How many times have you thought, “Gee, I should just start my own business”?
First you may want to ask if this really is the best decision in the face of all the reasons that may make this a regrettable decision in the future. After all, up to 80% of all startup businesses are out of business within five years and the time required as well as the personal pressures are really a huge challenge. Will my family go along with the financial uncertainty involved? Do I have the money available to start the business or a way I can get the necessary funds? Can I get the customers necessary to get me on my way to success? Do I have the skills necessary or can I find others who can help me make this a success?
If you are still willing to take the plunge, think about the real reasons you want to do this. Is it:
• I am tired of working for someone else and it is time for me to strike out on my own?
• I want to be my own boss?
• I can enrich myself rather than the company I am working for?
• I want to create a retirement account that I can count on?
• I want to pass on the family business to one of our kids?
• I am ready to strike out on my own to show others I can do this? or
• Is this the time in my life to test my capabilities in a bigger challenge?
It turns out that the why” of starting a business is often more important than the “what” or even the “how”. It is critical to really think about this as it will be the test at some time in the future to ask, “Have I accomplished what I set out to do”?
In starting a business, you will be confronted with many situations that will make you reconsider, “what have I gotten myself into”? If your “why” is strong enough, it will carry you through those challenging times.
On the other hand, there are a number of great reasons to start of business now. Not only can you attain a financial advantage but it is really personally satisfying to generate overjoyed customers and fulfilled employees.
If you have the capability to satisfy an unmet or underserved customer need, you could just be in line for a big success. In other words, can you find a niche that is not being filled now for customers in your area?
We will be writing in future blogs about the way to test this question before you spend much money to better assure your success. This approach can beat the dismal odds of so many others who have thought they could “build it and they will come” and subsequently gone bankrupt. Why not test the market first to assure you are satisfying the “real needs” of customers and thereby have “guaranteed customers” for your product or service.