Do you have a dream of becoming your own boss? Are you being forced to pursue that avenue based on economic factors beyond your control? Are you retiring from one career but have no desire to remain at home and “be retired”? If so, you may be on the verge of taking an entrepreneurial leap.
Are there strategies you can take? Questions you can ask before you know “for sure”? Perhaps, and here are four critical items you will want to ponder before making any drastic lifestyle decisions:
- Have a plan — a business plan, that is. Don’t let the lack of a business plan keep you on a career path that isn’t fulfilling you, but again, don’t make a leap into business ownership without a plan in mind. A business plan doesn’t have to be a daunting task; it should have an outline of your strengths, weaknesses, opportunities, potential business partners, an outline of your “ideal client” and a list of your competition.
- Do you have, or will you need, healthcare coverage? If you’re a solopreneur a prolonged or catastrophic illness can bring your dream of business ownership to an immediate halt. Check into healthcare insurance coverage so that you’re prepared and insured.
- Do you have any savings to fall back on. It’s a rare business that provides the owner a living wage from day one — unless you have done your homework and built up a client base. If you are starting from scratch, make certain you have a savings on which to rely.
There are myriad other items that a new business owner will face, but these will give you a bit of information to mull over before making any drastic lifestyle changes. Are you ready to make the leap?