Do you hate your current boss/job and dream of answering to yourself only? Tough luck — owning a business might sound like an attractive option, but in reality you will probably get just as worn down by answering to clients as you do answering to “the man.” Do you long for fewer hours and more flexibility? Once again, sorry! Though owning a successful business can offer financial stability, it also demands constant attention and an unorthodox schedule. Have you ever wished to be famous — or at least locally recognized for your contributions? Well…even though business owners can sometimes achieve this, it is really just a secondary effect of years of hard work and sacrifice.
The point of all these examples isn’t to discourage you — it is simply to illustrate the fact that many people who start businesses simply aren’t cut out for the job. If you are planning on launching a business, then we encourage you to read on. If you started your business for any of the following reasons, then your odds of experiencing a successful launch are looking good!
- You have an idea. Good businesses are built upon good ideas. If you have a well-developed solution to a common problem, or an original service that people would pay for, then you are poised for success. A practical concept and a concrete strategy for implementing are both musts in the business world!
- Your idea has real world validation. Not every idea that looks good on paper ends up being effective in the real world. This is why testing your idea — either through market research, previous career experience, or a beta-launch — is usually smart.
- You enjoy variety. No two days are ever quite the same for a business owner. On Monday you might find yourself filling out invoices, calling potential clients, and putting together tax forms, for example — while your Tuesday might consist of technical troubleshooting, employee interviews, and social media marketing. If this type of endeavor sounds interesting and engaging, then owning a business might be for you. If, on the other hand, this sounds stressful, you might wish to pursue the stability and predictability that only a nine to five can offer.
- You enjoy hard work. Owning a business requires a fair share of self-sacrifice, late nights, early mornings, and elbow grease. If you find this kind of dedication to a goal rewarding, then you will love running a company.
- You have industry experience. Your new IT startup will benefit if you have an IT degree and/or if you have worked for an IT company in the past. Similarly, a cycling enthusiast who has worked five years as a bike mechanic is much better positioned to start a bicycle shop than a lifelong couch potato. Consider your interests and your experiences and how they relate to the business you are starting. Now is the best time to be honest with yourself!
- You have the necessary resources. Capital and networking connections are just as important as ideas — so make sure you have these resources at your disposal before making the final leap.
If you are getting ready to open your own business, then you owe it to yourself to consider participating in the STRAT IQ 90 Day Dynamic Launch coaching program!