Many of us have the dream of business ownership. It sounds great, you’re the boss! No more taking orders from others, you are in charge. But being a business owner is not for everyone. There are many reasons business ownership may not be right for you, though with the right idea and the persistence and strong will, having a business goes a long way to making your financial dreams come true.
Ask yourself these soul searching questions before you start a business:
1. Do I really want to be my own boss? You may think, “What a dumb question!” Being the boss means being the president, vice president, secretary, treasurer, as well as finding a way to bring in business, make payroll and more! Are you up for this type of responsibility? It’s up to you to develop projects, follow up and be responsible.
I have a sister Monica who is a gifted health care specialist. She makes a good living, but has to put up with a lot of politics at the organization where she works. Several times we explored the possibility of Monica becoming a consultant and utilizing her skill sets to consult to several organizations. When push came to shove, she wanted the stable paycheck over having to go out and drum up business.
2. Do I enjoy a regimented schedule? Having your own business could mean working 60 hours or more a week just to keep up. If you have many other commitments that are important to you, really identify how much time you would realistically have to devote to a start up business. Owning a business is a lot of hard work. Can you face 12 hour days 6 or 7 days a week?
3. How well do I get along with others? Being a business owner is also about people. As business owners, we need to develop relationships with a variety of people including customers, vendors, staff, bankers, lawyers, accountants, etc. How well do you deal with multiple personalities?
4. Can I handle a lot stress? Instant decisions are the norm with business ownership. Many times decisions are made under pressure of deadlines. Organizational and planning skills are a must in order for the business to succeed.
I am not talking about a part time business you can do on the side, such as web design. I am talking about a full fledged business something you feel passionate about where this is your sole source of revenue. It may be a good idea to try it on a part time basis to test the waters and gradually move into a full time venture.