Business

Things You Should Do Before Starting Your Own Business

Have you been rolling around the idea of becoming your own boss? Tired of working the 9 to 5 grind and getting nothing much in return? Lots of people are. The great news is that this is the perfect time to start a business. With a plethora of business opportunities available and the many technological advancements, you can get started with very little experience and little investment.

As you may or may not know, more than 50% of all businesses fail within the first few years. Though there are a number of reasons for this, unpreparedness is at the top of the list. Running your own business isn’t something to take lightly. There are a lot of responsibilities and sacrifices that will need to be made and if you haven’t prepared for this, essentially your journey to success will be much harder (or nonexistent).

Before Quitting Your Job

Before you get all excited and give your employer your two-week notice, there are several steps you want to take to be prepared to start a business. Here is a look at some of the most important:

Is This What You Really Want? 

Before jumping off the deep end you have to get honest with yourself as to why you want to start a business. Are you simply not satisfied with your job or do you have an idea or product that you believe could serve the general public? Do some research on the various responsibilities and struggles of being an entrepreneur. Are you sure that you and your family are ready for such changes?

Can You Afford It? 

Though there are business opportunities you can start for next to nothing you will have to invest financially until you start generating a regular income stream. Not to mention, there are other financial aspects like paying for your own health insurance, disability insurance, and retirement savings. Review your finances to determine if you’re ready to handle the expense of operating a business. From buying equipment and office supplies to commercial properties, licensing, and insurance, everything will have to come out of your pocket (or from a loan which will also need to be repaid). Determine how much you have to dedicate to the business and the various other opportunities you could use for funding.

Research Business Opportunities

If you’re sure the purpose of starting a business is not to get rich quick or leave behind your dead-end job and you’ve also figured out how you can afford to fund a business you’re ready to begin researching opportunities. While your idea may seem simple in theory, what you may find is that the path to success is a bit more complex. So, research various ideas you had in mind to see what it takes to get to the top.

Get a Mentor

Research can tell you some things about a particular business, but there is nothing better than firsthand accounts. Look for a mentor that you can talk to about your business ideas. For instance, if you were interested in getting into biotechnology, informational technology, or manufacturing, you might turn to Jim Plante, the Founder, Chairman of the Board, and CEO of Pathway Genomics Corporation. He can give account for his journey, the challenges, mistakes, and triumphs so you can make a more informed decision as to whether or not this is an industry you can thrive in.

Get Your Affairs in Order

Though it is recommended that you try and start your business on the side while maintaining your full-time job, some people choose to leave their day jobs completely. If this is what you have decided to do, at the very least, make sure your affairs are in order. Try to pay down as much debt as you can, get on a budget, and put away at least 3-6 months of income to tide you over until you’re generating profits.

Starting a business can be a very exciting experience. However, it is not to be entered into lightly. It takes a lot of hard work, dedication, and sacrifice to succeed, and this can take time. Before you make this decision, do your due diligence and ensure that you’re prepared.