52: Signs You Are Ready To Start A Business Whether You Are Self-Employed, A Solopreneur, Entrepren
52: Signs You Are Ready To Start A Business Whether You Are Self-Employed, A Solopreneur, Entrepreneur, Small Business Owner, Remote Bookkeeper, Virtual Assistant Or VA Starting Your Own Business
Since my previous podcast on The Great Resignation episode number 49, I have had quite a few conversations with entrepreneurs just like you who are thinking about starting their own business but are unsure if it is right for them. They wonder if it is the right time, and they wonder what they should be researching to make sure they are covering all their bases before taking that big leap. I personally love talking with entrepreneurs about this topic. It is truly a passion of mine. I love hearing all the ideas, the plans and most of all I love seeing the energy and excitement from the entrepreneurs as they share their passion and their business ideas with me. In today’s episode, I am going to go over the typical signs you can look for to see if you are ready to start your own business. Some are pretty straight forward, but others may have never crossed your mind…and they are all very important. If you are one of the many individuals out there who have thought about starting a business, but you are just not sure if you have what it takes, this episode is definitely for you. Listen in, whether you are just getting ready to start your small business, you’re a solopreneur, entrepreneur, small business owner, remote virtual online bookkeeper, or virtual assistant. Even if you have already started your business, make sure you have thought about all these steps so that you can bring your passion to life with the successful business you have been dreaming of…
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Since my previous podcast on The Great Resignation episode number 49, I have had quite a few conversations with entrepreneurs just like you who are thinking about starting their own business but are unsure if it is right for them. They wonder if it is the right time, and they wonder what they should be researching to make sure they are covering all their bases before taking that big leap. I personally love talking with entrepreneurs about this topic. It is truly a passion of mine. I love hearing all the ideas, the plans and most of all I love seeing the energy and excitement from the entrepreneurs as they share their passion and their business ideas with me. In today’s episode, I am going to go over the typical signs you can look for to see if you are ready to start your own business. Some are pretty straight forward, but others may have never crossed your mind…and they are all very important. If you are one of the many individuals out there who have thought about starting a business, but you are just not sure if you have what it takes, this episode is definitely for you. Listen in, whether you are just getting ready to start your small business, you’re a solopreneur, entrepreneur, small business owner, remote virtual online bookkeeper or virtual assistant. Even if you have already started your business, make sure you have thought about all these steps so that you can bring your passion to life with the successful business you have been dreaming of…
Welcome Back…You’ve been thinking about starting your own business, you want to go out on your own, and you want to stop working for someone else only to help them reach the goals they have to be successful in their business. I see you, and I totally get it because I’ve been there myself. I know how uneasy and stressful this decision can be. I had all these feelings when I was debating if I should start my own business doing bookkeeping, payroll and consulting for business owners over 15 years ago as well, these feelings are strong, and to this day, I can still remember how I felt. I will tell you though, if you do your homework and prepare yourself, you can do this the right way and set yourself up to have a successful business…even before you take that leap. Owning a business can be hard, but it is also one of the most rewarding things you can do for yourself.
How do you know if you are really ready to start your own business? Well, if you are like most people, you will never be 100% ready, but that doesn’t mean you shouldn’t start preparing for starting your own business. I know I didn’t feel like I was 100% ready when I started my business, but looking back, I am so glad I didn’t wait, because I may have never reached a point when I was 100% ready. I’m so glad I am able to follow my heart and provide services I enjoy to clients and help out business owners like you in ways like this podcast. Just the thought of what it would have been like if I didn’t have the business I have now makes me wonder how I would have even made it or handled everything in my life while working for someone else. I love my business, and I’m going to help make sure you are paying attention to the signs you may be ready to start your own business as well.
First, I want you to take a deep look at yourself and your life and ask yourself why you want to start your own business. Do you have multiple reasons, or just one? What is the passion in your life you want to fulfill? Do you have the experience for the industry you are looking at diving into? Take some time to write down your why. You will want to reflect back on your why from time to time when things get hard in your business so that you know exactly why you wanted this so bad in the first place. This also brings up the fact that you should be motivated. There will be times in your business when you need to do things you might not necessarily want to do, but you will need to find the motivation to push through these tasks and remembering your why will help you when you need the motivation the most.
Now that you know your why, I want you to ask yourself if the business you want to start is something that people want, need and are willing to pay for. Have you done any market research to see what others think about your business? Are there other businesses similar to the business you want to start out there already that are successful? If so, the product or service you are looking to start your business up with could be marketable.
You need to have a plan. You should have a business plan in place and know how you will fund your business or where your funding will come from. Your business plan will help you map out elements like your business description, market analysis, sales strategies and financial projections. Your business plan can be elaborate or something you just jot down in your journal. Either way, you want to make sure you have a plan in place so that you know how you originally want your business to proceed. Keep in mind that many businesses need to pivot. This is normal as well, so you will want to make sure you are adjusting your business plan as you go.
Next, I want you to ask yourself if you are okay with making sacrifices for your business. If you really believe your business can be successful, you may need to make some changes in your life. These sacrifices can take many different forms. You may need to cut back on your spending so that you have additional funds to invest in your business. You may need to work longer hours than you are currently working at first to get everything set up and running, especially if you are going to be a solopreneur, and you may need to adjust your overall lifestyle to make ends meet during your startup.
Then there are your goals. You’ll want to set goals so that you can measure your success. Make sure your goals are not only focused on money. There are many business owners who measure their success by the number of people they can impact. How you measure success is different for everyone, but whatever you consider your success, you are going to need to find a way to measure it…and make sure you celebrate your success before setting another goal to reach. Celebrating your wins or accomplishments is extremely important when you own your own business.
How about your time management skills? When you own your own business, it is important to be able to master your time effectively and practice self-discipline. Don’t worry if you feel you are lacking in this skill now, you can easily improve this with practice. You want to make sure you are focusing your time on projects that are important to the success of your business and making the needle move. Another important thing to note here also is that you need to make sure you are carving time out of your day for yourself. You need to make sure that you are taking care of yourself so that you can perform at your highest level when you are working on your business. This means you will need to make sure you are taking the time to eat right, exercise and get an adequate amount of sleep each night. Create a schedule and take all of this into consideration when you are thinking about starting your own business. The amount of work you are able to get done when you are taking care of yourself first might amaze you.
You need to have an understanding of how to run your business. This means that not only will you need to know WHY you are starting your business, but you will need to know the HOW to run your business as well. Just by listening to this podcast, you are learning about many important topics that ultimately impact your bottom line. You will also want to make sure that you know what your business needs to do to comply with federal, state and local laws and gain an understanding of which deadlines apply to your business, and definitely file your tax returns on time.
Lastly, you need to understand the risks of owning your own business and be ready and willing to take this risk. You should be at a point in your life when taking a risk won’t be detrimental to you or your family if things fall short or your business isn’t as successful as you hoped. Some business owners view the risk of having their own business as a lesser risk than working for someone else. Most times when you have your own business, you have sales and income coming in from multiple customers and multiple revenue streams. Knowing that if you would lose just one customer is much easier to recoup than if you would lose your job when working for someone else. On the flip side, you want to make sure you are ready to grow with your business and be successful. As risky as your business failing is, you want to be prepared for the success your business will accomplish as well. When your business reaches additional levels, there are more responsibilities and expectations for you to fulfill. You may need to learn new skill sets and be open to all the lessons you will learn along the path to success.
These are just a few signs to look for when you are thinking about starting your own business. By making sure you are covering these areas, you will not only set yourself up for starting your own business, but you will be on the right path to being SUCCESSFUL in your own business as well. Bookkeeping and your business finances should be on the top of your priority list. If you are a business owner planning on doing your own bookkeeping and you’re looking for some additional help, join my new Mastering Your Small Business Finances Membership for service-based business owners. This membership will be extremely beneficial for you as an online resource where you can ask questions and get answers regarding your specific business finances. You can go to www.FinancialAdventure.com/MYSBF – which stands for Mastering Your Small Business Finances if you are interested in joining us in the membership. I’ll post links for this membership and other resources so that you can easily find them where you are listening to this podcast and in the show notes.
And, you know I’m going to ask…what’s at least one thing you will take away from this episode that will help your business succeed and grow your bottom line? If you need some accountability, join our PRIVATE Facebook community and post your action item, we’d love to support you.