Since 2008 business centres or coworking spaces have been on an upward trajectory with no sign of slowing down. This has been in response to organizations and businesses adapting to the changes in work culture, which allow owners to model their environments on the needs and wants of their employees. Busy parents can choose to work around the schedules of their children, corporates are no longer constrained by the location of their head office and budding entrepreneurs who think “I bet I could do this better” have the means to go out on their own.
A recent survey in British Columbia found that 64% of workers would consider becoming self-employed (Novexco Inc, 2019), considering it yourself?
Let’s take a deep dive and investigate the 5 signs you are ready to start your own business.
- You have a passion for your idea
No successful business starts off with a lackluster idea paired with an all right attitude. Real entrepreneurs live and breathe their dreams and will not stop until they have them realized. Passion is not something that can be bought, it cannot be learned or acquired. Real passion is an innate desire that comes from within, a desire to achieve your goals and an excitement to see how far you can go. If you have a passion for your business, it will motivate you to take it to the next level.
- You understand the market and its players
It is not essential but having experience in your desired field is a definite advantage. Understanding the marketplace and your competitors will put you in the best possible position to succeed by setting yourself apart. If you can see a hole in the market or recognize a demographic that is not being served this will help define your next steps.
- You have evaluated the risks
Leaving the comfort of your corporate job is a big choice! In most cases you are saying goodbye to a regular salary, healthcare plan and the support of a large and knowledgeable team. It is important to understand that you may not be profitable right away and you may need to rely on savings until you have established yourself. This point is even more poignant if you have a family or employees to support; you must understand your responsibility to them before you take the big leap.
- You have a plan
“Fail to plan, plan to fail”. Much like anything in life it is important to have a premeditated action plan to guide your decisions and push you in the right direction. Having a business plan in place that highlights your goals, marketing strategy and brand, target customers, projected sales and budget will solidify your idea and help bring your visualization to life. Locking down some clients before starting up is also a good idea and will provide you with guaranteed cash flow in the early stages.
- You have the drive
To be your own boss you must be self-motivated, organized and driven.‘Regular’ jobs give us a sense of responsibility and time management which can sometimes be hard to control once you have left the corporate world. Entrepreneurs embrace the chaos that comes with running your own business and aren’t afraid to make quick decisions on important matters. If you are driven to succeed in your present job you will be driven to succeed in your own business.
Starting your own business can be overwhelming and scary however with the right attitude and planning success is possible. If you possess an entrepreneurial spirit, want to be your own boss or see how the world could benefit from your idea you should pursue it! If you believe your ready joining a coworking community is an excellent place to start. The administrative team employed at the centre can help you with all the basics needed to start your own business including a supportive and knowledgeable community.
Take the leap today and make your entrepreneurial dreams come true!