Are You Starting A Business for the Right Reasons?
December 13th, 2007 Filed under: Uncategorized — Small Home Business AuthorEveryday I run into someone telling me how great it must be to have my own business. How they envy my life style. True I get my hair done on Thursdays. I leave work at 4 on Fridays. I always take the last week of December off. But what people don’t know is how hard I worked to get to where I am. So let’s examine some of the reasons why people want to start their own business.
Reason #1: I hate my job!
Well, most people do. I suggest you identify clearly the reasons you hate your job. Is it your boss? Your co-workers? The working environment? The nature of your job? Do you feel under appreciated? Do you not get paid enough? Think about this, with a new business, instead of your boss you will have to make all the tough decisions now, not to mention all the financial responsibilities. Your employees might not be as easy going as you think. Your new business’s working environment will almost certainly be worse than what you have now. And depending on what you do now, the nature of your job will probably include a lot more “leg work” and “dirty work” than usual. If you simply don’t like what you do now, you need to figure out what you truly love to do or want to do before you start your business. Otherwise, what business will you start and how can you guarantee you will be happy in your new business?
So, hating your job alone is not good enough a reason to start a new business. I suggest you try finding a new job or different jobs first. Make a list of the things that are most important to you on the job. Don’t compromise. With the labor market still tight in the US, you can afford to be choosy. It is a LOT easier to find a new job than to get a new business going!
If you don’t know what you want to do, spend some time figuring that out. Research jobs or careers that you find interesting. Remember, the paycheck still comes on time even with a terrible job.
Reason #2: I hate working for other people OR I want to be my own boss!
Me too! I may work for myself now, but that doesn’t mean I don’t have to report to other people. You see in a business you will have to report to your customers, and they are not always easy to work with. But since they are the ones who make or break your business, you will have to do whatever it takes to make them happy. And if you think it takes forever for your boss to approve that wonderful project of yours, sometimes customers are worse. This is especially true if you are doing consulting work, or if the project involves a large sum of money. And unless your customer is a 1-man operation, he or she will have to report to or work with other people. So chances are you will have to also. And if something goes wrong, you are ALWAYS the fall guy since you are the boss now.
Reason #3: I want to get rich!
Starting a business might get you rich. But then again it might not, considering 80% of all new businesses fail in their 1st year. Financial goals are certainly very important, but so is the nature of what you do and prudent planning. You need to face the possibility that you might be financially worse off for a while before you are better off. So are you committed to your goals no matter what? Are you willing to make the sacrifice right now for a better future? Are you willing to hang in there when the going gets tough (because it will)? And if you don’t really love what you do, it could be difficult to face the various challenges what come with a new business. So again, ask the question: is this what I want to do for the next 5 to 10 years? If it is, then go for it. But first read my other articles regarding the financial and emotional hurdles facing new business owners.
Reason #4: I have a great idea!
Having a great idea is always a good reason for starting a new business. The question is do other people like your idea. The key to any new business or product idea is to test its viability first before committing to it. Ask 20 people you know if they like your idea. If they do, ask them if they are willing to pay for it. Can your idea be easily executed? Do you have the skill sets to get it started or do you need an outside expert? What is the start-up cost involved in getting your idea going? Can you easily find investors or outside funding for your venture? Work these through. Write a business plan. Then go for it, and DON’T LOOK BACK!
Because of what I do, I run into a lot of people who want to start their own business, specifically, their own clothing business. Some think they have the latest and greatest ideas, while others simply want to get out of their jobs, or the town they live in, or their less-than-perfect life. But before you start any business, think long and hard of the real reasons behind your decision. Running away from 1 problem most likely will create other problems. Starting a business is a long-term commitment. And the road ahead could be bumpy and even difficult. An honest assessment of your motives and situation will serve you well in the long run.
Jackie Or is the owner of The Promotion Factory, Inc. Her company provides custom logoed corporate apparel, embroidered shirts and custom baseball hats at wholesale price points. The Promotion Factory also provides overseas custom apparel and custom hats outsourced manufacturing services. You can check out her blog at http://jackieor.blogspot.com/
