How do you know if you’re ready for a start-up?

April 20, 2016

Starting a new business can be an incredibly daunting task. There’s so much to be done and money to be spent before you can even begin making any profit. However, some people are more ready than they think they are.

You’ve stopped making excuses

You’re ready to start your business when you’ve realised there’s no “right time” to start. There will always be an excuse you can use to stop yourself, whether it’s waiting for the economy to improve or wanting to fix your business plan for the twelfth time. You will never run out of these excuses. While there are naturally some things that need to be sorted out before you can begin, too often people put off starting up so they can revise over and over.

Believing that there is no perfect time to start up is the first step to starting up.

You have confidence

Confidence is absolutely key to starting up. How can you expect to achieve anything if you aren’t confident in your product or business? When launching a business, you aren’t just selling a product. You need to sell yourself and your ideas to investors, to partners and to employees. Doubting yourself will only encourage others to doubt you. If you have confidence in yourself, your ability to sell and your ideas, you’re already off to a flying start.

You’re prepared to do what it takes

You don’t consider yourself superior to any job. There will be jobs that you hate, but they still need to be done. If you’re planning to open a small retail store, for example, someone still needs to sweep the floors and tidy the displays. It is important for you to stay in touch with the people that have to do these jobs and to value them just as highly as those that manage your finances.

You’ve thought ahead

If you’re starting to think that you are ready to build a company, you must ask yourself what you will do when things get rocky. To start with, no one has heard of you. Things will be tough and you will find it difficult to finance your own living expenses as well as the business. It is crucial to have a fall-back plan, especially if you are unable to maintain another job at the same time. For most, this just means saving enough money to cover your living expenses for a period of time. Knowing you have this back up plan means you can completely dedicate yourself to the business and you can take the necessary risks that make a company successful.

You’ve planned everything

Successful businesses do not come from nowhere. They are built on thorough business plans. You must write one yourself, no matter what industry you intend to get into. This process can be overwhelming and it’s difficult to know where to begin. Fortunately, help can be found everywhere. Do a quick search online for some tips, or talk to someone that’s written one before.