Your dream is to have your own business and to tell the boss “Good-Bye”. An excellent dream to have, a little exciting and a little scary at the same time.
Before taking that big step, take a long hard realistic look at yourself and determine “Is this business right for me?”
What is your personality?
Are you an extrovert or an introvert? Do you enjoy talking to everyone you see or are you the type that has trouble talking to a stranger?
Do you love number crunching, administration, computers, researching, etc.? Are you a leader or a follower? A risk taker?
These are important questions to ask yourself. You want your business to match your personality and talents.
Look at your business idea, does it match your personality and talents? If it does not, you will struggle to make it a success. Find a business that is right for you.
Do you take criticism well? How well do you listen to others? If you don’t know, ask a close family member or friend.
You have heard the saying “the customer is always right”. No matter what type of business you start, you will have customers.
Can you listen constructively and respond without showing anger or a negative attitude? One disgruntled customer can keep many future customers away. One mad employee can destroy your business.
Have you been told “No” lately? Adults seldom are. As you start your business there will be those times that “No” is the answer you receive. Do not take it personally.
Take it as another step in your venture to success. Use the “No” to move ahead. Do not allow yourself to lose your momentum.
When you begin your business you will wear many hats, starting with the janitor. How well can you perform all the duties that will be required of you?
From planning to organizing to prioritizing, everything depends on you. If your business will have employees, can you interview and select the best applicant without emotions playing a role?
Can you fire your sister, brother, daughter, son, best friend, or anyone else you need to fire? Important questions to ask, because there will come a time to let someone go.
Starting your business adds additional financial burdens on you and your family. How do you currently handle this responsibility?
Do you pay your bills on time now? Your vendors will only take so many late payments before they classify you as a “cash only” customer.
Review your current habits and learn to pay your bills early. Structure your bills so that everything does not come due at the same time.
Always alert your vendors if you see that you are going to be late paying.
How soon will you see any income? Leaving the security of a “job” and depending on yourself for 100% of your income is a giant step.
Do you have enough funds to get you through four to six months of living expenses? House payment, car payment, utilities, essentials, insurance, etc.
Do not forget to factor in what the business will need during this time. Look back over the past six months to a year and average what you have been spending per month.
Multiply that by six and add what your business will need. Do you have that much put aside? Make sure that you do.
Some businesses will see income the first week, while others may take a few weeks or months to get a steady flow coming in.
Is this business right for you? Find the one that fits your personality and talents and you will enjoy having your own business. Go ahead and tell the boss “Good-Bye”.