There are a number of signs that suggest it is time to go it alone and start your own business. For some it’s the feeling of being stuck in your job or it’s the desire for a lifestyle change. Maybe you are certain you could build a better company than the one you are working for, or you harbour a strong desire to develop a product or service not yet available. There are many reasons for taking the bold step into the world of the entrepreneur.
In Sarnia-Lambton there are many unique and exciting new businesses popping up all the time, from microbreweries and restaurants to Snowboard/Wakeboard courses and professional photography studios. More and more people are trading in their 9 to 5 lifestyles to pursue their passions and become their own boss. If you are feeling the itch, here are 5 things you might want to consider before making the exciting plunge.
1. Are you ready for the startup lifestyle?
If you are currently an employee of another company, then starting your own business is a lifestyle change. You most likely will not ‘get rich quick’. It will take time, patience and a lot of hard work to get your idea off the ground and running.
2. Is the market opportunity large and growing?
Just because you love the idea, does not mean everybody else will. Customers may “like” a product, but will generally only pay for things they “need”. Do your research.
3. Is this a crowded space already?
Use Google to search for existing solutions to this problem or business idea. If you find ten competitors who already have this offering, it’s probably not worth going any further.
4. Do you have stamina and skills?
Are you ready for the buck to stop with you? Do you have the focus and energy to ‘keep at it’ in the tough times? Do you have a good track record of being successful and working as part of a team? Make an honest assessment of yourself before diving in.
5. Have you looked realistically at the costs?
You must convert your passion into real numbers, write a business plan that makes financial sense for the needs and future goals of your business and have it checked by an expert. Have you factored in things like business insurance? You will invest a lot of time and effort to build your business. Protect everything you’ve worked hard to achieve.