How to take the leap of faith and start your own business?

Take the leap of faith and start your own business

TAKING THE LEAP OF FAITH

You’ve always dreamt of having your own business, and calling the shots doing what you really love to do, rather than being at the whim and mercy of a dictator boss. You have dozens of business ideas, just waiting to be executed – if only you had the time to really go all out and crush it! But wait – how do you really know if you are ready to take that leap of faith and start your own business? What are some of the questions you should be asking before you begin your business?

COMFORT ZONE

The first thing you need to ask yourself is – are you ready to have drastic change in your life? In order to have improvements come into your life – more money, more time, more balance, more happiness, more of everything – it comes with a price. First, you go through a tumultuous period during the start-up phase. Before the improvements arrive, there will be disruption to your daily lifestyle – less money (because you are investing in your new business to get it off the ground), less time (putting in the hours to build a new business, as the start up phase can be very time-consuming), less balance (good luck trying to have more family time and time with your kids!! you’ll be devoting so much more on the business side first to get it running smoothly and becoming stable), less happiness (a lot of confusion and anxiety wondering if things will go your way, trying to close the first few customers, ensuring the business stays afloat) and less of everything.

(Are you sure you still want to do this?)

But take heart – it gets worse before it gets better. And it will get better, eventually. The trick is not to give up.

 

PLAN RESPONSIBLY

Before you decide to take the leap of faith and start your own business, do a thorough assessment of your situation and financial commitments. Speak with your partner (husband or wife) and go through a financial modelling of what the next 6 months or 1 year might look like. How many dollars and hours will go towards getting this dream off the ground? Does it look reasonable? Don’t make the grave mistake of saying I don’t care, I’ll just quit my job and try. You can try, by all means, but trying with proper planning and with mentors and coaches to guide you will ensure a smoother ride ahead. Knowing you have the cash reserves to tide you through a few lean months will ensure you do not jeopardize your family’s situation and wellbeing.

With a proper business plan and financial modelling, you will be able to undertake this next step with more confidence and guidance along the way.

Then it wouldn’t be so much of a blind leap. You’re moving forward with a higher chance of success. And you will be more prepared to tackle what lies ahead.

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