It’s never been easier to start a business. With so many stay-at-home parents thinking that all they need to do is set up an e-commerce business and they are good to go, the reality is somewhat different. In fact, if you are considering setting up a business in order to get away from your 9 to 5 humdrum existence, here are a few questions you really need to ask.
Would Starting a Business be Your Ideal Path to Entrepreneurship?
Although many entrepreneurs out there have started up their own businesses and succeeded, many new entrepreneurs have tried to run a successful business and failed within the first 12 months of trading. This is why these days, many entrepreneurs, primarily first-time entrepreneurs, decide to buy an existing successful business for sale to start their business on a solid foundation. If these sound more appealing to you, we recommend you use this website to find businesses for sale.
Are You Prepared to Invest More Money Than You Think?
While it’s commonly known that approximately 90% of startups fail, it’s important that you know the key reasons. Regulation is one area, and the sheer ability to adhere to it but also not being able to invest in the right things. For example, if you are running a business where you are delivering items to people, you need to provide a wide variety of payment options. This is where having the best mobile payment options can make a big difference. For example, this Payanywhere payment app is an all-in-one platform that can help when you are on the move. Rather than operating on a threadbare budget, you need to truly understand what you’ve got to invest in. You don’t need to invest in everything, but it’s about remembering how to make your business appear more trustworthy which will therefore get more customers, which means making the right investments.
Are You Prepared to Spend More Time Away from Your Family?
You might think that running your own business is the perfect way to spend more time with your loved ones, but the first year involves a lot of legwork. You’ve got to make sure that the business plan is in place, you get the right people on your side, and in order to achieve all of this, you may have to spend a lot of time on the road or in the other room in the middle of the night. You may physically be at home burning the midnight oil, but are you actually spending quality time with your loved ones? This could cause a few bones of contention.
Do You Have a Financial Buffer?
While the idea of getting yourself into the entrepreneurial spirit can be very enlightening, the harsh reality is that most business owners keep their regular job while still working on their business. It’s only when the business makes around the same amount as their salary that will they then quit their job. Owning a business is expensive, and it’s usually far more expensive at the early stages when you’re trying to start it up.
Plus, there are things to think about (financially wise) such as rsu vs rsa, but even then, you’ll need to make investments like a bookkeeper or some type of financial advisor and other professionals such as a lawyer. It can be very expensive to start up this business. Do you have the funds to do it?
They say that everybody should have at least six months of financial support if something was to happen with their job. You, on the other hand, would be quitting a job without a buffer. If you have to invest in your business in order to remain competitive, you’ve got to cut the prices of your products, while also limiting how much you pay yourself. And while these things keep your business afloat you could be selling yourself short.
If you have dreams to leave a 9 to 5 and to start your own business, the best approach is to slowly build up while you are still working. So many people tend to set up a side hustle, which is the perfect way to see if your business actually has legs. Because if it does, it can take over your full-time job and become your passion. But of course, you’ve got people depending on you. So, before you leave your job and start a business, think long and hard.