Often when job seekers have spent months – if not years – looking for work, they ask themselves, “Should I just start my own business and become my own boss?” One of the things that always held people back was the issue of insurance. But having coached many people through this process, insurance shouldn’t be what you’re worrying about.
The real things you need to ask yourself are these 5 questions.
What’s your true motivation?
If your answer is “I want to make more money” or “I want my job to be easier”, BEWARE! First off, starting your own business is not easy. It takes a lot of energy and time, so you want to make sure the business you want to start reflects your passion and/or a cause – a purpose worth getting up for in the morning. Without this, you most likely will burnout or make bad decisions that will stunt your business growth.
How well do you play with others?
I have met a few people out there that “don’t play in the sand box well with others.” This is often the reason they’ve been let go or can’t get a new job, and they shouldn’t assume working for themselves is the answer. Why? Because unless you do a job that is completely independent of others (which is incredibly rare), at some point, you will have a client or vendor you’re going to have to work with – and if you can’t be a good partner, your business will never take off.
Can you handle the load?
When you start your own business, you will most likely be doing everything! There’s often a lot of alone time building processes, creating systems and marketing your service or product. This is where your passion, cause or purpose will help sustain you!
Do you like to network/market?
I recently worked with a client who was known as an expert in his field. He found himself doing contract work with a few individuals, and considered starting his own business. – until he realized one small problem. He couldn’t stand the thought of a life of networking! A few weeks later, he found himself employed after networking with only one individual he knew from his past. Now, results don’t always happen this quickly! The point is that just because he was a respected expert in his industry didn’t mean he was equipped to run his own business.
Do you have an outline and tested strategy?
One reason why so many people don’t find employment is that they don’t have a proven strategy to implement. They spend months throwing mud on the wall to see what will stick (resumes to job search sites), with little results. This same approach of just reaching out to anyone and everyone as a business strategy usually yields little to no results. Plan well and do your homework! Building a tested strategy takes time.
If you are considering starting your own business, you need to think hard and ask the tough questions. If you answer “yes” to these questions, you may be built for your own business!