So you want to own your own business. There are so many factors to consider and each mean something different to us all. Consider these factors:
You can be creative in your business model to suit economic times (to some degree)
Adaptability can work in a growing economy or failing economy; hence creating a recession proof business. Anticipating change and reacting to it is key! This is the difference between success and failure. We are being told the province’s economy is slowly swinging up the curve. Be prepared to change your business model as you see the landscape change.
Lifestyle You Want
A small business can help support your lifestyle. You are your own boss! You determine the growth of your business by what YOU want. It should be your passion. You can’t wait to get out of bed in the morning and you hate to leave the office at night…most days. Our city has so much to offer, so why enjoy all that there is to offer, so you can enjoy your life. Embrace small business offerings by way of funding opportunities and mentor programs…these will help you enjoy what you do and take some stress off your business and let you enjoy Life!
A small business provides job security. You don’t have to worry about layoffs and downsizing. There are ways you can build your business so that it protects you and provides regular income. Making sure you have the right financial processes and professionals to insure you are survive financially in your business is important from the very start.
Risk of the business failing
Starting a business takes guts. Knowing what business to start and when to start it are wild factors. Even with market research and funding in place, it is always tricky to predict your business concept being successful in any economy. Whether you are a startup or a company in business for 10 years, there is always that underlying fear when the economic conditions of society play havoc with your business success.
The hours you put in are priceless. What you put into your work is what you are going to get out of it. Unless you decide that your time is all you have to give to your business, there is not much sense starting a business. There is no sense trying to decide whether you feel you get compensated for your efforts or not, this will come in time. The long nights, early mornings and weekend warrior commitments to your business are part of the deal. Nothing ventured, nothing gained.
Inconsistency can be unsettling to a business owner. When the chips are down and you feel worried and anxious, but when the good times are good, it all feels worth it. There are so many unpredictable things can happen to cause you stress. These are the times when you have to turn chaos into opportunities!
Think about what is most important to you. There are no right or wrong answers and there is no better time than right now to decide if you can be your own boss or if you should help another to succeed.