Thinking about starting a new business? Running a company can be an incredible adventure, and it can even give you more security than a regular day job. Being your own boss may sound like heaven on earth, but what you have to remember is that it’s still a lot of hard work.
It’s easy to feel ready much earlier than you actually are, and it’s equally easy to let fear hold you back long after you should have jumped. Here are 8 signs that show you might be ready to start your own business:
You have a passion for your new venture.
Passion is often overhyped. It’s not enough on its own, but it is essential. Make sure you have something you’re excited about starting, rather than just frustration with your current job.
You’re a true believer in your idea.
You’ll face a lot of closed doors and “no”s as you start your new venture. You need to have a tenacious belief in your product or service to give you the ability to weather the storm.
You have a product or service with a good market.
A great business exists where what you love meets what other people will pay for. Before you leave your day job to start a new company, be sure that your product or service has a market.
You have a plan.
Expecting a new venture to suddenly appear is not a great idea. Before you leave your day job, make sure you have a plan for your new business. Whether that involves a full business plan or a rough outline.
You have a good brand idea.
Your brand is the way your company connects with the world. Are you irreverent, funny, professional, or classic? Make sure you know your brand and how it connects with customers before taking the leap.
You can face the fear of failure.
Being afraid to fail can paralyze you in business. We all feel it to some extent, but if you can’t face it, you aren’t ready to start a new business.
You can face the fear of success.
It sounds strange, but many people are also afraid of success. Success brings higher expectations, more work, and more visibility. If you aren’t ready to deal with these things, you aren’t ready to launch.
You have some cash available.
While there are businesses you can start with very little capital, the fact remains that it takes time to be successful. If you have some cash saved up or have another way to access the money you need while your company grows, you’re more ready than somebody who’s deeply in debt and counting pennies.