Consider these 5 wrong reasons for starting a business.
There are many great reasons to start a new business and it can be a great experience, but many people start a business at the absolute wrong time or for the wrong reasons. Owning a business can be very stressful and there is no need to add additional (and avoidable) stress. If you are looking to start a new business, consider the following items and save yourself a headache or two.
1 – Lost Your Job
Lot’s of people try to start a business at one of the most difficult times in their lives. They believe it will be easier to start a business than to find another job. The problem is, when you lose your job, that is a time when you must be more conservative with your money. If you decide to start a new business at this time, you will feel a lot of pressure to make it work faster than normal. It will be hard to give it the time it needs to be successful. Plus, you will be spending more money at a time when your family is in financial crisis. In most cases, it would be wiser to find a job to cover your living expenses before starting your business. THEN, this will take the stress off and give you the time necessary to build your business.
2 – You Want To Be Your Own Boss
Many people when asked why they want to start a business give this as one of their main reasons. They are tired of working for a boss and are ready to work for themselves. Ironically, we all have a boss to some degree. When you start your own business, there is a high demand on your time from the business. You are it! No matter what the task, it ultimately falls on you! Also, every customer is now your boss and they can be much more demanding than any boss you had in your job.
The other thing you must consider is that there will not be anyone telling you what to do on a daily basis. You will be your own boss. This requires discipline and being a self starter. Each day you will have to hold yourself accountable for working hard in your business. This can sometimes be a hard transition when you are used to having someone giving you daily tasks and duties. Working for yourself is a fantastic experience. Just realize it will require you to hold yourself accountable.
3 – Tired Of Working Long Hours
In the beginning when you start a brand new business, you will spend many more hours on your business than you did in your job. Why? Like I said before, everything falls on your shoulders. Even when you hire people to complete tasks, you will keep tabs on them and make sure they get the job done correctly. Eventually, there will be more and more time freedom, but just know that in the beginning you will most likely be working much longer hours. Embrace it and enjoy every moment of it.
It is amazing how working long hours on a business can be so much more satisfying than working “for the man”. You are working to build your own business instead of your boss’ and that can be very satisfying. There is nothing more rewarding than working your tail off…for yourself.
4 – Don’t Like Working With People
Even though working day to day with people may be frustrating to some, it is impossible to build any business without dealing with people. It is absolutely necessary to learn to relate to people in order to have a successful business. People are your customers, your suppliers, your employees, your consultants and your team. Don’t start a business because you want to avoid people. Embrace them! Know that as you develop your abilities to work with people, your business will grow.
5 – Looking For Get Rich Quick
In our “instant gratification” world where people require immediate satisfaction and have little tolerance for waiting several years to build a successful business before reaping the benefits. Most people start a business looking for quick results and if they don’t see them after a few weeks or months, they quit and look for another business. The reality is every business takes work and time! Some can actually be built with hard work over a short period of time, but they still require work. Most others require several years of perspiration and typically the owner makes little to no income for the first 3-5 years.
In talking to many prospective business owners over the years, many of them have had several of these thoughts. I thought I’d give my thoughts on them to hopefully prevent you from taking on unnecessary risk in your new venture.