How Do You Know If You’re Ready To Start Your Own Business?

Some days on the job can be rough and your mind may wander to a different land where the grass is greener and your current boss now is working for you and getting paid half your salary. Sounds like a dream right? Well maybe, but most likely you are having these thoughts for a reason. Is it possible that you are subconsciously preparing yourself to start your own business or are these thoughts simply that – just thoughts? For some people ‘mental venting’ is just a way to make them feel better on those days where their 9-5 is about 8 hours too long, but for others these are the thoughts that will drive them into entrepreneurship.

If you are serious about opening your own small business you may feel smarter than everyone at your work or that no one at the company sees the answers to problems as clearly as you do. You almost certainly are getting tired of not controlling your own income and oh yes, you probably don’t see a need to come to the office everyday to get your job done.

Here are some other indications you may be ready to start your own business:
•     You’re spending more time thinking about what it would be like if you owned your own company rather than how you  benefit your current company.

•     You’re starting to look at web site design companies online to see what kind of a website you want to have.

•     You are checking your credit report to see if getting a loan or a line of credit for a new business is feasible.

•     You start adding up all of your savings, debt and getting a clearer financial picture of yourself.

•     You are starting to plan for the future more by setting lifestyle and financial goals and putting dates to them instead of  just “thinking” about them.

•     You start thinking about what you would put on a business card for your new business.

So what does all this mean? If you are serious about opening your own business you need to put together a business plan and take your time. It doesn’t have to be a professional 25 page spread detailing every move you want to make, but you must start putting an overview of the type of company you want to open on paper. Talk about who you will market to, how you will do it and what you’ll do with the customers once you get them.

Then take a deep breath and start telling some trusted friends or mentors about your “idea” for a company that you might start some day and get ready for them to poke some holes in your plan. Don’t take this feedback as being too negative, learn from it, thicken your skin and make any changes to your plan based on that feedback. After you go through this exercise you will have a better feel whether starting your own business some time soon makes sense.