First of all – good for you, being your own boss can be an opportunity to do things your way, to create a lifestyle and balance that works for you and can give you something that you truly feel passionate about.
However, are you really ready to take the plunge, have you really challenged yourself to know if you are ready? Check out these 5 things that can help with that decision by Stacy Munro.
Do your research
Something that you have created that you think is fantastic and has made a big difference in your life, may not be the answer for everyone. You need to know that you are creating something that people want. Ensure you can answer all of the below:
- How many people could use this?
- How many people actually would use this?
- Would people be willing to pay for this?
- If so – how much and how often?
- Who else is already doing this?
- How is your ‘thing’ different from the competition?
- What is happening in the world (personally and geographically) right now that could pose a threat or risk to your entrepreneurial plans?
Find a co-founder
Business can be a very lonely place to be sometimes. Not everything will go to plan and there are so many instances of you doubting your own abilities, that awful Imposter Syndrome looming on your shoulders that makes you question whether you are grown up enough for this.
That’s where having a co-founder can be so valuable. Someone who can be there to be not only a trusted confidante and supporter but someone who can bring their own perspectives and knowledge to ensure the venture is a successful one. Think about what skills you have and where your insecurities lie, this can inform how to create effective collaboration with a co-founder. Having a co-founder also makes you more investable down the line as there isn’t a single point of failure at the head of the company.
Network, network, network
Related to the point above, the startup journey can be a lonely place, and if it is your first time, you don’t know what you don’t know. So look to grow and embrace networks of individuals who are going through the same thing. Not everyone is a competitor! You will find so much value in discussing the challenges that creating a business brings and be able to not only help each other through the pitfalls but you will find a wealth of knowledge and resources out there that you didn’t even know existed – so many of them free!! It is also an ideal way to build networks with businesses in your area that could be potential collaboration partners in the future – either through joint blogs or social media content or by sharing your business with their existing network and therefore opening up your potential consumer base organically.
In the famous words of Mr Rocky Balboa (not sure which film!!) – ‘It ain’t about how hard you hit. It’s about how hard you can get hit and keep moving forward.
This can be incredibly hard and the 3 points above should all help with this. If you are starting to doubt what you are doing try, these steps, all related to the points above:
- Look at your research – do the facts support what you’re doing – Yes – Keep going
- Speak to your co-founder or a trusted friend. Get a drink and have a rant! This will not only make you feel better but will hopefully also act as a sounding board to address any fears and take some next steps
- Speak to your network – Everyone will have felt the same and so will at the very least understand where you are coming from.
Don’t suffer in silence – work it through. It might not be the answer you want at the end but the right answer is the best one, and better than no answer!
Make it happen – find your catalyst
So many people think,
and talk about it ….
and again …
What is stopping you? If you have completed the steps above what excuse do you have left? Something needs to make this happen – that something needs to be you – so what are you waiting for? If you really care about this then that answer should be pretty significant, if it isn’t – tick-tock my friend.