So you finally made the decision to start your own business! Now what? Do you know what type of business you will run? What are you passionate about? What would you like to do? What would you be good at? What skills do you have? Answering these crucial questions will lead you to understand what your new business will look like.
Luckily, for me, I managed medical practices for a lifetime. During those 32 years, I gained countless administrative and managerial skills. When it came time for me to decide what type of business I would start, it helped me to compose a list of things I knew how do to and things that I was good at. I then I re-examined my list and drew a line through the skills that I did not like to do, the ones that did not fulfill me; the ones that stressed me out. If you are going to do your own thing, you might as well be happy doing it, right? For example, the first thing that I crossed off my list was “Managing People”. I knew for certain that I no longer wanted to manage employees. I needed to choose a business that I could do on my own with no need for staff. With each skill that you cross off you will get closer and closer to what your new business will look like.
There are so many things to think about during this process. What services will you offer? Who will you be offering these services to? What industry will your clients come from? Do you live in the correct geographical area to be able to find these clients?
Are you a hard worker? Owning your own business means that you will have to toil until all the work is done. There is no such thing as a time-clock, at least at first. There will be no 9-5 office hours for quite some time…maybe never!
Can you work alone? Do you need daily socialization that co-workers provide? Initially, you will probably be the only one on the payroll. Will you be able to handle the seclusion of working hours on end alone?
Do you have support of family and friends? Going alone is not easy and you will have days where you feel frustrated and even scared. Do you have people to share these feelings with? People that will try to understand and support you? When you are your own boss, you have to be everything to everyone. You will need to learn to balance your new business with your spouse, children, family and friends. Do you have financial support? You may very easily have to forgo a steady paycheck for some time.
Go ahead and move forward with lists, research and planning. This is the time to create the framework of your business. Take one day at a time. Do not lose focus or sight of why you are doing this. You have a lot to do so get yourself organized. If organization is not a skill that you possess, hire someone that can help you stay organized and on top of all the tasks of starting a business (detailed in a future post).
Owning your own business is hard work, but rewarding. You do not have an easy road ahead of you but you do have one that will be exciting, life altering and well worth it.
About the Author: Sheri Miller is the Owner of Another You, LLC, a Virtual Assistant service in the Dayton, Ohio area. Sheri helps small business owners save time, money and frustration by taking care of their day-to-day administrative tasks. Think of her as your right hand while your left hand is growing your business.