5 Ways to Know If You’re Ready to Start a Business

5 Ways to Know if You're Ready to Start a Business

You may have been thinking about it for a while. It’s that little voice in the back of your head that won’t go away. Perhaps you’re a faculty who wants to share your expertise with a larger audience through an online course or even selling an ebook online. Or maybe you have a special skill or gift that you know you can monetize and help people at the same time. But how do you know if you’re ready to take on the challenge of starting a new business?

Here are five ways to know if you are ready to start your own business:

  1. You are creative, but can get things done. When you have your own business, you are responsible for coming up with the marketing promotions, content creation, customer communications, and new product and development just to name a few. You have to do all of this while executing what needs to be done in your business.

  2. You are willing to take risks. “He who is not courageous enough to take risks will accomplish nothing in life.” Muhammad Ali. There is the fear of the unknown; what if my idea won’t work, what if I am a failure, can I even do this? Let me let you in on a little secret. Everyone feels inadequate and has that little voice in their head telling them that they can’t do this. In fact, in a poll of 1,000 Americans, the top fear is personal failure. If this is your fear, you are not alone. The reality is your friends and family will root for you.

  3. You are patient. Perhaps you are worried, what if I build this business, but no one comes? Unless you are starting your business with an established audience, which is typically not the case, it will take a while for you to get up and running. You have to be patient, consistently deliver on your marketing plan, and just show up. If you do this, you will be far ahead of the game of most of your competition.

  4. You are flexible, but able to follow a plan. There is a systematic step-by-step process for coming up with business ideas. This includes finding your special gift or why you want to start your new business, how you will differentiate yourself or your product in the marketplace, outlining your ideal customer, defining your business model and product offerings, validating your idea and analyzing your results. Once you have your business idea, you will need to put a plan in place to execute. Flexibility is key; your business will evolve over time based on your customer’s needs and wants as you get to know them better.

  5. You are willing to reach out for support and guidance. You are not in this all alone. There are many ways entrepreneurs can get support and guidance as they go through their journey. One of the best ways is finding a private Facebook group or LinkedIn Group similar to what you are interested in doing. They will be there for you when you stumble, answer your questions, and provide guidance along the way.

If you are new to using private Facebook groups for business purposes and would like to search for some that may interest you, just go to Facebook and search for any topic that you need assistance with. For instance, this weekend, I was struggling with a Facebook ad campaign. I thought to myself, I bet there is someone in a Facebook group who could answer my question. After searching and finding a group that specifically focuses on Facebook ads, I was able to ask my question and just a few minutes later, it was answered!

Reach out in the comments below if you have any valuable Facebook groups for new entrepreneurs!