Did you know that more businesses start in down economies rather than booming economies? Its true! If you have been considering entrepreneurship, there is no better time than now.
Entrepreneurship always means taking a risk, but in the last year or so, it’s become clear to many people that working for themselves might bring greater financial benefits – along with lifestyle benefits. And some people are considering it because they enjoy working from home and the flexibility it offers.
If you are considering entrepreneurship, here are three things to consider before jumping in.
In my opinion, you can never do too much research. Look at your chosen field or niche. Is there a need? Do you have a unique idea or skillset? Can you monetize what you love doing? And can you make enough to cover your bills? Do not shortchange your research – you should be answering from knowledge not assumptions. That is what research is all about.
These are just a few things to look into when you are considering hanging out your own shingle.
It never pays to skip training, especially when it comes to entrepreneurship. And there are so many fantastic programs, classes and groups out there for small business owners, including mentorship opportunities where you can get invaluable skills.
One of the best in the Columbus, Ohio area is the Women’s Small Business Accelerator. It’s a non-profit that is run by successful women business owners to HELP future women business owners succeed.
Sometimes, the timing is right – and sometimes it isn’t. It doesn’t mean you won’t succeed as an entrepreneur, it just means you may need to prepare a little more before launching.
Taking a hard look at whether you have the timing right to start your own business is key. Do you have the passion and drive? Do you have the support in place? Do you have a solid business plan? Do you know how you will fund your business? Don’t make assumptions here – make sure you can definitively and confidently answer these questions. If you are not sure, go back and research until you have all the answers.
Jumping in too soon, without having built a monetized business model, could mean your business struggles.
Start slow – plan, research, fund and then launch. This is it’s the best path to successful entrepreneurship.
At YMT Consultants, we believe in the power of small business. We partner with clients to develop and implement a plan of action so small business owners can grow and achieve their goals. Want to learn more? Contact us today.