Should I Launch My Own Business?
There are both pros and cons to launching a business. Many people only see the “pros” of launching a business, especially if they have had difficultly working for others. Being an entrepreneur can be a very rewarding experience. However, it is important to know that the average business takes about 6 months to start up, including systems and employees. While some turn a small profit within months, others can can take three or more years to return a profit. It may be beneficial to start up a business while working elsewhere, until the business is viable and can support you.
Here are a few “pros” to consider:
Pros:
Independence: Owning your own business allows you to be your own boss and make your own decisions.
Potential for growth: If your business is successful, there is potential for significant growth and financial rewards.
Personal fulfillment: Many people find a sense of personal fulfillment and satisfaction in building and growing their own business.
Flexibility: Owning a business allows you to set your own schedule and work at your own pace.
It is important to go into business for yourself with your eyes wide open. Reviewing the cons and developing a plan for accommodating or mitigating them, is worth the time it takes to create.
Cons:
Risk: Starting a business is risky, as there is no guarantee of success. You may need to invest a significant amount of time and money into your business, and there is a possibility that you may not see a return on your investment.
Long hours: Owning a business often requires a significant time commitment, and you may need to work long hours, particularly in the early stages of your business.
Financial strain: Starting a business can be expensive, and you may need to invest a significant amount of money upfront. This can be a financial strain, particularly if you don't have the necessary capital to get your business off the ground.
Responsibility: As the owner of a business, you are responsible for all aspects of your business, including decision-making, financial management, and employee management. This can be a heavy burden to bear, particularly if you are not prepared for the level of responsibility that comes with owning a business.
Working with a coach to help you navigate this decision can pay for itself by helping you avoid the pitfalls of launching a business. In a few sessions, we can set up a plan for a successful launch, you can write off the sessions as a legitimate business expense, and you can start your new life as an entrepreneur.