A recent survey found that 63% of 20-somethings want to move away from traditional employment to start their own business. Another study shows that 69% of U.S entrepreneurs start their business from home. More of us than ever want to start a business or work as a freelancer. We don’t want to be held back by workplace rules and regulations. Instead, we want to do it our way, working flexibly and with full control. It’s thought that by 2020 more than half of the workforce will be self-employed. That’s a huge increase in a short amount of time.
When you are in your 20’s, it’s easy to dream of going it alone. You’ve got very little experience, no responsibilities, no financial ties and the world is at your feet. Starting your own business can seem perfect. An easy way to make money doing something that you love.
As you get older and gain more experience in the workplace, it gets harder to follow this dream. You’ve got commitments and responsibilities. You can’t just throw it all away to start up on your own. And, you might not want to. You’ve worked for other people, you’ve seen things go wrong, and you have more idea of how difficult running a business can be. Of course, this doesn’t mean that you shouldn’t do it. In fact, using your knowledge and experience means that you could do a much better job than someone just out of college. You’ll be more likely to seek help from Your Company Formations Ltd and take your time to do it right. But, it does mean that you are more likely to wait until the time is right to make the leap. Here are five of the signs that you might be ready to start your own business.
You Love Your Work, but You’re Frustrated
Many of us fall out of love with our jobs at some point. It can mean that we need to take a break or that it’s time to move on to something new. If you love your job and the industry on the whole, but feel frustrated by working for someone else, by their mistakes and limitations and by your own inability to do more, then you might be ready to start up on your own.
It takes a lot of time, effort and passion to start a business of your own. It’s certainly not something that you will be able to do unless you feel passionate and excited about your new venture.
You Truly Believe in Your Idea
Starting a business isn’t just about looking at your job, seeing mistakes and wanting to do it better. It needs to be more than that. You need to be better and bring something original to the market. Think about what you want to do. Do you have unique ideas or something different to bring to the table? Do you truly believe that it could work and are you willing to give it the time that it deserves?
You Have Connections
Networking is an incredibly important part of starting a business. You need to believe in your idea, but so do other people. You may have connections from work, if not, start making them with the right people before you make the leap.
You Are Financially Stable
It doesn’t necessarily take a massive amount of money to start a business. In some cases, you can do it with almost nothing or a small bank loan. But, that doesn’t mean that you should jump in without considering your finances. If you are giving up a job to go it alone, you are also losing an income. Don’t do this without first sorting out your personal finances. It would be lovely to think that your business will make money from the get-go, but this is often an unrealistic expectation. Make sure your family is financially stable and can cope with a loss of income for as long as it takes to build your business.
You Understand the Risks
The risks of starting your own business are many. You could lose money; your business could struggle for a long time. You’ll need to commit a lot of time and effort. You’ll lose time with your family and friends. Your peers may judge you and your business may face criticism. You could even lose friends in your old place of work. Understanding these risks, being prepared to face them, and knowing that you could be in for years of hard work before you turn your business into a success is a sure sign that you are ready for it.