In the past, job security until retirement was common. Nowadays, stability is rare in the economy. Self-employment is on the rise, offering exciting opportunities for those willing to take the leap into entrepreneurship. Is starting your own business the right move for you? Here are key questions to help you decide:

What’s the plan?

Having a well-thought-out business plan is essential for your venture to thrive. While it may appear tedious, investing time to consider crucial aspects like capital, marketing, and sales strategies is vital. After ironing out these details, seek feedback from other entrepreneurs. And remember, always have an exit strategy as a precautionary measure.

How will you manage?

Do you prefer calling the shots or following the lead? Some find the idea of being a boss more daunting than dealing with one. Are you a self-motivated detail lover who marches to the beat of your own drum, or do you excel when given clear instructions? Take a moment to discover where your strengths lie before making any major career changes.

What do you know?

Passion is essential, but expertise is key. Before selling your goods and services, ensure you have the necessary skills. Take time to master your craft – there’s no rush! Reflect honestly: Would you pay yourself for your work? If the answer is yes, go for it!

Where is the money?

Interesting fact: Many small business owners only start to see real profits around their third year! It’s wise to expect earnings lower than what you were used to initially. Why not ensure you’re well-prepared with enough funds for essentials like inventory, staff, tech, and insurance? It’ll help smooth the path until your business starts to flourish. 

Do you have what it takes?

Launching a startup takes a lot of effort, but with the right mix of resources, skills, and spirit, plus a dash of perseverance, you’re on your way to making your dreams a reality. Best of luck!