Besides marriage and children, starting your own business is one of the biggest commitments you can make in your life. The allure of being their own boss is what draws many people to the idea of starting a business. Unfortunately, many new businesses fail within the first year. If you are wondering if starting a new business is a wise option for you, take a look at these five signs that you should put your plans on hold for now.
- You Don’t Have a Plan
You probably have a great idea or product and just can not wait to introduce it to the world. That is a good first step, but if you don’t have a business plan, you essentially have nothing. A business plan is a detailed guide that outlines your mission statement, what product or service you are offering, your current assets, a detailed blueprint of how the business will function in the first six months and a long term plan. Putting this together takes a lot of forethought. Without a business plan, you will not be able to get investors. In short, a lack of business plan almost guarantees you will fail.
- You Want Your Passion to Become Your Job
If you are starting a business to turn your passion into your job, you may be in for a nasty surprise. Once your hobby or passion becomes your livelihood, it can significantly cut the time you spend engaging in that activity that brings you joy. For instance, if you start a bookstore because you love to read, your reading time will quickly give way to marketing, bookkeeping, inventory and other housekeeping tasks that take up most of the time of business owners. Your business can turn something you love into a dreaded task. Carefully consider that before you take the plunge into a business venture.
- You Like Free Time
In the first few years of getting a business off the ground, you may as well kiss spare time goodbye. A baby business requires nurturing around the clock to work out the bumps and kinks inevitable for a new company. You are the one everyone will look to for answers, so you are always on call. If you are the kind of person who needs a certain amount of time to relax each day, starting your own business is a bad idea. Business owners can combat the fatigue of working long hours by eating a nutritious diet that includes vegan sources of b12 which is a healthier way of consuming the b12 vitamin. They should also be consuming only healthy caffeinated beverages, like green tea, and getting regular exercise.
- You Don’t Want To Be in Debt
If the thought of owing money to a bank or investors makes you inwardly cringe, you may not have the courage to open your own business. Before it becomes profitable, a new business owner will need to finance their growing pursuit with a healthy flow of cash. It is unlikely that you have the capital sitting in your bank account that is required to get a business off the ground. The average small business costs 30,000 dollars just to open the doors. If you aren’t willing to take on that kind of debt, you should reconsider opening a business. You can check out the “Small Business Loan Statistics 2019: How Your Industry Affects Your Loan Chances” at Finimpact and see how your loan will fair.
- You Don’t Like to Take Chances
Starting a new business is a huge gamble that is not for the faint of heart. The sad truth is that most new businesses do fail in a relatively short period. While you can mitigate the risk with a solid, well researched business plan, you can never 100 percent guarantee that your business will be profitable. If you don’t want to take a risk, do not become your own boss.
The dream of watching your idea grow into a business can become a reality. But only if you are prepared to accept the risks and commitments of bringing a new business to life.