Waiting for a sign that it’s time to start a business? I’ve got six of ’em.
Everywhere you go these days, people are talking about starting a business or a side hustle, and maybe you’re wondering if that’s the right decision for you. So whether you’re feeling pressure or excited to make the leap, I’m going to talk about a few key – and maybe overlooked – signs that it’s a good decision for you.
Not everyone who starts a business has had this in their blood since they were a kid hustling their neighbors while selling lemonade. That’s not everybody, and it’s not me! I didn’t care about making money until I did. I don’t want you to fall into the myth of thinking that because this hasn’t always come naturally to you that it won’t work out for you.
But, there are some key indicators that this might be the right decision!
#1 Your Company Cannot Function Without You
It’s a universal truth that the best people in a business eventually leave to do it on their own because they’re too good to keep around and let people keep making money off of them.
I’m not gonna lie; this was definitely the case for me. I stayed for a really long time, and eventually, it was just silly not to go do it for myself and make all of the money. I knew how everything worked and was so essential to the business that it became like, “why am I not profiting from this? Why am I just getting paid for my time?” And you see this everywhere. I tell my designers and my team that I want that to happen. Go ahead! Get too big for me! Because that means you’re gonna be successful!
So, if you’re in your company now and you’re finding that you know all of the ins-and-outs of how things work, you can do your job (and many people’s jobs better than they can), and the business it totally dependent on you – that’s a pretty good sign that you should be doing this on your own and reaping all of the benefits, instead of just some of them.
#2 You Hate Having Money And Free Time Right Now, But You Want A Lot Of Money And Free Time In The Future
Now that’s just a little jokey joke, but not really. It’s pretty true.
Starting a business is an investment– I’m not gonna bullshit you about that. It takes a lot of time, money, and resources, and sometimes you don’t make much money in the beginning. But, you do it because the potential benefits and rewards are exponential. It’s way more than you could ever make on your own most of the time. And, you can also ideally do that with way less energy, have more free time, more control over your schedule, and go travel and do fun stuff. That’s the dream, and that’s why people do this.
I don’t want to sell you on something that’s not real; it is not going to be like that when you first start (anyone who tells you that is fucking lying). But, one day, you can get there, and it’s really of the only ways to get there in our society today; to break free of that rat race and be in control of your time and your own money.
#3 Your Tax Bill Is Crazy
Are you single? No kids? No mortgage? No school? High Income? Yeah, you’re pretty much screwed.
Your tax bill will be insane unless you start a business to start writing off some of those expenses. You can write of living expenses, business expenses, a portion of your rent for your home office, your phone bill, your internet bill – all kinds of stuff. A great reason to start a business is that you get big tax benefits.
(But if that’s the only reason you’re gonna do it… maybe don’t… it’s not worth it).
#4 You Are Super Passionate About Business
This might seem obvious, but most people try to take their passion and turn it into a business. This can work, but the problem is that they’re really good at what they’re passionate about, but they’re not necessarily good at business. This is where a lot of businesses fail. In fact, it can also really take the joy about whatever you are passionate about.
So, a better approach is if you’re really interested in business. You like the idea of creating something from scratch, connecting with people, building something, figuring out ways to grow, and all that kind of stuff that excites you. And if it does – maybe it’s a good time to start your own! That’s a pretty good indicator ;).
#5 You Are Really Good At Something People Really Need
Demand is pretty much the name of the game in business. If you can figure out how to make people want what you’ve got, you’re probably gonna be pretty successful. So, if you have a specific skill that you’re really good at, you like doing, and a lot of people want or need it, that’s a pretty good indication that you should start a business.
#6 There is a Very Specific Problem That You’re Super Passionate About Solving
This is how tons of businesses start out. The founder experiences some situation or has some problem and cannot find a solution, so they set out to create one themselves. And this could be anything from world hunger or like these big, mission-driven, save-the-world type businesses to something super practical, like how to get home on a night out when you’re drunk and there’s no taxis (Hey, Uber).
The key is that it has to be a real problem that people are willing to pay money to have solved for them. Many people fail because they’re solving a problem that isn’t much of a pain point. So, even though they found a solution, there’s no real demand, and their business doesn’t succeed.
But if you’ve identified a huge problem and you are super excited about solving it, and you know that other people would really benefit from that solution, too, it’s a pretty good indication that you need to start a business
Does any of these sound like you?
Business is not for the faint of heart – I’m never gonna lie to you about that – but it is super rewarding. If one or more of these resonated with you, maybe it’s time to take the leap! Reach out, and let me know what you think. And if you are starting your own business, check out my free training, How to Build a Powerful Brand FROM SCRATCH, to help you get started!
Until next time, stay badass!