Many people dream of running their own business. The freedom to do what you want, when you want it, and the ability to work on the projects you want with the people you want. Yet all too often this remains simply a dream because people aren’t sure where or how to begin. This four-part series is going to help you with those first few key decisions.
Today’s Kryptonite: Starting a Business
Why would anyone want to start a business?:
- Time Freedom
- Financial Freedom
- Autonomy/Do What You Want
- Pursuit of Passion/Work You Love
- Job Security/Insecurity
- Get away from bad boss/environment/politics/BS
What are the realities of starting a business?:
- Will have to work more hours at first
- Can be a roller coaster
- You will need to wear many hats
- Run the business while working in the business
- “Security is your ability to produce.” – Gen. Douglas MacArthur
- Are you running away from something bad or running toward something good?
How can you be successful?:
- Define what success in business looks like.
- There are several ways to launch a business. Some are:
- Turning your job into business
- Turning a hobby into business
- Turning an idea into a business
- To decide which is the best option for you you need to look at your current situation and decide how much risk you’re willing to take on.
- You need a plan and it needs ton factor in both the work and your financial situtation
- What percentage do you contribute to your family’s total income?
- Who carries the health insurance?
- How supportive is your spouse?
- Do you have an emergency fund? How long will it last you?
- Be aware of realities
- Your odds for overnight success
- What is your primary motivator? Write it down.
- What does success look like for you? Write it down.
- Assess your current situation and understand your tolerance for risk and develop a plan. Write it down!