Starting a Business – Tips to Test Your Readiness
Being your own boss is wonderful exciting, but running a business is not for everyone. Starting a business comes with certain challenges.
The most common reasons people decide to start a business is because they want to be self-sufficient, become wealthy, or change their lifestyle.
Many writers would like to use their writing and editing talents to make a living for themselves. Perhaps, that's you! If so, you may be wondering if you are cut out for the endeavor and if you can find enough clients and make enough money to at least pay your mortgage.
What sacrifices and risks will I have to take to be successful? How will I balance family and business? What's going to happen to me if this venture does not work out? These are common questions and fears any entrepreneur has to face when looking at self-employment.
To determine whether business ownership is for you, here are some questions you might want to ask yourself. Answer as honestly as possible. This will give you an idea of your level of preparedness.
- Am I a leader or a follower? If you are not a self-starter or need someone to tell you what to do next, this could be problematic if you are the only decision maker in your company. It requires self-discipline to operate a business. You have to be able to manage your time well, focus on tasks, and make good decisions.
- Do I have social support of family and friends to accomplish my goals? The more support you line up when starting your business, the better off you will be in the long run. Having a family member or close friend to brainstorm with can help take the pressure off the everyday decisions of starting your business. A spouse who is jealous of the time you spend on your business will probably not give you much encouragement to pursue your goals.
- Am I physically capable of starting and running a business? Health issues or having an unstable family situation or personal life may worsen if you put yourself under the stress of starting a business.
- Am I willing to invest my own money and work long hours for little pay, sacrificing personal time and lifestyle, maybe for years? You may go from working 40 hours a week to 14 hours a day. You will ever be able to make a living at writing, but the first year or two may not show much of a profit.
- Have I made proper provisions for income and insurance (health and life) while waiting to achieve business success? You will need at least one year of income saved up while you launch your business and begin to start turning a profit. Many people start out by writing part-time while keeping their day job. This makes for an easier transition into full-time self-employment. Some companies will allow you to keep your health insurance when you leave the company, but it may be at a higher rate. Check into this before you pull the plug on your day job.
- Do I have up-to-date working knowledge of any technology necessary for efficient operation in order to keep pace in the business world? Do I possess the necessary skills and abilities to start a business? Is my current education and experience sufficient? You may need to take classes or purchase office equipment to facilitate your business. Get the logistics in place first. There are many online networking groups that will provide feedback and assistance for writers learning the trade.
For an in-depth analysis of your readiness for starting a business, see [http://www.sba.gov/newcourseprimer/index.html] The Small Business Association has a self-paced, online tutorial that can be completed in about 30 minutes.
The better prepared you are, the better chance you have of being successful in your venture.