Episode 44 – QUALIFIED TO RUN A BUSINESS? Do we have everything to ditch our 9-5 job and launch our own business?
Paula wants to launch her online business, but she doubts she has everything to succeed.
I want to launch my online business. I know I must figure out what I will do. I must confirm my ideal customers and create my business plan. But, someday, I doubt I am qualified to run a business and be successful. How do I know if I have everything to ditch my 9-5 job and launch my own business?
Here are some questions that will allow you to confirm if you have what it takes to create your business.
Do you have a Passion?
You will face many ups and downs over the next months and years. So, my first question to you is: are you excited about your idea and ready to work on it until it becomes a success? Pick an industry you love and a product or service you will be proud to sell. It’s essential to clearly identify a problem and need that people are willing to spend on.
Do you have a business plan?
Many people decide to ditch their job and launch their businesses… without any plan. But if you want to succeed and avoid pitfalls, you need a good business plan. Your business plan will help you validate your idea. You also need to put on paper your needs in terms of human resources, finances, operations, and marketing. Having a business plan allows you to make better decisions and track your progress as your business begins to grow.
Do you understand the competition?
Can you explain why your product or service is unique? What’s your competitive advantage? You need to know about your competition. Learning about your competitors will help you communicate with your target audience and distinguish your business from competitors.
It will help you create something different and unique. Also, as you are starting, your brand will be new on the market, so you will need to pick the curiosity of your ICA to get them interested and eager to buy from you.
Another tip: Are you able to take on financial risks? Do you have savings? Entrepreneurship is a risky business, but that risk becomes significantly more manageable if you have a solid business plan. A well-crafted budget will be your best friend throughout your journey.
A budget provides essential information for operating within your means, managing unexpected challenges, and turning a profit. Remember to include your salary when you plan your business expenses. Being prepared for how much money is going into and out of your business reduces stress and helps keep you on track and avoid big mistakes.
Remember this sentence from JK Rowling to Harvard graduate students. During her speech, she said… “You might never fail on the scale I did, but some failure in life is inevitable. It is impossible to live without failing at something unless you live so cautiously that you might as well not have lived at all – in which case, you fail by default.”
Failures will be part of your successes. Entrepreneurship requires a different mindset, work ethic, and resilience to thrive, but you should succeed if you have a strong determination.
