Many people dream of starting their own business, however before you jump in and quit your job it’s important to do some self-evaluation to ensure that you’re on the right track with your business idea. Being absolutely brutally honest is part of the process of getting started, and always remember friends and family will tell you what you want to hear and not what you should necessarily hear… so be honest with yourself, above everything else. Answer the following to help you make your decision. Don’t hold back; be brutally honest.
Are You Self-Motivated?
Are you able to set a schedule for yourself and stick to it, so that you get things done on time? When you work for yourself you are going to have to determine the processes and steps required by which things get done. Can you handle doing that? If that’s a weakness for you, can you get training from someone like a business coach?
Discover Your Why
Figure out why you want to start a business and be brutally honest. If it’s to be rich, to be able to sit on the beach all day, or to “have more time,” then you’re fooling yourself and you need to find a different type of job because working for yourself is as hard as it gets. Sure, eventually you may have more control over your time, but when you first start you’ll work harder for free than you’ve ever imagined you possibly could.
You may not have a boss technically anymore, but depending on what type of business you start, you may suddenly feel like you have many bosses. For example, if you become a virtual assistant, you’ll likely have 8 to 10 clients who all think they’re your boss. You’ll have to find a way to balance this fact with your own expectations.
List Your Resources
Before starting a business, list all your current resources, whether it’s software and tools or people who can help you. This resource list will help you to ask people to help you, and will help you know what you have going for you right now.
Do You Play Well with Others?
You might think a home business means you don’t have to deal with anyone else, but often times the opposite is true. If you know that you have difficulty with others, you may want to choose a home business to start where you don’t have to deal with people as much.
You’ll Need to do almost Everything
When you start a business you may have to be the bookkeeper, the laborer, and the candlestick maker. This is how it is when you own your business; you do what needs to be done at the moment it needs to be done, even if it’s something you hate. Sure, you can outsource but when that falls through, you must do it.
Do You Have Enough Experience?
When you think of the type of business you want to start, are you truly experienced enough to do it or should you start at a different level to move up to what you really want to do? For example, if you’ve never had a successful home business, you can’t coach others to have one.
Do You Have a Good Relationship with Money?
When it comes to making your own money in a home business, you’ll have to become an expert at money management. Sometimes you will feel as if you’re working for free; other times the money will seem to be on autopilot.
Do You Understand the Competition?
One aspect of choosing whether you’re right for a home business is to look at your competition. Determine whether or not you can deliver at least as well as them, with your own twist.
Not everyone is cut out for working for themselves from home, some people need the structure of a place to go each day and the discipline of being told what to do, to be successful. It’s imperative that you are real with yourself during your self-evaluation because if you’re not, you’re in for a very steep learning curve.