Three signs it’s time to start your own business

Wondering whether you’re ready to leap into entrepreneurship? Here are three signs it’s time to start your own business.

To say 2020 was an uncomfortable and uncertain year for businesses would be an understatement. Millions of people lost jobs, and many businesses ended up closing

While there is a light at the end of the tunnel when it comes to the COVID-19 pandemic, the business world has certainly changed. These changes have made many people realize that they want to make a change. 

Whether you lost your job due to the pandemic, or the changes to your life have made you realize you want something more, you might consider starting your own business. 

But, that’s no easy decision to make. It’s important to be absolutely sure it’s the right time – not just based on the economy, but on your own life and where you are. 

With that in mind, let’s look at a few signs that it’s time to finally start your own business, so you can kick off 2021 the right way. 

1) Your ‘Big Idea’ won’t leave your mind

Most people start a business because they have a great idea. Or, they have an idea that will fulfill a need or give consumers something they really want. Your business idea has to be something you’re passionate about – something that doesn’t leave your mind. 

If you have a fantastic idea or you want to follow your passion and you can’t stop thinking about it, it could be time to branch out with your own business. 

With that being said, your business shouldn’t just be a side hustle or passion project. There are plenty of things you should know before getting started. But, understand that if you truly want your business to succeed, you’ll need to go “all in” from the start and give it everything you have. 

2) You know the risks

Having a great idea and a strong passion is great, and necessary. But, it’s also important that you know the risks of starting your own business, too. There’s a difference between managing a business and owning one. Once things get going, you may not handle day-to-day operations that can be delegated to others. 

But, in the end, you will be the one making all of the big, sweeping decisions that will have the greatest impact on your business. 

Think about those risks and decisions before you even get started. Have you looked at business insurance quotes? Have you thought about employee rights and protections? Once you know the risks and you think you can handle them, you’ll be better equipped to start your own business. 

3) You have a network

Almost everyone in the business world understands the importance of networking. But, it becomes even more important when you’re considering starting your own business. 

If you have a strong network of professionals in the industry you’re considering, you can use their expertise, skills, and even their connections to help you get off the ground. If you don’t yet have that large network, it’s time to start working on building one. The more people you have backing you up and being ready to offer their advice and support, the better. 

Starting your own business isn’t always easy, and it isn’t a decision that should be taken lightly. Keep these signs in mind if you’ve been considering  it, and you’ll have a better idea of whether you’re truly ready to start something new.

Photo by Jonathan Francisca