Starting a business is a dream that many of us have but only a few can convert such a dream into reality. If you are serious about turning your startup into a success story it’s important to keep in mind and follow certain guidelines.
However, if you are still on the fence about pursuing your own business, in this blog, we’ll clear up some of that confusion by explaining why starting out on your own can be such a great idea.
No more being bossed around:
A lot of frustration can build up when you have been working as an employee for many years. Be it getting irritated at micromanagement or having to deal with increased pressure of fluctuating briefs and deadlines. When venturing out on your own, you no longer have to deal with those frustrations, seeing as you would be your own boss. The advantage of being your own boss is you finally get the freedom that you have always craved for doing the job ‘your way’ devoid of any shackles.
You can finally do what you want:
Another advantage of having your own business is that, finally you can pursue what you have always wanted. No more selling insurance to disinterested customers or predicting stock growth. It’s now the time to execute that idea that has been playing around in the back of your head since god knows when. But while you can pursue the trade of your choice, it’s still important to do all the legwork; research, market trend evaluation and knowing how you can grow your business over time are good places to start.
Say goodbye to stifling deadlines:
Working around the clock to fulfil crazy not to mention ever changing deadlines becomes kind of demoralising over a period of time. However, by starting your own business you can finally say goodbye to all your earlier frustrations. That does not mean you won’t have any deadlines or that you can prioritise watching your favourite sitcom over your business. It’s just that when you are doing it for yourself there will be a much greater motivation.
Let your creative juices flow
When doing things your own way, you are now free to develop ideas how you want and not have the process dictated to you. Obviously financial constraints have to be taken into account, but working no longer has to be repetitive or one dimensional.
Now that you intend to be your own boss, you will notice that finding money or capital for your start-up can be a big issue that can derail your dream before you even get it off the drawing board.
The fact of the matter is most startup ventures are usually bankrolled through personal savings. However, if you are intending to dip into your personal kitty it’s important to set aside at least a year’s worth of living expenses before you do so. By doing this, you will not have to deal with constant anxieties regarding your day to day expenses.
Friends and family:
If you are short you can ask your trusted set of friends or family members in order to get you started with your business. However, if you are considering going down this route it’s very important to specify all the terms/conditions by putting everything in writing. This way you can ensure that things don’t begin to boil over at any point.
Banks might not necessarily be the easiest option to crack when it comes to small business lending but it’s still worth a go. There are a few ways you can enhance your chances of getting approved for a loan from a bank.
- Having a strong business plan as well as a good credit score will help
- Its best to target a bank that has expertise in the field of your business
- You can also target banks that are known to encourage small business lending
- Showing proof having capital that you are willing to invest in your business might also aid you when approaching banks.
Starting a business can be a very rewarding and profitable career path, choosing an idea that you have prior experience in is normally the route that people choose. However, if you happen to spot a gap in the market then there’s no reason why you shouldn’t reach out and grab the opportunity with both hands