At BizAmmo, we always talk about how to succeed and develop as a small business, but we very rarely talk about the process behind actually becoming a small business owner initially.
One that requires a lot of thought and consideration – and which needs for a decision to be made that shouldn’t be done so lightly – here we look at three questions you should ask yourself if you’re strongly considering making the move to becoming a small business owner.
1. Can I physically and mentally work over 12 hours a day?
If there’s one thing every single small business owner has in common, irrelevant of the industry in which the operate, it’s that they work endlessly.
From waking up early in the morning to going to bed late at night, being a small business owner will mean you have to invest more hours than you’re likely to have ever done in any employed role.
And although most people believe they will do whatever needs doing when it comes to setting up, running and developing their business, it’s one thing being able to say you’ll happily get up at 6am and go to bed at midnight everyday, but it’s another thing doing it.
2. Do I have the will-power to get through rejection after rejection after rejection?
Even if you’re setting up a small business that focuses on something completely unique, you need to be ready for rejection. You might have the best business plan in the world, but you’re still likely to get rejected numerous times.
Banks. Manufacturers. Advertising opportunities. It doesn’t matter how much of a certainty you believe something is, the truth is, in business there’s always the chance it won’t go your way – and you need to be prepared for this when it happens, as it can be particularly demoralizing.
3. Can I afford for it all to go wrong?
In theory, setting up a small business doesn’t have to cost you a fortune, but many will often invest a considerable amount into their business, both financially and in terms of their time.
Therefore, it’s important that at the very beginning of your small business journey, you determine whether, if someone closed your business down tomorrow, could you afford to lose all of your investment?
Of course, this is unlikely to happen in such way, but your small business could go from just starting up, to the height of popularity and to being completely unknown in a matter of days and although you shouldn’t give up when you fall at the first hurdle, it’s important you understand when it is time to shut up shop.
Being a small business owner is likely to bring with it a range of benefits and it could mean you go on to be a particularly successful businessperson.
However, it could also mean you lose money and time you’ll never get back, as well as impacting negatively upon both your physical and mental state and it’s therefore absolutely imperative that before you start, you are aware of not only the positive aspects, but the negatives, too.