Fed up working for someone else? Considering going it alone? Solopreneur and coach Jessica McGregor Johnson runs through the key things to think about when considering starting your own business.
Quite a few people I've spoken to recently about career change possibilities have been thinking about starting their own business. Often this option arises when you reach the point where you don’t want anyone else to tell you what to do and when to do it. You want to be your own boss.
Having had my own business for the last nine years, I can vouch for the fact that it's a great thing to do if you're self motivated and can work alone. Yes, I'm master of my own time. However, there are a few points I always like to discuss with my clients to check and see if they're really ready for the leap.
Addicted to your paycheque?
A year or so into owning my own business, I was complaining – not for the first time – that I hated the uncertainty of not knowing how much I was going to earn and when it was going to be in my account. A close friend of mine looked at me as if I had two heads and said, “That’s part of the territory. If you're not ready to live with that uncertainty, then stop right now and get a job”. I don't want to put you off, but it's a very important reality check. It might sound obvious, but you do have to get your head around this. Having your own business brings great freedom, but you also have to be able to live with uncertainty.
Are you self-motivated and can you work alone?
Unless you are going into business with a partner, you must be very self-motivated. Some people say to me after they have gone into business for themselves that they'd not considered the fact that they wouldn't have a team of people around them. You need to be a self-starter because, on the challenging days, you may be the only one in the room. One way to support yourself is to begin to build a team early on. It may be people you do joint ventures with. It could be renting a desk in a bigger office full of others who also have their own businesses. Although they don't work together, they can bounce ideas off eachother. Plus, a wee bit of company never hurt anyone!
Ready to put in the hard graft?
In the early days of a new business you'll not be going home at five! It takes a lot to get a business going and you may find yourself working longer hours that you did in your job. Good news is that you will be doing it for yourself and that always feels so much more satisfying. When it's your choice to work a long day (rather than a boss telling you you have too) it does feel empowering. But let's get one thing straight; a new business is like a newborn baby. It needs a lot of attention and leaves you with not much free time.
Passionate about the business you want to create?
A business is only successful if you love what you do. It is that passion that takes you through the challenges and creates success. Money is not a big enough motivator unless you're a lover of the deal like Donald Trump. If you love the art of making money then, by all means, do something in that field. But, time and again, I have seen people who go for trading or marketing just for the 'quick money fix’. If you're not passionate about the actual work involved then you'll not be able to sustain the effort required to make it happen. Most successful businesses are built on purpose and passion. Make sure yours is, too.
Is there a market for what you want to do?
We can all have great ideas. Do some research and make sure that people want what you have to offer. That doesn't mean that it has to be mainstream. It can be very specific and niche, but do check whether there's a market for it.
So, if you're not addicted to your paycheque, you're self-motivated, ready to work hard, there's is a market for your work and you can hand on heart say you're passionate about what you're embarking on, then you have the elements that will make you successful.
My own journey as a business owner has been a roller-coaster ride but I wouldn't change it for the world. I love the freedom it gives me – even if it is the freedom to work in the evening when I've taken a long lunch on the beach! I have worked with many people who have created their own businesses and I love to see that passion light them up, fuelling the amazing journey it is to become an owner of your own business. If you want to discover if this path is the right one for you, let's have a chat and see if I can help you do just that.
Besides the desire to be the master of your own time, what else motivates you to run your own business? Have you identified a core purpose and market? Leave a comment below.
Jessica works internationally as an Empowerment Coach, Passion Test Facilitator and Business Consultant and is also the author of “The Right T-Shirt, Write Your Own Rules and Live the Life You Want”. She helps people discover their true passions, and live them, whether it be in their work or personal life. She works individually with people and runs workshops and retreats in the UK and Spain. Amongst her many successes her clients have moved to careers in that inspire them, created businesses that are in line with their passions and become more aware of what really makes them happy.
She offers a free ebook: Feel Better Right Now! accompanied by a free 30-day Video course. You can sign up for it http://www.jessicamcgregorjohnson.com/signup.html