Have you thought about starting your own company? The adventure of running a business can be amazing. You may even feel more secure than working in a regular job. It sounds like heaven but it takes a lot of work.
It’s easy sometimes to believe that you are ready before you actually are. However, it is equally easy to let fear hold back your ability to jump when you should. Here are 15 signs you might be ready and able to start your own company.
1. You are enthusiastic about your new venture.
Passion is often overhyped. It is not enough. But it is essential. Don’t let frustrations with your job stop you from starting something exciting.
2. You believe in your idea.
While you’re starting your new venture, expect to face many closed doors as well as “no”s. To survive the storm you must believe in your product.
3. You have a service or product that is well-received.
The best business is one where you can do what you love while making money. Before you decide to quit your job and start your own company, ensure that your product/service has a market.
4. Know your players.
If you know who you want in your team, and you have their agreement to it, you might be ready to go. You can always jump in if you’re a solopreneur.
5. You have a Plan.
A great idea is to not cash out your 401k, expecting a new company to pop up. Do not quit your job without a plan.
6. You have a solid brand idea.
Your brand represents the way your company interacts with the wider world. Are you funny, classic, professional, or irreverent? Before you jump, get to know your brand.
7. You’re open to learning — a lot!
Start-ups will teach you a lot about yourself, the market, and yourself. Even when it requires you to confront your own ego, these lessons will be invaluable.
8. Face the fear of failure.
Business owners can feel paralyzed if they fear failing. Everyone feels it to an extent. But if you don’t have to face it, you’re not ready to start a business.
9. You can overcome your fear of failure.
While it might sound strange, many people also fear success. Success is a higher expectation, more work, and more visibility. If you’re not prepared to deal with these things you will not be ready for launch.
10. You have some cash.
You can start a business even if you have very little capital. However, it takes time to succeed. If you have access to cash or have another method of getting the money you need to grow your company, you’re better prepared than someone who’s in deep debt.
11. You aren’t in the midst of major life shifts.
Many major changes can lead to clarity that makes us want new work. While that’s wonderful, it is important to take the time to process the changes before you launch. If you have taken time to heal, then you should consider launching a business.
12. You have worked in your new field.
You are more likely to be able to start your own business if you have some experience in the same industry. Side jobs are a great way to get experience in the industry you’re interested in before you quit your job.
13. You know a lot more about business than you think.
Baking is not everyone’s forte. It’s not enough to just do the job. Business owners must also be able to handle many other tasks. Start your own venture if you know more about business than you do just the task of hiring.
14. You’re good at managing your time.
Many people start businesses out of dislike for their bosses. Are you capable of being your own boss? Self-discipline is essential in any business. If your ability to manage your own time well will make you more successful than if it relies on others.
15. You recognize the risks of running a business.
Owners of businesses understand they have to take a risk. It’s possible to never make a profit. And you may grow quickly enough that you’ll become overwhelmed. The best sign that you’re ready is to be able to handle these risks and understand them.
It’s not a comprehensive list. But it is a good place for you to start to decide if you’re ready. Consider this your guide to the steps that you should take to get there if you aren’t. Have fun! Good luck!