Do you really want to start a small business now? Here are a few things to remember before you decide to quit your job.
Starting a business is not an easy job. It requires dedication, hard work and stamina (most entrepreneurs work twelve or more hours each day, six to seven days a week). You cannot simply wake up one morning, decide you are not going into work, hang an "open for business" sign on your front door and expect people to come pouring in. People will not simply walk into your new shop unless you are super lucky. You definitely need to do something special.
For starters, do you want to have your own business because you think you would be successful or because you think it is an easy way out of your current work situation? If the idea of tons of money, flexible hours, and lack of rules and structure is what motivates you, owning your own business is probably not for you.
Absolutely right, many small business owners are extremely profitable and are no longer directly involved in the day-to-day operations of the firm. They did not, however, start out that way. Most business experts agree that it normally takes about three years for a new business to make a profit. (We are not going to elaborate the details of the business cycle culture here, just quote a very general here). During that time, business owners must be extremely focused, structured and organized. Without such discipline, your business will be headed for failure. It is important for you to know that you may fail in your business, but with a lot of hard work you can make it, but failure is part of the process. Remember that. Money will only chase after you when you are in this category. If you are familiar with the business big blue map then you probably in the half way of success.
Below is a checklist to see if you are ready to start your own business or not.
1. Perform an honest self-critique. Do you have the personality to run a business or are you better suited for a corporate atmosphere? Though you do not need the character of a used car salesperson, you will need to be outgoing and have the initiative to promote your business wherever and whenever possible. Silent is golden might not work here. Must be able to open your mouth and talk in public loudly and with a smiling face printing on your face. Let this be your own trademark. You will not lose anything.
2. What other events are currently taking place in your life? If you are thinking about moving to another city or state, or are planning a wedding (or a divorce) within the next year, you may want to put your business plans on hold until your personal life stabilizes. You will need all of your attention and strength for your business.
3. What are your long-term goals? If you always wanted to be a musician and travel around the world, don't open a conventional grocery that will require your undivided attention and constant supervision. This is especially for typical Chinese style. They are so use up to this method. They are GLUED!
4. Are your finances in order? Do you have good credit and have you saved enough money to cover your living expenses for at least three to six months? Since you will have to invest in equipment and supplies for your new company and may have to wait several months before realizing any income from your business, you must be financially prepared. I would suggest you stick to your existing company play as a role of employee first until you are ready. At the same time, you can do your business in part time as well. Thorough this way you are deemed safe. Again, time management is applying here.
5. Do you have a plan? Not just and idea - a plan. (Something more refined one) To be more specific, a big blue map about your company that for future. Without this blue map, you are unable to perform well.
6. Does your plan make sense and is it realistic? Though it is great to reach for the stars, it is much better to set realistic, attainable goals that will help you progress through the stages of business development. Success does not happen overnight, it requires patience and perseverance. (This sound familiar to those who learn 6 Sigma)
7. What resources will you require to begin your business? If you are counting on other people to help you get started (including your spouse, significant other, family members or your best friends that can be trusted), it would be wise for you to work them early in the planning stage to develop a feasible course of action. I would suggest all must be in proper documented and if possible legalize it. This is the best way to link and bond each another.
8. What (and how much of it) are you willing to sacrifice? Are you willing to postpone buying a new car or taking a vacation in order to finance or invest in your business?
Be honest with yourself. If your personality and situation demand that you maintain a full-time job for a few more months, years or decades, that is okay. If you still have an entrepreneurial spirit, you can take that time to pay down debt, save money and develop your business plan. If you never want to own a business that is okay too.
Starting a business is not for everyone. Some people will read this article and decide that entrepreneurship is not for them. Others will read it and strengthen their commitment to their business plans. Whatever your decision, I hope you will keep one thing in mind - whatever you do in life, do it well and the best you could.
Lastly, Idaman Collection Enterprise wishing ALL our customers will succeed in their lives in whatever ways.
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