Am I Ready to Start My Own Business?

By Marcie Hysinger
Like many mid-career professionals, after 20 years of working for others I became curious about self-employment.  The pros and cons of such a big decision as deciding to start my own business,  soon haunted my workday, a roller coaster of excitement tempered with a hearty dose of doubt.   Am I brave enough, strong enough, good enough to succeed on my own?  Are my finances capable of withstanding the whims of the market?  Is the timing right?

I turned to the experts for help, eager to make the right decision.  From diligent research and the sage advice of the business owners in my community, the key elements necessary to start my own business became evident.  It is my pleasure to share them with you. For any professional in the midst of such a decision, I encourage careful analysis of these valuable points; true indicators of future success.

BARRIERS
Your best decision when deciding to start your own business will include honest consideration of the most challenging aspects of starting your own business.
-          Do you have money saved sufficient to cover your personal expenses as well as your business expenses for up to a year or more?
-          Will devoting extra time and attention to the business detrimentally affect your lifestyle?
-          Are you an expert in your field with the established, reliable contacts necessary to begin marketing yourself immediately?
-          Have you gathered the resources necessary to properly establish your business, including legal, accounting, and administrative expertise?

BENEFITS
Now that the reality of starting your own business is apparent, allow the advantages to weigh in on your decision.
-          Are you passionate about your work and your clients?
-          Do you have the time, attention and resources ready to commit to making your business a success?
-          Are you personally and professionally ready to present yourself as an expert in your field?
-          Does the thought of working for yourself (and your many customers) bring a smile to your face?

There have been times in my career that I have been delighted to work for a great company, with the ability to concentrate solely upon what I do best, and equally happy to leave the burdens of accounting, management and administration to someone else.  There is no shame in the corporate grind; quite the opposite, as each and every individual can rest assured that their contribution works in tandem with those of their colleagues to create a successful business.

If, however, the sense of risk, adventure and independence of deciding to start your own business,  prove too great a temptation for you to resist, prepare with all your ability and launch with every spare ounce of energy!