When It's Time to Strike Out on Your Own
By Andrew Patricio
December 11, 2017
Small Business & Entrepreneurship
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If you’re reading this article, then chances are you are already considering starting your own business. What’s stopping you? A lot! But if these four signs ring true for you, it may be time to stop putting it off and finally strike out on your own.
Passion goes a long way when you strike out on your own. It will push you through every dead end and disappointment. So if you find that you are kind of obsessed with a problem, or fixing a problem that you see every day, at work, at the gym, on a conference call, etc., it’s a clear signal that you’re ready to strike out on your own. Without an idea and passion, you’re not going to get very far.
In business, it’s not so much what you know as it is who you know. And that’s never more true than when you strike out on your own. You don’t know what you don’t know but the more people you have around you, with diverse backgrounds and interests, and the more you share with them, the more you’ll have access to information, opportunities and possibly new funding that you wouldn’t have without your network.
Do not make the mistake and skip past this one. Many a small business has ruined a marriage or friendship so be honest in assessing your support network. Starting a new business requires focus and dedication every day. When you’re starting out, you don’t get nights and weekends off. Make sure you have a partner and friends who will be ok if you don’t make it to every anniversary dinner or baby shower.
Striking out on your own is going to cost you so if you haven’t already, take stock of your liquid assets and what you could convert into cash quickly. Expect not to get paid for a few years. Expect that you’ll have to borrow money at some point before you break even. Have more than you think you’ll need in order to set yourself up in a good position to grow your little baby into a healthy business.
Find yourself nodding along? Maybe it’s time to take the next step and put together a business plan.
- You Catch Yourself Daydreaming About a Problem
Passion goes a long way when you strike out on your own. It will push you through every dead end and disappointment. So if you find that you are kind of obsessed with a problem, or fixing a problem that you see every day, at work, at the gym, on a conference call, etc., it’s a clear signal that you’re ready to strike out on your own. Without an idea and passion, you’re not going to get very far.
- You Have a Good Professional Network
In business, it’s not so much what you know as it is who you know. And that’s never more true than when you strike out on your own. You don’t know what you don’t know but the more people you have around you, with diverse backgrounds and interests, and the more you share with them, the more you’ll have access to information, opportunities and possibly new funding that you wouldn’t have without your network.
- You Have a Supportive Personal Network
Do not make the mistake and skip past this one. Many a small business has ruined a marriage or friendship so be honest in assessing your support network. Starting a new business requires focus and dedication every day. When you’re starting out, you don’t get nights and weekends off. Make sure you have a partner and friends who will be ok if you don’t make it to every anniversary dinner or baby shower.
- You Have a Good Nest Egg
Striking out on your own is going to cost you so if you haven’t already, take stock of your liquid assets and what you could convert into cash quickly. Expect not to get paid for a few years. Expect that you’ll have to borrow money at some point before you break even. Have more than you think you’ll need in order to set yourself up in a good position to grow your little baby into a healthy business.
Find yourself nodding along? Maybe it’s time to take the next step and put together a business plan.