Are you ready to start a business? Starting a new business is no small feat, whether it’s a web-based e-commerce company, a company offering services, a brick and mortar store or anything else you can dream up! Today, entrepreneur and CEO Scott Binsack explores how to determine if you’re ready to start a business.
If You’re Ready to Start a Business, Drop the Illusions
A large percentage of new companies — about half — fail within the first three years and this is due, in large part, to entrepreneurs who simply weren’t properly prepared to start and nurture the venture.
Realistically speaking, very few businesses turn a profit in the first year. In fact, some may not turn a profit for two years, or even three! Of course, many first-time entrepreneurs want to believe that their company will be the rare exception. As a result, they set down a path that’s headed toward disappointment. So maintaining a realistic viewpoint is absolutely essential.
If you insist on believing that you will be the exception to the rule, you’re disillusioned. When it comes to business and life in general, it’s prudent to plan and prepare for the worst case scenario and hope for the best.
If You’re Ready to Start a Business, You Need a Plan
As with life, it’s also wise to develop a solid plan for your new business venture. If you’re not willing to invest the time and effort to devise a detailed business plan, then chances are you’re not going to be willing to invest the time and effort to properly build your business.
Also consider whether you’re willing to make the sacrifices that are necessary as you build a new company. In addition to being financially prepared, are you physically, emotionally and socially prepared to allow this new venture to dominate your life?
Starting a Business is Lots of Hard Work
Starting a new company is virtually never a 9-to-5 gig. It requires that you work nights, weekends and holidays. Establishing a new company is very demanding and not everyone is in the right place in their life to give in to the demands of a new business.
Prospective entrepreneurs must also decide whether they’re really — I mean really — prepared to be the person who deals with everything that rolls downhill and into your lap. When you work for someone else, it’s another person’s problem and concern when the poo starts rolling downhill. But when you’re the business owner, it’s your problem — and you can’t divert that problem into another person’s lap (and expect to find success.) Are you ready to say “the buck stops here”?
In general, starting a new business is always more complicated, more costly, more time-consuming and more challenging than you ever expected it would be. That’s the reality of establishing a start-up. Are you really ready to take on the challenge?
If you’re ready to start a new business, CEO and entrepreneur “Scott Binsack” and the team at his company, The Rain Maker, can assist with everything from logo design, to business strategy development and consulting, website development and beyond. Learn more at www.ScottBinsackRainmaker.com.