Most anyone who toils away at an unsatisfying job dreams of chucking it all and venturing off to business on their own. The move just might be the path to success and happiness, but before you embark on a daring venture you need to take a reality check and identify your talents, motivations and expectations.
Young Entrepreneur suggests things would-be business owners should ponder before becoming their own bosses.
* You won’t really be your own boss. Sure, you’ll be CEO/founder/president or whatever other title you care to add, but since the buck stops with you, you’ll be beholden to customers, investors and lenders. And you don’t get to clock out at 5 p.m. and forget about their demands.
* Your schedule will change. You can probably expect to exchange a 40-hour-a-week gig for double the hours as you try to get your business on its feet. Be prepared to plot out time for things like sleep and a social life.
* Take an inventory of friends and associates. Contacts are what make the world turn, and you’ll likely need to draw favors from countless people you’ve met to establish yourself. Think about who you know and how you might ask them to help you.
* Reconsider your relationship with the dollar. The time will inevitably come that you’ll grow dissatisfied with your income level and consider backing out. You’ll need to choose whether to invest more time and money or cut your losses.
* Plot out a possible chain of command. As you grow more comfortable and successful in your business, you’ll be able to start hiring workers and delegating authority. Think about which facets of your business you’ll want to stay involved with and which you’ll be able to kiss goodbye.
10 Reality Checks Before You Start a Business [Young Entrepreneur]