Is Starting a New Business Right for You?

Business planHave you always dreamed of starting your own business? Are you stuck in a job you hate? Have you recently been laid off? Starting your own business might be the solution to your financial security. Many mature workers have turned to self employment and have created their own businesses to secure their future. If you have the retirement goal of earning additional money after you leave your current work, starting your own business is a good step. Many businesses can be started while you are still employed, built up over time and then when you are ready to leave work your business will  be established and ready for your full attention. What could be better than earning your money, having control over your time and doing what you love the most?

Starting your own business is definitely a wise decision but it is also important to consider a few things before jumping into a business venture.

  • You need to be financially ready. It is always expected that it will take some time before a start-up business takes off. To make money requires spending money. Make sure that you are financially ready to invest in your own business and to sustain you for a few months while your business is not yet profitable. Discuss with your family how to handle financial obligations as you start the business.
  • There will be times when you’ll have to do everything while you’re still a start-up. While it is true that having your own business means becoming your own boss, you will also have to deal with the fact that as you are still starting up you will have limited manpower to make it work. There will be instances when you have to do the manual work, become the salesman, the receptionist, the janitor, the messenger, the cleaner, and so on. If your ego can’t handle doing all of these roles then you’re probably not ready to become an entrepreneur.
  • In reality, Entrepreneurship is not for everyone. Starting a new business is not for the pessimistic. It is also not for people who can’t delay personal gratification. It will require you to make some sacrifices and face challenges as you are new to the business so if you can’t handle all of these, then developing a new business is not for you.
  • You need to devote time and effort as you start your new business. If you can’t commit to devoting time and lots of effort to make your business grow then don’t even consider starting your own business. A new business should be treated like a fragile baby. You need to take care of it, attend to its needs and devote your time and energy to make it successful.

LifeDirectionsInstitute helps people like you achieve a successful self employment by combining the perspective of professional career assistance and the experience of creating online or offline businesses. If you are dreaming of leaving the employee rat-race, this perspective will help you make wise career decisions based on realities of online and offline businesses, the challenges ahead and the rewards in store for you. 

If you feel that you’re ready to start your encore career and become a successful entrepreneur, let Life Directions Institute assist you!