Should You Start a Small Business?

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( — December 24, 2019) — It’s never been an easier time to start a small business. With a great idea and a website to showcase your products or services, you can have a small business started in just a few days. And in doing so, you would be in good company. Thousands of new small businesses are started in the U.S. each and every day. However, there are definitely some risks associated with starting a small business. A high percentage of new businesses fail within the first year. So, the question is, should you start a small business or should you find another way to earn money via a 9 to 5 job?

Are You Suited to Run a Small Business?

Not everyone has what it takes to start and run a small business. A brilliant idea is just the first step. There are numerous skills you are required to have in order to be successful within any kind of business industry. Additionally, you must have certain personal qualities and attributes that will enable you to keep on going when times get rough and your business is on shaky ground. As any business owner will tell you, there will definitely be times when things get tough and how you act when those times get tough will be the most important determination factor in whether you fail or succeed. 

Some personal qualities you will need include:

An Inept Ability to Focus

If you’re starting a business on your own, you’ll be doing all the work by yourself in the initial stages. Depending on the industry, this could be a very daunting task. Aside from this, there will be no shortage of distractions when multitasking the multitude of associated tasks that need to be accomplished day in and day out. If you are unable to focus and block out distractions, you’ll end up with a list of things that never seem to get done. To do lists can greatly help your time management and taking each task one step at a time is extremely crucial. Psychologically speaking, if you can accomplish each task one step at a time you will feel more rewarded by your efforts and less daunted by never ending checklists. 

Hard Working & Willing to Work Long Hours

Small business owners are typically the hardest working people around. They often work much more than just a 40-hour work week. It should go without saying, if you want to be successful in your business (or in life for that matter), you’ll have to be willing to get up early, go to bed late and work on weekends and holidays. You really have to push to be the best version of yourself and always put 110% effort in everything you do.

Ambitious & Goal-Oriented

If you are considering being an entrepreneur, you must be an ambitious and goal-oriented person. If you do not strive to achieve success constantly the odds will not be in your favor. Setting goals and moving toward them each day is a vital part of being a business owner. And when things get tough you can look back and see each thing you’ve accomplished thus far. This will be the drive you need to motivate you further.

Who Should Start a Small Business?

If you’ve decided that you possess the drive needed to succeed in entrepreneurship, you should next consider mapping out a game plan for success. This will be crucial in order to succeed. If you feel it’s not for you, then don’t worry, there are many incredibly successful individuals with roles in a traditional career. For starters, anyone who is heavily in debt already (whether it be medical debt, credit card debt, personal loan debt, etc.) may be advised against becoming an entrepreneur in the short term. If you are an individual with revolving debt burdens and need help with high interest credit card balances you should consider contacting a debt settlement company in order to clear your debt issues. Before you begin establishing your new business you do not want to have unnecessary expenses or high interest credit card payments weighing down any potential investments you could be making into your startup. 

Many entrepreneurs choose to use credit cards and personal loans in order to fund their business ventures. This typically is advised against as it would likely put too much pressure on your business to succeed from the very beginning. However, if you are extremely confident in your ability to succeed and this is the only viable method to acquire funds to start your business, it is understandable if you choose to go this route. However, it is still advised that you play it safe and take things slow initially. If your first idea does not work out, you can always use the services of a debt relief company, so that you may get yourself get out of personal debt and give your next business idea another chance later down the road. If at all possible, try choosing a small business project that doesn’t require you to borrow money to get started. Your main priority should be to establish a project that you can start on a shoestring budget with resources that you already have.

Starting a small business with low capital requirements could also be the answer you’re looking for as far as helping yourself get out of debt. Lots of people start small businesses as “side hustles” when their debt becomes more than they can handle. Sometimes these side hustles develop into something much larger and allow you leave your career. If that is the case then great, but do not bank on that happening! A small business project can help you to earn more money on the side, but it can also be a way for you to achieve self-fulfillment in both your job and in life. 

You just need to decide whether it’s for you or not.