Business

How to Know When You’re Ready to Start a Business

January 26, 2021

After weeks, or even months, of preparing to launch a new business, the to-do list can feel never-ending. The constant worry that you should be doing more, be more prepared, have built up more of a social media following, or one of a million other things you think you “need” to do, can be overwhelming. But if there’s one piece of advice every entrepreneur will tell you, it’s that if you aren’t embarrassed by your first attempt, then you’re launching too late. 

So what do you really need to be ready to launch a business? Here are our top five indicators that you’re more than ready to share your business with the world!

  1. Passion

Are you excited about your business? Are you constantly seeing opportunities where your business could meet a need or add value for others? That passion, that fire to do more and to try new things is what will keep you motivated to make your business a success. Don’t get me wrong, there will be tons of learning opportunities, things you don’t get right the first time. But that passion for your business and your positive impact will keep you going.

  1. Experience

I’m not talking about being the most experienced person in your industry. But you do need to have enough experience to actually do the work, talk about your business, and convince others they need you. Do you know enough about the industry you’re working within? Are you comfortable talking about the product or service you’re providing? Do you know enough to run the business on your own, and are you confident you’ll find the answers when you don’t know? 

There will always be moments where you second guess yourself and your decisions, but if you’re starting out with a head full of doubts then you’ll be your own worst enemy. List out all of your weak spots and find solutions to help you level up your knowledge or experience in that area. Consider online courses, internships, or volunteer opportunities to build your experience as quickly as possible!

  1. Time

Building a business takes time. That doesn’t mean you need to up and quit your full-time job if it pays the bills. What you DO need is to set time aside to focus on your business. Schedule out every week and commit to exclusively focusing on tasks that take your business to the next level. 

Time management is key when you’re starting out, especially while you juggle multiple hats. Knowing how much time you have to spend on your business will also help you prioritize tasks that have the biggest impact, and push aside the tasks that might not even matter in the end.

  1. A Plan

Every help article, business course and bank manager will tell you that the success of any business starts with making a plan. And while a formal business plan is good, if that’s the thing that’s stopping you from launching then throw it right out the window.

Starting a successful business does mean having a plan, but all you really need is a basic playbook. Map out some ideas of where you’ll start, what your goals are, and how you hope to get there. Consider including information about your target audience, marketing strategy, budget details, and short-, medium- and long-term goals. 

  1. Courage

If you’ve checked the boxes beside all of the above, the only thing stopping you is you! You’ve got to have the courage to take that first step, that big leap into the unknown. 

Starting a business is for the brave, for those with the courage and the conviction to persevere through the hard patches and come out better on the other side. Everyone has a moment of feeling unprepared or that every tiny detail isn’t quite perfect. The only difference between you sitting here saying you need more time and the guy sitting next to you launching his business is courage.

I hope by now you feel encouraged, ready and supported in starting this next adventure in your life. Starting a business can absolutely be scary and the fear of failure is tangibly real, but so is your passion, your courage to make a difference in your community and for your people. 

The best time to start is now, so what are you waiting for? Take that leap of faith, and know we’re here to help every step of the way!

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