Are you in 9 to 5 job? are you still looking your own business in future? If yes then first question comes in your mind is when you can leave your job and you are ready to start your own business. Question seems easy but answer is very difficult and important thing is its only you who can reply of this question.
A failed person with startup can give answer well for these questions which comes in our mind when we want to start! Surprise? A failed person with startup can answer! Yes a failed person can answer your questions because failure is not just opposite of success but it is about lot of knowledge, experience you gain in the whole process of failure. At least person knows why he failed, did he start at wrong time, was he not prepare well, what was wrong with planning and lot other issues after his failed attempt.
So after all the above text about failure, question is still in place – when could we leave 9-5 and start our own. Answer can be fetched from some of the questions you can ask yourself –
Backup money? Do you have enough money to survive for at-least one year without any income? Can you fulfill your and your family basic needs in that period. Actually most difficult situation is when your regular income is stopped, your business ask money but do not return in initial period. You need to fulfill your routine expenses, your family needs and all. These concerns spoil your focus and vision. you need to focus on your new venture to make it successful.but if you have lot of worries about finance and your expenditure, you can not focus. Solution is, before start something save money, which could provide a backup and help you to overcome your worries.
Investment Plan? Do you have enough money or an investment plan? for any business, investment is very important. Before your decide to start anything make a budget and plan your investment. Because lot of business fail due to leck of investment or over budget.
Idea & Vision? Your business idea is very important to make your venture success. A business idea is good enough if it can help people somehow. I read somewhere that, if your work can help at least 5 people then it could convert into a successful business. And if your idea would help people in a unique way then success chances increases thousand times. In that case you have lesser competition. You should have a clear vision and focused approach towards it. If you are sure about your idea then only go for it. If you are sure then leave your worries.
People Involved? Who will be your partner? Are you going to start it own your own or need a partner. If you are going with partner it is better to select a partner with different skill set then you. I mean if you are a technology guy then another partner could be marketing or sales person or vice verse. People engaged are most important in any business. If you engaged a perfect set of people, your success chances are automatically high.
Planning? All above components are interrelated and we can not decide individually. If lack of finance then we can not hire best people. If we have a fear factor then we can not focus. If we are doubtful about our idea then we can not convince investors and other stockholders. So planning is very important. Before going for conclusion to start, plan well.
There are lot of other factors and questions. May be I can add further. Thank you for reading.