7 Signs You are Ready for Your Own Business (and How to Find Money for it):
Are you thinking about starting your own business? Running a company definitely has many advantages when compared to working for someone daily from 9 to 5. You are your own boss, you get to make strategic decisions that can make you loads of cash, and you don’t have to answer to anyone. Sounds like a dream job, right?
However, not everyone is cut out or has the opportunity to start a business alone. It can also be a challenging task and of course, it calls for a significant amount of start-up money.
If you notice one of these 7 signs, maybe it’s time for you to get in the game and start your own business. We’ll also provide you with some useful tips for finding money to start your first business.
- You have good ideas and a realistic business plan
The first step to even consider starting your own business is to have good business ideas. It can’t be just an idea, as everyone can think of something to do. Your ideas have to be original and they should have a good chance for success. Besides having awesome ideas, creating a realistic plan for your new business is also very important. Without a proper business plan, you are more likely to fail.
- You are organized
In order for a business to be successful, one must be organized and plan things beforehand. If you are a person who can take charge of things and organize stuff around the office, starting your own company might be a good idea. Successful businessmen are known to have everything whenever they want it. They are also no strangers to being in control.
- You understand all the risks and the economic climate around you
It is important to understand all the risks of venturing out and planning your new business. Check if there is a high demand for the product you are offering around you. In case there are many similar businesses in your part of town, you’ll definitely have more trouble attracting new customers and business partners.
- You See an Opening in the Market
Seeing an opening in a market is maybe even better than having a great idea for a business. Have a look at different industries that you find interesting and figure out if they are missing good service or they need a new product. You should also see what types of businesses are trending at the moment and which products and services and in high-demand in your neighborhood.
- You’re a decisive person who is ready to make tough calls
Being a decisive person and having experience with making important decisions is crucial to launching your own company. People who hesitate to take action or don’t have what it takes to make tough calls are not ideal candidates for this adventure. A good boss always knows when to take risks and how to encourage employees to stay on top of their game.
- You are eligible for taking out loans
It’s time to figure out how to find the money for your new business. If you are eligible for taking out a loan, you will be happy to hear that many banks are funding small start-up businesses nowadays. In case you are not in a position to take out a loan, maybe you can apply for a microloan.
These loans are available through dozens of different resources like peer lending groups, online lenders, and community sources. If you are still short on money for your new business, consider renting your free space or renting your own driveway as a parking spot on a sharing community site like ParkHound.
- Borrowing from family and friends is an option
Asking your friends and family for money is also an option. By borrowing money from them, you probably won’t have to worry about high-interest rates. However, if things with your business go south and you don’t have enough funds to pay back the money you owe to your family and friends, the relationships might suffer.
Starting your own business is not a piece of cake, but it’s also not rocket science. In case you think you have what it takes and your answer to these 7 signs is yes, maybe it’s time to take a risk and open up a business of your own.
Sarah Kearns is a hard working mother of three daughters. She is a Senior Communications Manager for BizDb, an online resource with information about businesses in the UK. She loves cooking, reading history books and writing about green living.