Do you dream of starting a business? The concept is glorious: You wake up one morning, dreading the familiar 9 to 5 grind. This morning is a little different though. You decide you’ve had enough of putting your dreams on hold, hoping that one day you’ll get around to doing what you really love. Today is that day. You call up your supervisor, quit your job, make a few more phone calls, and voilà, you have become your own boss. You are finally doing something you are really passionate about. You have started a successful business.
While we wish it was this simple to achieve entrepreneurial success, there are some key questions we encourage you to ponder before you put in your two weeks notice.
1. Do you have what it takes to run a business?
Difference makes the world go round, but there are a few important traits that most successful business owners have in common.
- They are brave, willing to take risks in the face of uncertainty.
- They are self-assured, making quick, logical, and crucial decisions with confidence in their ability to do so.
- They are determined, never faltering in their efforts despite inevitable setbacks.
- Last but not least, they are creative. They have dreamed up their business, set it apart from its competitors, and are consistently solving problems on the fly.
If all of this sounds like you, move on to our next question.
2. Are you willing to sacrifice your time and money?
Time is one of the most valuable commodities in the world. Are you ready to give up a lot of it? Business ownership can make a 9 to 5 look like a part-time job. Successful entrepreneurs may work through the weekends, and often skip out on parties, vacations, and special occasions to get the job done. As an owner, you are the lifeline of your business… if you don’t put in the time, no one will. Speaking of valuable commodities, say goodbye to some money… probably a lot of it. Starting a business is an expensive risk. Loans will be crucial. Hopefully, after some time and a lot of hard work, you will gain that money back and then some.
3. Do you have a strong support system?
Running a business, large or small, can be stressful. No one should do it alone. A network of supportive family and friends will cheer you on and keep your spirits up, especially during the toughest of days. Also, remember those crucial decisions we mentioned before? Having a knowledgeable partner or mentor to assist you through them is key, especially when you’re first starting off. Make sure you choose an advisor that is cooperative, direct, and has plenty of experience. There is nothing better than having a trusted expert on your side.
4. Why are you starting your business?
It’s a very important question, and we saved it for last on purpose. You may have the personality, the time, the money, and the support system to start your own business, but if you can’t answer this last question, the odds won’t be in your favor. You should be confident about your product(s). You should truly believe that your business has something that will benefit others. If you are passionate in your purpose, your customers will recognize it, and they will keep coming back for more.
And there you have it. If you were able to answer all of these questions without hesitation, you may just have yourself a recipe for entrepreneurial success. We wish you the best of luck with your business endeavors, and hope to work with you in making your dreams a reality!
At CHROME, we're big on helping small businesses and understand how to get the money your business needs. We work together to understand who you and your team are with the goal of building that foundation for future success. Whether you’re managing cash flow, inventory, or starting new business opportunities to growing your business, purchasing new equipment, or making facility improvements, at CHROME, we never forget that small business is the lifeblood of our community. When you’re stronger, we’re all stronger. Neighbor helping neighbor. One business helping another. That’s how CHROME works. CHROME small business financial services and products are easy to use. Contact us today for help and advice!