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I’ve started many businesses, and struggled with doubt through each one.
It would obviously be worth it to start a business if we were guaranteed success – who doesn’t want to be their own boss and have financial independence?
And the fantasy of this future life is powerful, it’s what fuels most business owners into action, and what keeps them going through all the long nights and hard times.
But the other side of this fantasy is fear. It’s easy to get lost in the sea of uncertainty and likely failure, to the point where you aren’t sure if you should even start this journey at all.
Starting a business is worth it if you are interested in a long-term project. Regret is worse than failure, which means that whether or not your business succeeds, the real danger is denying yourself an opportunity. Remember that most people start multiple businesses before one succeeds.
If you’ve made it to this article, I’m guessing it’s probably right for you to start a business. I bet you’ve thought about it for a while and are looking for a way to take the plunge.
As long as you don’t overextend yourself financially, your worst-case scenario is that you learn valuable life lessons. But if you’re not sure, here are some questions you can ask yourself.
Is it Really Worth it for YOU to Start A Business?
If you’re really struggling with knowing whether or not to start a business, here are some questions to think about:
Business Thoughts:
- How long have you been thinking about starting a business?
- How often do you think about starting a business?
- If you were on your deathbed and you had never started a business, would you feel regret?
- Can you just not stand the idea of having a boss?
If you are constantly thinking about starting a business, or if for years you’ve always returned back to the thought of starting a business, I think you should take the plunge.
Starting a business is not going to wreck anything as long as you don’t destabilize your finances, and there are plenty of businesses that can be started for free or cheap.
I’ve had many failed businesses, and I don’t regret starting any of them. Yes, I have pangs of embarrassment and ‘I should’ve done xyz’, but overall I’m so happy that I have taken my life into my own hands and made really cool stuff for people to enjoy.
Doing Hard Work With No Rewards:
- How easy is it for you to do tons of grueling work without a boss?
- Are you able to get 1-3 hours of work done after your normal job, every day?
- Are you good at independent deadlines and learning things via online videos and blogs?
- Can you do work you find boring? (You’ll be responsible for everything, not just the parts that sound fun.)
To start The Idea Galaxy, I had to essentially pick up a part-time job. For 5 months, I worked my 9-5, then worked on planning this company every weeknight from 6-10. I also worked almost every Saturday and Sunday.
No one was helping me or showing me the way, and if I had stopped working on it no one was going to remind me to start again.
I don’t say this to throw myself a pity party, it’s totally fine that that’s the way it was, I wanted to do this. However, it was still a TON of work.
I don’t even think you have to know whether or not you’re capable of that much free work on top of whatever else your life is demanding from you, I just want you to know that all business owners go through this. If you can’t stand the thought of doing that much work, plus much much more later, I would not recommend starting a business.
The #1 Mistake People Make When Starting A Business
Hands down the most common mistake people make when starting a business is not doing enough planning.
Specifically, they don’t plan how they’re going to get customers.
The vast majority of business owners think something close to this:
I know I can make the best product/service. I’ve looked at the competition and I know I can be as good as or better than them.
If I can just get my product out there, people will fall in love with it. If I can just get a tiny portion of the market, I’ll be able to have a successful business.
This is exactly what I thought as I started most of my businesses. And it’s the exact line of thinking that led to them failing after a couple of years.
The most straightforward way I can think of to put this is: if any part of your plan to get customers involves something like ‘people will just love it, and word of mouth will spread,’ you need to do more research before you start your business.
You know how you’re comparing yourself to existing companies that have inferior products to yours but are doing great? If they’re succeeding I can guarantee they have good marketing, even if the product is inferior.
It’s a sad but true fact that if you have excellent marketing, you can often have a crappy product. But if you don’t know how to get your product in front of people’s eyeballs, it won’t matter how good it is.
The Best Way To Not Regret Your Business
The best way to not regret your business is to make sure you aren’t financially devastated if it fails. Remember that most businesses fail, especially if this is your first business.
I don’t say that to be mean or negative, but just as a practical reminder.
If you’ve never started a business before, I would strongly recommend viewing your first business as a learning experience. Look into the future and realize that there is a ton you don’t know, and that you will be slowed down and have to adjust as you go.
This doesn’t mean that you won’t get sales, or that it couldn’t take off, and in fact, if you are wanting to start a business I strongly recommend that you do. I just also recommend that you keep your life financially protected as you leap into the unknown.
One of the biggest mistakes that new business owners make is investing too much money into their business without a safety net. If your business fails and you’re left with debt, it can be a devastating experience that takes years to recover from.
To avoid financial devastation, it’s important to plan ahead and create a safety net for your business. This means setting aside money for emergencies and unexpected expenses, and making sure that you have a backup plan in case your business doesn’t succeed.
I’d also definitely recommend starting your business while still working a full-time job. Not only will this provide a steady source of income, it can also give you the time and space you need to test your business idea and make sure it’s viable before taking on more risk.
In Conclusion
If you have made it all the way through this article, I think you really do want to start a business! This is me, a random stranger on the internet, giving you permission to start your business!
If you’d like to run your idea past me, or get my advice about your already started business, schedule a totally free and no pressure consultation call with me.