Your business is your baby, and much like parenthood, business ownership isn’t for the squeamish. Some entrepreneurs fall into it by surprise. Others plan and strategize, waiting for just the right moment, opportunity, partner, etc.
But waiting for the perfect time may mean waiting forever. More often than not, timing doesn’t affect your odds of success as much as doing some serious self-evaluation does.
Before leaping into business ownership, you should understand and weigh the mental, emotional and financial implications.
Are You Ready Mentally and Emotionally?
Business owners rarely, if ever, walk away at 5 o’clock, leaving work completely behind. Instead, you’ll take your business home with you.
It’s not a bad thing. You’ve chosen to control your own destiny. When you succeed, it will be the result of your dedication. There is satisfaction in that, but there is also a lot of your brainpower involved along the way. Sometimes you’ll be 100 percent mentally present when you’re at home, and other times friends and family might feel you’re “distracted.”
If you and those around you are comfortable with you spending the amount of time it takes to get a company off the ground, then it’s the right time. Even if others aren’t so sure about your decision, sometimes the belief in your business idea is just too strong to ignore, and you’ll have to make the leap anyway.
Are You Financially Prepared?
Stories of wildly successful entrepreneurs striking it rich with their business ideas—without having to borrow a ton of money or live like college students—are plentiful. It’s possible, and sometimes the best decisions are made when there’s nothing to lose.
But chances are that you will have quite a bit on the line financially. All startups require funding. Whether that’s a business loan, venture funding, pooling money from partners and family, or a combination thereof, your ability to afford your new baby is always a consideration—a big one.
Are You a Credible Business Owner?
It’s hard to take responsibility for mistakes and missteps. It’s much easier to turn a blind eye and move on. It’s how many companies operate, and no one likes doing business with them.
Large corporations can often survive despite this mentality. Small businesses cannot. Your credibility drives ongoing sales. If you’re the type of person whose word is gold, then your business is more likely to attract and retain both loyal customers and employees. People take note when a company goes out of its way to ensure experiences with it are good ones. If you can walk in your employees’ and customers’ shoes, productivity and profitability will take care of themselves.
What Does the Future Look Like?
There is safety and security in dealing with absolutes. Entrepreneurs, however, are comfortable with uncertainty. Do you enjoy the thrill of facing the unknown head on? While you can plan for all kinds of scenarios, you never know for certain what tomorrow or next week has in store. Keep an open mind, and you can deal with success and failure as they come.
Ask yourself: What does success look like? Is it earning enough money to support your family? Is success becoming a recognized brand across Kansas City or the nation? Every entrepreneur has a definition of success. The key is to have specific benchmarks. Your idea of success can and should change over time, but also acknowledge milestones along the way.
And what does failure look like? Are you equipped emotionally and financially to move forward after a small or epic fail? Entrepreneurs are notorious for not accepting failure, which is a necessary trait. If business owners threw in the towel after an idea failed, we wouldn’t have some of the products and companies we love most. However, there is a fine line when it comes to knowing when to push forward or change direction. Be realistic and listen to those you trust for guidance.
Seek Out a Support System
Entrepreneurs have excellent sources of support in Kansas City. Several organizations can provide guidance on everything from writing a business plan to spurring and sustaining growth. Plus, a good business coach will tell you when you have an ugly baby. There is never one perfect moment to start a business. But business ownership is fulfilling because your company is your baby. So many hurdles and triumphs stem from trusting your gut instinct. Many more come in the form of lessons learned. It’s not so much a matter of when the time is right, but how well you are prepared to tackle whatever life throws at you, just like parenthood.
