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Starting Your Own Business – Part 1 of the Planning Process
September 8th, 2011 | 
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After my last soul searching post about starting out on my own, it was time to move on to part one of the journey. Am I ready?
As a business owner in the past, there were many lessons I learned along the way. Time for those tough questions – (or more commonly known as the REALITY CHECK! )
Do I have the time it takes to run a business?
Self employment doesn’t mean more free time. When I started my first business, I thought it was going to relieve some of the stress of my corporate job. Freedom and fun! It was fun, but freedom it was not.
True, I wasn’t tied to a desk all day, but I worked longer hours and more holidays than ever before. No more paid vacations or sick time, not to mention there wasn’t anyone to take over when I was out.
Do I have the resources to handle many job roles at one time?
Multi-tasking is key. Not having resources to hire administrative help, I found myself wearing many hats. Accountant, Billing, Customer Service, Manager, and sometimes even the Clean Up Crew – just to name a few of the roles.
Do I have a support network?
Family time and work time co-mingle at times. It is important to have the support of family, many times I have relied on them to help when I was over committed. Being self employed would be better labeled as – “family” employed”. “No man is an island” and this become evidentlly clear when trying to run a business.
Can I handle the stress?
Self employment doesn’t mean there isn’t stress, it is just different. Financials, overwhelming work loads, market changes, inventory….. all of this and more was on my mind. I became more honest with myself. When something didn’t go as planned or failed, I had to determine why and fix it. No more trying to place blame elsewhere or wasting time focusing on the problem - solutions had to be found immediately.
Do I have what it takes to be successful?
Determination, dedication and passion! I believe these three things make the difference between successful entrepreneurs and those who “tried it once, but it didn’t work out”. Commitment to my business and passion for what I was doing, kept me motivated. Even on the bad days, I couldn’t imagine doing anything else.
The verdict is in – YES! I can do this and now on to part 2 – PLANNING!
This article on the 10 Questions to Ask Yourself Before Starting a Business was very useful in this process.
Shannon Henrici – Entrepreneur, Creative Marketer, Brain Stormer Extraordinaire and MOM
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