After another soul sucking day in the office, are you wondering about starting your own business to escape the awful time spent sitting at a desk listening to people arguing about who left a teaspoon on the kitchen side? Maybe you have an idea for a business that you are really excited about and think could make you millions – but can YOU run a business?
Is Starting Your Own Business the Right Move for You?
Before handing in your notice and launching into the world of running a small business it would be worth stopping and thinking about whether you are really suited for it, and whether you need to improve some entrepreneurial skills before taking the leap – it’s the key question: “Can I run a business?”
Read more: Self-employment vs Employment
Essential Traits of Successful Business Owners
Are You a Finisher? The Value of ‘Done Over Perfect’
Are you a finisher? If you are someone that needs everything to be 100% perfect before launching it into the world you will find setting up your own business very tough going. After 6 years running our business I can confidently say done is better than perfect. Launch the website when it has the information on it that you need, work on making it a masterpiece of web design when you have some time and money. Start selling your services before you have absolutely everything set up. We have always found it best to say yes and work out how we are going to do it later.
Staying Positive Through the Challenges
Are you a positive person? You could quickly become bogged down and give up when things do not go as you expect all the time. A positive attitude will keep you pushing forward. Here’s a great article from Entrepreneur.com about how to stay positive as a CEO!
Why Being Proactive Is a Must
Are you proactive? Nothing is going to come to you without you doing things. You will need to go out and win business and create services and build a network. If you do not do these things yourself nobody else will. When you run your own business you will not have a boss telling you what to do and when it should be done by, this can be very hard for some people, however it is also a big draw to the self employed world.
The Importance of Flexibility in Business
Can you be flexible? You may think you have the perfect offer to market but if you struggle to get clients are you going to be able to change your plans? Will you be able to deal with changes that come around through market changes or tax policy rules that could mean you need to veer quickly from your initial ideas to capitalise on new opportunities.
Are You Prepared to Work Harder Than Ever?
Do you mind working hard? Running your own business can lead you into a world where it feels like you never stop working. Between completing client work and marketing the business and completing the admin of a business you may suddenly find yourself unable to switch off. While this can be easy as it really feels like you are doing it for yourself, if you do not want to work outside of a standard 9 to 5 running your own business may not be for you.
Financial Realities of Running Your Own Business
Can you cope without a regular monthly salary? Everyone expects that when you first start a business it can take a while to get going with the money flowing in, you can plan for this with saving before you start up. However, even established businesses have periods where the money is rolling in and everything is good, but then fortunes can reverse and suddenly there is not so much work available. You need to be prepared, with a business mindset, for the ups and downs in your bank balance.
Read more: How to get overdue invoices paid – tips for small business owners
Read more: How much should I save for tax?
Developing the Right Attitude for Business Success
Some things you can outsource when you have money coming in to ease a lot of these concerns but to begin with likely you will need to be doing it yourself. Having the right attitude is really key to making it a success. The attributes above are an idea of what is needed to be a successful business owner, you do not need to have all of them but should recognise most of them in yourself and be prepared for where you think you may need to develop some skills.
Need guidance starting your own business? Contact us for expert advice to get your business off the ground.
