Many of us report to work every day with a boss to answer to and somebody else's agenda to follow. But what if you could be your own boss instead, and run your own show? It's a dream many aspire to, but owning a business and growing it successfully is easier said than done. Still, here are a few signs that it could be the right choice for you.
1. You already work well independently
When you start your own business, you're the one in charge -- you won't have a manager breathing down your neck, pushing you to perform, or instructing you on how to proceed with tasks large and small. If you're not used to working solo, then you may find the idea of owning a business overwhelming. But if you have experience working independently, and you're comfortable in that sort of position, then it could be that you're ready to venture out on your own.
2. You're excellent at managing your time
Owning a business requires you to excel at a lot of things, one of which is time management. In that business' early stages, you may end up being the sole person responsible for accounting, hiring, marketing, and of course developing and maintaining the product or service you're selling. And even once you bring some help on board, you're still likely to find that you're pulled in many different directions. As such, you'll need to already be good at setting priorities and making good use of your waking hours if you want to be successful.
3. You're good with money
Some people falter on the money management front. But if you're a fiscally responsible person -- meaning, you currently follow a budget, don't have unhealthy debt (like that of the credit card variety), and have a good handle on what your expenses look like -- then you're in a pretty good position to start a business of your own. This especially holds true if you have a healthy amount of savings to your name -- you may need to dip into your personal cash reserves to stay current on your bills as that business ramps up. In fact, you should ideally have a good three to six months' worth of living expenses socked away in the bank before you give up a steady paycheck in pursuit of the financial unknowns that come with owning a business.
4. You're capable of making decisions
Pulling the trigger on tough decisions is one of the hardest things business owners are tasked with. If you're the wishy-washy type who isn't comfortable making decision, then owning a business may not be a good choice. But if you're able to move forward in the face of tough choices, then it pays to give whatever idea you have brewing a go.
Owning your own business can be a fulfilling experience on many levels. If you've been contemplating the idea of quitting your current job and venturing out on your own, make sure you have the background, skills, and personality required to be successful at it. Otherwise, you may regret that decision after the fact.