Edmonton Business Consultant | Waiting for the Right Time to Start a Business
One interesting thing that Edmonton business consultant has discovered in all of their years of consulting is that while the vast majority of people express a desire to become a business owner, not the same percentage of people actually take the plunge. There can be many can treating factors to that including not having the finances, and not having an idea. However, the most common reasons why people do not actually follow through with their goal of starting their own business is because they are waiting for the right time.
There are many things that would cause a person to wait to be an entrepreneur, even when they have everything that they need to get started. There waiting for life to be perfect, there waiting for the economy to improve, they are waiting for their house to be paid off, whatever they are waiting forces Edmonton business consultant is keeping them from saying they are going to start now. However, business owners need to be aware that if they wait for perfect, perfect never actually arrives. The reason why is because life is always changing. Once things get perfect in one area, things are not perfect and another. Therefore, if a person has everything that they need to start, they need to just realize as long as they are mentally ready any time is the right time.
However, one important thing thatpeople need to have in place prior to becoming a business owner is money. It is really hard for people to follow through on their dreams if they do not have the finances to make them a reality. Even though some people encourage each other to go after their dreams regardless of anything, Edmonton business consultant says this can be a fool’s errand. It is important that people have the finances available to them to make this dream a reality. This might mean ensuring that their spouse can bring in and income while their building a business, using their savings, or borrowing money even. Regardless of how they get that money, without it it can be difficult or impossible to grow business. In fact, it is the second most common reason why businesses in Canada fail. Get started but be smart about it.
When a person has their finances in order, and they are mentally ready, the next thing that Edmonton business consultant recommends is that people understand that the first year is going to be harder than they realize. They are going to significantly overestimate what they can get done in that single year. They think that they are going to be able to establish an extremely solid customer base and become a millionaire very quickly. However, the reason why so many businesses fail is because it is very hard. They need to ensure that they are ready to work extremely hard, and be mentally prepared to keep going even when things are difficult.
By being mentally ready, having their finances in order and be prepared to work even when it is hard will be what an entrepreneur needs in order to be successful. Those people that are driven to become business owners need to ensure that they have that to chase their dream.
Edmonton business consultant | waiting for the right time to start a business
There are many reasons why people fantasize about starting their own business says Edmonton business consultant. In fact, two thirds of Americans expressed a desire to be their own boss. However, wanting to start their own business and actually doing so are two very different things. People need to ensure that they have everything that it takes to start a business including finances, an idea, and the desire.
Ultimately, there is one real reason why people fantasize about becoming an entrepreneur. That reasons says Edmonton business consultant is because they are unhappy. In fact 75% of people polled said that they were unhappy with their job. The majority of Canadians working jobs that they do not love are the reason why so many of them are fantasizing about doing something else. They might be unhappy for a variety of reasons including doing the job they do not love, not making enough money, disliking the boss or management and things like having a physical limitation. Whether a person is unhappy doing what they do, or they simply want more freedom. Free time, financial freedom, freedom to do what they want how they want and when they want.
Having a desire is not enough says Edmonton business consultant. People also need to ensure that they have a great idea before they start a business. The reason why, is because 42% of all failed businesses said they were unable to find the customer base for their product which is the reason why they failed. Industry Canada says that this is the number one reason why businesses fail. Therefore, it can be an exercise in futility if an entrepreneur had does not establish a need for their product before they go into business for themselves.
However person can identify that need, is simply listening to people says Edmonton business consultant. Listen to coworkers, this into friends and listen to family. But they should be looking for is for people to say that they have a problem or in need. If they find that several people have the same problem or need, that can be a potential area where a business owner could solve that problem or fill that need. If they have a hobby, they can talk to people in the same hobby and see if there is a consistent problem or need. By establishing a market for their product or service first can overcome the number one reason for business failure and have an instantly viable business.
It is very important that once a person decides that they want to become a business owner, that even before they become an entrepreneur, that they take steps to ensure the ability to do so. By coming up with an idea, getting finances in order, and developing the mental fortitude are all important in achieving this goal of being their own boss.