Starting your own business is a big step to take and there is no formal test to help you decide when you are ready to take the plunge.
It’s an individual decision and the reality is that you will never feel 100% ready and prepared. There will always be more that you could do – whether it’s to gain more experience, knowledge or skills – but there comes a point when it’s time to take that step forward and acknowledge that you are starting a business – now!
You will be clear on why you are starting your business and what you want to achieve. Your pros and cons will have been listed and you know that the pros outweigh the cons. There can be many reasons for choosing to start up your own business and how running your own business will contribute to the life you want to achieve. These reasons will be your motivations and spur you on to the start line.
In business you must be your own biggest advocate and believe in the benefits of your product or service. Your market research and business plan will be done. These are important steps in evidencing the opportunity for your business idea and giving confidence that it is viable. You will have identified the competition and be ready to go forth with the knowledge that your business compares well. You will know that there will be a demand for your business from your business plan work and you know how you will unlock that demand over time and build your business.
It’s an exciting time to be applying your existing skills to creating a business. Many people start up in business with skills in their business area but need to learn more about how to run and manage a business. You will be gaining knowledge and understanding the business basics. Including understanding the different types of business from sole traders to limited companies and assessing which legal status is the best choice for you. You will be aware that you need to register your business for tax and you will be thinking about a business name – if not already decided.
Your financial plan will be done and you know how you will live as you start up your business. Whether you are using your own savings, keeping your day job and starting a side hustle or have gained investment to start up, you know how you will survive financially as you start up your business.
As you check off these business basics, it’s all about mindset going forward. Running your own business means setting aside those self-limiting beliefs and focusing on implementing your business plan. Your mindset and motivation to start your business are what will propel you forward and turn your business plans into business reality. Taking the first step over the start line towards the business and life goals you want to achieve.