One of the main reasons why you might decide to start your own business is so that you can potentially gain greater control over your own destiny and not have to answer to your boss anymore. There have to be plenty of other reasons to take that leap into self-employment such as having a viable business idea and knowing how you are going to generate the income you need to pay the bills.
Here is a look at some of the main things that need to be on your checklist when you are thinking about starting your own business, including evaluating what it means to be in total charge, what sort of work hours to expect, plus a reminder of some of the perks and the pitfalls attached to being your own boss.
You are in the driving seat
If you have an entrepreneurial streak then you will probably have little problem taking the reins and becoming the main decision maker. You don’t need to have a supremely confident and outgoing personality to make a success of running your own business. The main thing to consider is how good you will be at making all the decisions on a daily basis and also how good you are at delegating responsibilities, which can be important when the business grows and more people get involved.
Discipline is key
If you love working and are almost always happy to put in a good shift every day then running your own business will be a good fit for you as you will almost certainly end up working long and irregular hours as you build your business.
You do at least have the opportunity to find your own work/life balance as things progress and if you want to work flexible hours or create a lifestyle business, provided you have the discipline to do the hours and meet deadlines when they matter, you should be able to tick the box that confirms you have the required discipline to make your own schedule and stick to it.
You need to think about money
If you are looking to raise funds to start your business you can visit Unsecured Capital today, for instance, and check out what offers of finance might be available to you.
Aside from the obvious requirement of working out how much capital you need to get your business up and running you will also need to do the math and work out how much you need to pay all your bills each month if the business is soon to become your main source of income.
You should be prepared for a slow start to life as you own boss and it can take a while to make any serious money, especially when you compare your income to the amount of time and energy that you are putting in.
Some small business owners find that they don’t get a truly big payday until they sell the business at a later date, so be realistic about what your business is going to achieve financially in the first few years.
Have a contingency plan and do a cash flow forecast to see if you are on track with your progress, as you always need to keep an eye on the cash.
Say goodbye to paid leave
It makes sense to weigh up the pros and cons when you are thinking about starting your own business and one of the perks that you will be leaving behind when you quit your job is paid leave.
Running your own business will mean an end to superannuation and sick leave as well as holiday pay, so you need to consider this scenario and confirm that you are happy with the arrangement.
Paid leave is not exactly an issue for a number of business owners who are too busy to take any time off anyway and the thought of still being paid when you take time off is a dream rather than a reality when you work for yourself.
As long as you are comfortable with that arrangement that is another box you can tick on your way to deciding if running your own business is right for you.
Truly challenge yourself
Amongst the many points for consideration when you are evaluating the prospect of running your own business it is worth thinking about what it is you like about working.
If you like the routine of a regular job then you are probably best sticking with what you are currently doing, but if you like the idea of challenging yourself on a daily basis and a varied schedule that is filled with new opportunities, these are the sort of qualities that you will need to run your own business.
This post was written by Owen Allan. Owen encourages everyone to give it a go and follow their dreams and passions – He started his own business several years ago and can honestly say it’s the best thing he has done, apart from marrying the girl of his dreams!!
