Starting and operating your own business is not for the faint of heart. After all, your whole world gets turned upside down when you take on a business, similarly to having a baby. The main challenge comes when you find yourself spending all your time working on things like budgeting, ordering, writing a marketing plan, and searching for leads.
Additionally, it’s easy to neglect self-care and health while keeping such a rugged schedule. However, there are also many positive things about launching a business. I guess the question is “Are you mentally prepared to start a business?” Let’s take a look at questions to ask yourself to know for sure.
Do You Understand Your Fears?
Whenever something is important to us, there is bound to be fear and hesitation. Starting a business certainly falls into that category. Truthfully, things like fear of public speaking or of operating dangerous equipment are easy to identify. However, occasionally, fear doesn’t make sense and can even stay under the radar, leaving you wondering what the hell is wrong.
The problem comes when you let that fear control your actions. Be aware of the things that feel closed and negative. These tasks or encounters are likely things that are creating anxiety. If your fear is dealing with people, consider getting some training for having difficult conversations or managing people.
Do You Know What You Love?
Many people have the goal of running their own business, so they might buy into a franchise or choose a random industry because it’s profitable. However, before you jump into anything, I highly recommend knowing what you love and what makes you happy.
If what you’re doing or selling comes from a place of passion, challenges won’t feel so severe, and hard work becomes more enjoyable. So if you have always dreamed of creating an artisan bakery, or you’re looking for a dog grooming business for sale, or you want to own a clothing boutique, then follow your heart. Focus on what you naturally gravitate toward – a talent or skill you’re drawn to and build a business around that.
Do You Have a Mentor?
Finding a mentor is a key step in developing a healthy business. A mentor can give practical tips on things like taxes and marketing or a word of inspiration when things get tough. Additionally, they may have valuable business contacts they’d be willing to share with you.
If you don’t have a mentor, don’t be afraid to approach someone you admire, even if they work in a different sector. Prepare a list of reasons why he/she is a good fit and invite them for a coffee. Think carefully about two things – what you’d like to get out of the working relationship, but also what you could potentially offer them. Perhaps they could do with some digital expertise, or getting filled in on the latest start-up business trends? If you have something to offer as well, it’s a much more balanced situation.
How Do You Manage Stress and Challenge?
When everything feels precarious, it’s easy to give in to panic and anxiety. That is why learning some mind management techniques can be helpful for new business owners. Things like controlled breathing, which can be used to slow the body’s fight-or-flight-response and support you to make better choices and gain confidence.
It could even be learning to use a prioritization matrix to sort out your workload if you feel overwhelmed by the tasks demanding your attention. The important thing is that you find effective ways to handle stress and challenges as they come up.
Being mentally prepared to start a business requires attention to detail and strong self-awareness. Ask yourself plenty of questions including the ones above to clearer about who you are and what you truly want from a business.