Project Description

Article written for a small business support forum to be published as a blog post on the company’s website.

The article can be read below:


Is Entrepreneurship Right for You?

Article - entrepreneurThis is a serious question you should ask yourself before making any attempt to turn the idea you scribbled down on a bar napkin into a reality.

Think about it. The hours are terrible and, depending upon the type of business you’ve chosen to get into, the pay could be just as terrible for months (or even years) before you start turning a profit and relying on your business income full-time. You will have to sacrifice time with your family and friends.

The stress it puts on you as well as your support system can be unbearable and has often led to some horrible outcomes such as ruined friendships, divorces and serious health problems.

As if that were not enough, you are surrounded by everyone who makes up the staggering number of people who venture out on their own and fail.

Yeah, so what?

If any of the above discouraged you, perhaps entrepreneurship is not the path you should pursue. Because one thing every successful entrepreneur has in common is that they knew they would face all of those situations and determined that it was still worth it.

If you’re serious about venturing out on your own, here are a few things you should give some consideration to beforehand:

Cost

Starting a business from the ground up can be incredibly expensive. From fees, licenses, equipment, office space, staff, marketing and all the other expenses that you forgot about when you jotted down what you thought to be every possible expense.

These upfront costs are just one aspect to consider. Do you have enough money saved to where you can continue to pay your bills and maintain your lifestyle while you wait for your business to turn a profit? An ideal scenario would be to have anywhere from 6 months to a year’s worth of living expenses saved up, although that is not always practical.

Do you have enough money to keep pumping into the business month-after-month until it starts paying you back? Securing financing for a small business can be incredibly difficult these days and it would be unfortunate to go a portion of the way with launching your business only to find out you won’t have the money you thought you would.

Time

Just as important as the money is the time required. Determine how long you can realistically afford to wait for your business to become profitable. To some, this may seem like you’re putting an expiration date on your dream.

However, there is a difference between hitting benchmarks along the way that show your business to be moving in the right direction and throwing good money after bad. Not being able to tell the difference is what often leads to marital stress and severe financial straits.

So, take some time and think about if entrepreneurship is what you really want. If so, welcome to the club! You’ll be able to find an abundance of resources here and feel free to reach out to us if you have any questions!