As a career coach, many of my clients consider starting their own business instead of working for someone else. Many times they are tired of not reaching their potential in their current position and working for challenging bosses. They want to be in charge instead of under someone else’s supervision. If you’re considering starting your own business, the following factors can help you decide.
- Do you want to be a service-based or product-based business?
First, decide what your business will offer. Do you have a skill or service you can provide that others will pay for, that you like doing? Or do you enjoy making a product that others will purchase? Keep in mind that often the upfront costs for a service-based business is the education needed to provide the service, and for a product-based business it is the cost of creating inventory for your product. Which is a better fit for you?
- Are you self-disciplined enough to achieve goals without direct supervision?
Owning your own business does mean you own your time and are not punching a time clock. However, it also means you need to provide your own structure and discipline to make your business a success. Have you shown a lot of initiative in the past to achieve goals without direct supervision?
- Are you passionate about what your business offers?
Starting a new business takes considerable effort and time, especially in the beginning. It is important that you are passionate about what your business offers so you keep up your motivation.
- Are you willing to do all the aspects of your business including sales and marketing?
One myth of running a business is that you can just do the parts that you like, and hire others to do everything else. For a new, small business this is not the case. One of the biggest things a new business needs to do is market itself and make sales. Are you willing to learn strategies to be successful at sales and marketing? Consider if you are willing to do all the parts of your business, in order to make it a success.
If you’re still unsure of whether starting your own business is the right career choice for you, let us help you decide. Contact us to schedule your complimentary consultation.