. You are self-disciplined.
Unlike working for an employer, business owners can’t simply coast through days of being unproductive, while still collecting a pay cheque. Survival depends on your ability to properly manage your time so that you can achieve goals that lead to sales. That includes being consistent – even on days when you are feeling tired or uninspired.
Sign #4. You have great personal habits.
It takes a wide range of personal traits to be a successful business owner. Following healthy habits and lifestyle choices will increase your productivity and your ability to make good choices. Exercise, be in the right mindset, get enough sleep and take regular breaks to stay refreshed and in good health. Self-care helps you to avoid burnout.
Sign #5. You have a great support system.
Nobody can achieve success alone – we all need support. If you have children, ensure that you have reliable childcare while you are spending extra time at work. Surround yourself with friends and family who are willing to do things like test your products or help spread the word about your business.
Sign #6. You have enough money to survive.
Some people opt to keep their full-time job, while starting their business on the side. This is a great way to maintain a steady income while starting up. But some businesses require full-time attention to get off the ground. In that case, save up enough money to survive for several months, because it will take some time before your business will turn a profit.
Sign #7. You have a business plan.
As the saying goes, “those who fail to plan, plan to fail”. Having a passion is not enough to build a successful business. Enlist the help of a Business Advisor to help you build a solid plan before starting your business. This should be the first step towards success!
If you are ready to take the next step, book a meeting with an experienced business advisor at Small Business Centres Ontario – we have 54 offices across Ontario. Working with a business advisor means you are not alone and that you can build your plan. Find a location near you
Want to learn more about business readiness? Check out our free online course, “Are You Ready to Be in Business”.