Business

How to take the leap in your own business

By Ben Hwang ⋅ May 14, 2008 ⋅  Email This Post ⋅  Print This Post ⋅ Post a comment

Everyone wants to chase after their dream.

And so you should. But there is a lot to consider before you pack up your bags from your current employment and go. There are things to do, questions to ask, and most importantly, planning to be done. So in the case of the last one, have you done it?

If you have not planned out the steps to follow, then that’s your absolute first step. In fact, if you haven’t done this, you’ll be taking the leap into a pool of water blindfolded with no clue if the water is sixty feet deep, or six inches deep. And believe me, many have “broken their necks” figuratively speaking.

You must do the homework, or the research in how your business is going to, how you are to market yourself, why that particular product, and everything else that comes with business planning. But that’s not all! Don’t forget that this is your own business. This means that if you have a family to provide for, and people dependent on you, there are many other things to consider.

Have you provided enough emergency rationing of funds to last you through the initial stages of your business? Businesses don’t become successful right off the bat. In fact, for most it would take at minimum, six months to a year before you might be in the black.

Are you taking out a loan? Remember that while credit cards might hurt you individually from a credit score perspective, if you borrow against your house or against your 401k, then there are other penalties that could eventually create more debt that causes more trouble. There are safer ways to finance your dream, depending on the path you choose.

When all this is done, and you’ve done due diligence, then perhaps then you’re ready. Remembering the entire time that these decisions are yours alone to make, and yours alone to be accountable for. No one else to blame but yourself in the end. But reaping the benefits will also be yours alone. Yes, the good comes with the bad.

So when you’ve taken that educated guess, and calculated out your risk, and minimized it. Then it’s time.

Take that leap.

Photo Credit: (Marc Shandro)

Tags: Business, Finance, funding, leap, ownership, planning, protection, risk