How to know when you are ready to start a business?
The first thing you need to remember is that the worst time to start a business is when you are desperate. The worst time to start a business is when you need money, you shouldn’t start a business when you need money desperately.
If anything should start a high-income skill first before you start the business but let’s say that you are ready mentally emotionally as well as financially now you’re ready to take a leap of faith. Well, how do you know that you’re actually ready? So here are 5 signs that you should pay attention to you that if you meet some of these criteria then maybe you are ready to go out there and build your empire.
5 Signal to Know that you are ready to Start your Business
#1 You have a clear profit path
You should have a very clear idea of how you’re gonna make that first sale. How do you make that first profitable sell?
Not just hey –
I have got a good product. This is my service. This is my widget. Let’s go out there and hopefully someone likes it. No I mean in your mind you are very clear about how to get this product out there in the marketplace.
- Where those customers are?
- Where are they hanging out?
- How are you gonna convert those leads into customers?
You have a very clear idea of how are you gonna make that first sale, not just a first sale but how you gonna make their sell profitably.
#2 Clear business model
What is your business model? This means how you are going to monetize this. How you are gonna make money? So now you know how to make that first profitable sell you have a clear profit path but then what is the overall
What is gonna make you different from everybody else in the marketplace? So until you’re very clear about your business model then you’re not ready to start a business.
#3 You have an edge
What is an edge an unfair advantage that you are bringing to the table something that allows you to defeat? Use yourself in the marketplace to penetrate all the noise that’s out there.
What do you do like what makes you different why should people buy from you and not everybody else? If they’re buying from somebody else why should they switch? Maybe you can try new technology maybe you
have a certain relationship. Maybe you are a superior marketer. Maybe you have a superior process that you have spent years with finding whatever might be something that it’s very difficult for other people to compete with.
#4 You have some capital
You need some money to get started right to be able to survive and sustain for a period of time so when you have no money to start a business well then you’re making decisions based on scarcity right
based on desperation. It’s very very difficult to make strategic decisions
when you don’t have any cash coming in so only start a business when you put aside a certain amount of money. I believe a certain amount of money then you can start knowing that it’s gonna take some time for this thing to ramp up and then it’s your good chances are most of the time most people make it fifty percent of the businesses fail in the first two years ninety to ninety-five percent fail in the first five years your odd is not good and every single time I say it every single time I hear from entrepreneurs.
#5 You are okay not making money for a long period of time
You are ready to start a business you know you’re ready when
you’re okay not making money for a long period of time. If you are starting a business with pure motivation and intention just to make a quick buck you’re not going to be successful.
Now it doesn’t mean you don’t want to be profitable right doesn’t mean you don’t know profit doesn’t come into play it absolutely does but if your focus is just to make a quick buck and make money you’re not gonna be successful.
Why? Because if you focus on chasing the money chances are you’re not solving problems. You should be in business because you want to solve problems in some way shape or form you’re fulfilling a need in the marketplace. You’ll bring your entrepreneurial skill to the marketplace this is not like a typical if you are an employee every single month every two weeks you’re gonna get a paycheck as an entrepreneur we eat last this is why it’s called profit.
So those are some of the signs and signals that tell you that you are ready to start a business.