Finally, you’ve had the great business idea you’ve been waiting for, and you’re ready to become an entrepreneur!
Not so fast. It’s important that you start your entrepreneurship journey on the right foot. There are many things to know before you set up shop. Will your idea work as an actual business? Are you ready for the hard work and stress that comes with entrepreneurship?
Ask yourself these 13 questions before you start a small business
What is most important to me in running a small business – making money or doing what I love?
Do I have management or technical experience in a business similar to the business I want to start?
Do I have any accounting or bookkeeping knowledge?
How well do I handle risk?
How do I cope with stress?
Are my finances strong enough to support me if my small business doesn’t see income immediately?
Do I have the support of my family and friends?
Am I willing to work longer than usual to start my small business?
If you’ve answered “no” to any of these questions, don’t worry! It’s actually a good thing. Knowing what you don’t know is important, and can help you find – and fix – critical gaps in your knowledge. Training in entrepreneurship skills will also increase your odds of success. After all, nearly one half of all small businesses close within two years of start-up in Canada, so equipping yourself with as many business skills as you can is always a good thing.
Entrepreneurship is a great dream for many Canadians. And with the recent pandemic changing the world of work, many of us have been somewhat forced into starting a side business or freelancing to help make ends meet.
The reality of entrepreneurship is hard, and many Canadians aren’t ready for it – and that’s okay! You may be ready for it later on, after life circumstances change or small business training teaches you the necessary skills you don’t have yet.
How can you find out if you’re ready to be an entrepreneur?
Download GoForth’s free Self-Assessment for Entrepreneurs to see if now is a good time to start your small business journey. We can’t predict if you’ll be a success, but taking an honest look at your situation right now will help you figure out your odds. Take your time and do as much research and training as you can before you strike out on your own – it may make all the difference to your success.