Getting Ready To Start Your Own Business? Read This First
Updated: Jun 11
In 2020, and especially during quarantine, we've all seen quotes and posts on social media promoting financial independence. In fact, some of them are specifically designed to encourage us to utilize our extra time to start our own business. Now it's become increasingly popular (and with the rise in expenses, almost necessary) to have multiple streams of income. And here at the Champagne Series, we're all about the hustle!
The thing is, while having extra sources of money is generally always a good idea, with all the outside hype, many of us are rushing into it. We sometimes get ahead of ourselves and jump in without considering what owning and running a successful business means. Sometimes, we make the jump before we're actually ready.
So, today, after a loooot of research and reading some really good books about small business, we're breaking down 4 signs that tell you you're fully ready to venture out on your own!
1. You understand that owning a business is more than being the best at __________
Owning a business is more than just doing a great job at whatever it is that you do -- it's wearing multiple hats every day of the week. You realize that you must be the entrepreneur, the manager, and the technician (the doer) in order to flourish. You have the ability to allocate what needs to be done in the early stages of development, until eventually, you create a system that can eventually function without you.
The goal is for your business to thrive without you being there every day because...well..isn't that the whole point? Any business that can't function without you becomes a job and having a job defeats the purpose of owning your own hustle!
2. You have vision
Vision is the catalyst for change and it enables you to create and shape your future. You know how to innovate, implement, and take control to execute ideas. Your creativity leads you to think out of the box and create possibilities out of what others deem impossible. You know when to slow down and equally when to forge ahead. You can answer the question of "how" that inevitably comes with providing your service. You can live, think, and work for the future while operating in the present and continuing to offer the same high-quality service for which you are known.
3. You understand that operating based on what you need for the future is more important than what you want right now
When you're in charge, you know how to make decisions in line with what is best for the business. You can make the tough choices; whether that's putting in extra time at night or choosing to cut your own salary in order to cover business expenses.
You understand that creating the flexibility and financial security you want does not come as soon as you open your doors to the public and you are willing to put in double-triple the hours and hold yourself accountable during your company's growth process. You know that your ability to "follow-through" determines the path your business will take.
4. You understand that owning a business is to expand horizons
You comprehend that owning a successful business requires you to evolve to the point where you have someone to work the field, market your company, handle your accounts etc. You know that in your hands you can create not just jobs, but, the opportunity for others to learn, dream, and attain promotion! Your goal is not to run yourself ragged, but to liberate yourself and others of the things that wore you down when you were working for someone else.
It's easy to want to start your own "thing," because...who doesn't want more money? But, there's so much more to consider than just the fun part --- there are things like finances, legalities, licenses etc. However, if you check off most of the items of this list, then you're already on your way to being a great business owner! Ideas are a distinct reflection of who you are, so if you have that entrepreneurial mindset and you're ready to put in the work, we say get ready to start your business --- because, as we mentioned in our last blog, life is all about creating your own reality!
If you're not ready or starting a business just isn't for you, stay tuned for Part 2 of our business series - "I'm Not a Business Owner...So, How Can I Make More Money?"