Starting your own business isn’t a walk in the park. Based on a report released by the Bureau of Labor Statistics, about 20% of new businesses won’t make it past the first year. You must be passionate and resilient if you want your business to make a profit and survive the test of time. 

But don’t let fear hold you back from taking the risk. Here are telltale signs to help you find out whether you’re ready to start your own business.

#1 – You have a plan

Of course, having passion alone doesn’t mean your business will succeed. You need to lay out the groundwork and have a business plan. You know the numbers and have already outlined how to run this thing.

#2 – You have enough money available

Although there are businesses you can start with small capital, remember that it takes time for your business to flourish. You should have a substantial amount of cash saved or have access ready for the money you’ll need. Doing so makes you more prepared than someone who’s in debt and counting pennies.

#3 – Your product or service has a good market

A business thrives when what you offer meets what people are willing to pay for. Before leaving your current job to venture into business, ensure your product or service already has a market. You’ll be facing challenges in your company, so you need an offering to help weather the storm.

#4 – You’re ready to make mistakes 

The experience of becoming your own boss will give you plenty to learn. Being afraid of making mistakes can only paralyze you in business. You have to be willing to face failure, as this is a risk every business owner has to take. 

#5 – You know how to manage your time

Do you have the skills to be your own boss? Running a business takes self-discipline. If you’re proficient at managing your time well, you’re much closer to being ready. 

#6 – You’re already familiar with the business

Just because you’re good at baking doesn’t mean you should open a bakery. There are many other requirements of running a company that is beyond baking itself. But if you already know the ins and outs of running a bakery, such as hiring, renting, and marketing–you’re in a strong position.

#7 – You understand your competition

Sure, you’ve always wanted to open a flower shop. The only problem is that there are already two in your neighborhood. Once you start your business, you need to know how you’ll stand out against the competition. 

What can you offer that your competitors can’t?

Pursue Your Dreams

A survey by Guidant Financial’s Small Business Trends Alliance reveals that 76% of those who run their own business are “happy” with their decision. Continue to work hard and remain tough against whatever life throws at you, and you’ll soon reap the rewards.

Are you ready to start your own company but don’t know where to begin? Get the help of a company like doola. They can do the legal filings, register your company, and do all other paperwork on your behalf. With the support of these experts, you can start your business quickly without worries.