You just experienced one glorious eureka moment, you have a product idea that you are sure will be the next worldwide phenomenon. You are about to consider getting some business funding using personal loans to start the business. But a tiny lingering question still haunts your mind: Are you really ready to start your own business?
As it get easier to secure a personal loan, financing your own business is just within your arm’s reach. But knowing if it is the right time to do so is a critical factor to your business’ success.
Here are five signs you should look for to know if you are ready to start your dream business:
1. You no longer like your job
Any job can have a negative and positive sides, but if you feel all negative, then maybe it is time you do the ordering around. A few bad days don’t mean you should leave your current job, but a whole month, a whole year? That is different. You could do both you and your employer a favor by leaving that job and starting a business that you are really passionate about.
2. You understand that a business success is not certain
You accept the fact that your business might fail. You understand that you could do everything to reduce those risks, such as proper research, tests, and various chats and advices with other entrepreneurs, but a small chance of failing still exist. Not to mention risking losing your [hopefully] sustainable job and the chance of running into a legal dispute.
3. You have done your research
If you have an idea in mind, by this time you have done plenty of research on it. Do some proper study of the market conditions. You need to know if the market will readily accept it and check to see what aspects of the industry you could improve by studying competitors. You should also research on how you would be able to finance your business, such as by getting a personal loan or using your own savings. Learn about the interest rates of these loans and see if you could pay them off easily with your business.
4. You have passion in your desired business
Since you thought about starting a business, you probably have a product idea that you are sure will succeed. But it success depends on how passionate you are about the product. No matter how sure you are that the product you want will be very profitable, if your heart isn’t set on it, there is a huge chance that it will fail.
A product that you are actually passionate about have a higher chance of succeeding, no matter how skeptical you are about it compared to the former.
5. You have a great team in mind
You can’t venture into business on your own. Whether they are your family, friends, or co-workers, you need people you know will help you succeed in your business. Few entrepreneurs made it big alone, so having great support on hand would be helpful for you.
The next question comes to mind is usually when; when is the right time to act on the signs mentioned above? For your takeaway, here’s a simple way to answer your “when” question: As Gary Vaynerchuk has said, if you are a true entrepreneur , you can’t breathe working for someone else. So, if you are restless, anxious, and get the entrepreneurial itch that you need to scratch, then it’s the right time to start a business.
Are you ready to take off?