3 Things to Consider Before Starting a Business
Being an entrepreneur is easer now than it has ever been in world history. The number of free tools, tips, guides, mentorship and even funding is abundant. If you're motivated to start your own gig or just put up a side hustle, there are three very important things for you to consider before taking the leap.
Many people neglect this one very simple consideration when deciding whether to strike it on your own or work for someone else. The truth is, being an entrepreneur is a life decision. Your lifestyle will significantly change and you will become infinitely busier. During the startup phase, you are essentially every single role in a company - marketing, accounting, product development, technology, etc. Your job will be to run an entire company, and be a jack-of-all-trades. Hopefully that phase won't last forever, but even after your hire employees the role continues to change without ever losing pace in terms of speed and responsibility.
If you want to quit your job to spend more time with your family you'll have to choose carefully what type of business you want to start to achieve the lifestyle you're looking for. Opening a restaurant or starting a software company will get you the company, but it won't reflect on the lifestyle.
Understanding the repercussions of a lifestyle shift based on your entrepreneurial goals is an important factor in the likelihood of your business succeeding. Think it through carefully and really look at the business from all perspectives before taking the leap. You won't regret it in the end.
What is motivating you to start the business? Is it financial freedom? Do you want to help children? Is there a gap in the marketplace?
Dig deep down inside to figure out what your motivation for starting a business is really all about. It's probably one of the most important factors when figuring out if you should start a business or not. This source of motivation should be deep enough to pull you through when you lose the motivation. It's the spirit of your company. It's what gets everyone's blood pumping. It's the thing in the back of your mind when you feel like giving up.
No matter what the motivation is, be sure that it isn't superficial and that you're being true to yourself. Starting a business because you're bored is a direct road to failure.
Sacrifice time with your family. Sacrifice your spending. Sacrifice outings with your friends. Sacrifice fun vacations. Sacrifice has become a dirty word for entrepreneurs because it's what you have to do to ensure the success of any business. Even Beyonce has to sacrifice time with her family and friends to maintain an excruciating travel and tour schedule.
Determine your level of sacrifice and have a discussion with your significant other or family. Get on the same page about priorities and sacrifices that you'll have to make to build a company. Perhaps you can only go on one vacation that year, or perhaps you have to reduce your spending significantly. In order for a business to succeed, you have to invest your energy into the business. And if you're doing one thing, you must sacrifice something else.
Consider what you will and won't sacrifice before diving in so that you maintain a good work/life balance.
Starting a business isn't for everyone and with these three tips you'll have a better perspective of whether or not to take the leap. Are you considering starting a business?