Ready to pull the safety blanket and make the big leap to test your awesome business idea? Become your own boss? I’d say go for it! Of course, there is never a good time and there’s always this one reason. But you’ll know when it’s time. And if you still aren’t sure, let me tell you the seven sure signs that you are ready to start your own business:
1. You are not happy with what you have
You have big dreams. And you don’t have to be scared of them. Some of the most successful entrepreneurs started out with a very different career path. But what made them big was their need to achieve more. There’s nothing wrong with wanting more, especially when you know what you want.
2. Your idea is literally in your dreams
It’s the first last thing on your mind before going to bed, and the first thing after waking up. No wonder you are dreaming of jumping the entrepreneurial bandwagon. While passion may not make up for everything, it should be enough to get you through the low phases.
3. A light bulb idea
90% businesses fail in the first year of their inception because they just found a profitable market, and want to exploit it. But it isn’t long before the market’s saturated and you don’t have the USP to stand out. If you have a heavy duty reason for ‘why my products? Why not the competitor’s?’, then it’s time.
4. You can deal with the boring part
If you think that opening up a fashion brand will be all about attending fashion shows and becoming the next Vera Wang, then you need a jumbo reality check. Most of your time will be stuck hiring people, buying inventory, setting up a warehouse, finding distribution channels, answering countless emails and many more mundane non-fashion related tasks. If you think all this worth it to become the next Vera Wang, then go for it!
5. You have the money
Money doesn’t buy you luck, but it does make sure you are on the right path. You will need some good amount of cash to start up a decent business. Depending on your business type, you will need cash to rent a store, stock up products, hire employees, set up a website etc. If you don’t have any cash handy, you can always earn some fast cash quickly.
6. You are persistent
You won’t see the profits rolling in the first few months. Consumers may reject your product outright. You may even see a few bad reviews on your social media account. But you still believe in your product. I would also advise you to do your research. Learn why most new companies fail and then avoid these pitfalls.
7. You have tested your product
Book a table at the local stall. Sell your genius product or service. If you can sell more than half your stock there, there’s a great chance your product will survive the big water. Even if it doesn’t, it’s not the end. You can always use the opportunity to ask or analyze what’s wrong with the product. Is it the quality? The price? The packaging? Tweak your product for another soft launch. There are many companies that failed big time when they started but ended up becoming household names.
Need a business idea so you can strike out on your own and don’t want to take on all the risk?! I can help! Contact me today and I’ll show you how to start a business for FREE, with zero overhead, no inventory and way too MUCH FUN: let’s connect!!!