I’m fed up, tired and frustrated with working for someone. Doing the same routine every day, week and even, every month…for the past 20 years!
I’ve had enough! For the past few months, I’ve been thinking of starting my own business.
Maybe, next year?
Does this sound familiar to some of you?
Well, if it does, here are some things that somehow seem to consume our thoughts…
1. Fear! Fear! Agggghhhh! Fear of the insecurity associated with making the decision.
2. Where will I get clients from?
3. Where will I find the money to start this?
Banks don’t want to take any risks in lending their money to start ups.
4. What do I know about running a business?
5. Can I make it on my own? Am I mentally prepared for this?
6. Who can I trust? I mean really, really trust to help see me through this?
These are just a few things that pass through our minds when we’re fearful of taking the plunge. But don’t worry…it’s natural to have such thoughts. We all did in the beginning.
But we should never stay in that place for too long. So here are a few tips to help get you past most of your paralysis.
1. Write out the real and objective reasons why you would want to start a business. Even, if you were doing it as a side hustle so far.
2. Create a checklist or set of actions leading to sound results that would move your ideas forward. Like preparing a plan to see how the business would be run across the fundamental pillars of the business. Finance, marketing and production, to name a few.
3. Do some research on the industry in which you wish to operate. Make sure that it leads you to designing and creating your business that distinguishes it from the others. Remember, businesses are created to solve consumers’ challenges or problems. Be innovative and investigate smart solutions wherever possible.
4. You would never have complete or perfect plans set in place before you actually activate the operations of your business. So, once you can get it to at least 80% readiness…then take the plunge!
5. Before you start though, gather your ‘inner circle’ of trusted advisors…ones you may need to contract. Most times, without prejudice, when you ‘ask’ people to assist you with guiding you through the process and they are not remunerated, their commitment is not necessarily at the level you require. That’s usually because they are just helping you in their spare time or as a favour. Although, they really mean well.
6. Finally, believe in yourself. Not out of mere self-belief but because of your gifts and talents that you bring to the table, that are relevant to the business. You must yearn to learn. Gaining knowledge through business training and advisory consultations from professionals, not just persons who are ‘successful ‘ in business, is invaluable. Just make sure you choose the right professional!
I hope these few suggestions help you ease into your decision. Only you and you alone, can know when you’re ready to make your move. However, if you need help talking though any of these, just contact us and we will be delighted to guide you on your path.
Send me your feedback with either comments, more suggestions or even how these suggestions helped you in any way.
By Olivet Hinds, COO, Dowell’s Advisory Services Inc.