5 Questions to Ask Before You Go in to Business for Yourself

Are you ready to make the dream of owning your own business a reality? If so, you may be hesitating out of fear.

If anyone understands, it’s KC Rossi. KC is a mindset and leadership coach who helps people start profitable and soul-aligned businesses. But what’s more, she started more than 10 businesses before she got to where she is today! KC owned everything from ideas that barely took off to a 7-figure chocolate company.

If you’re ready to go into business for yourself, she suggests you ask these 5 questions before you take the leap:

1. Does it align with my values?

The first thing to ask yourself is whether or not your business idea aligns with the core of you who are. Will the concept of this business – the product or service that you’re selling – fit with your life values?

For example, if a healthy lifestyle is important to you personally, you may not want to open a burger joint. Or if you believe in American-made products but won’t be able to turn a profit unless you outsource overseas, you should go back to the drawing board.

If your idea doesn’t align with your values, rethink your decision. You may find success, but you probably won’t feel good doing it. Over time, your mindset stands to impact long-term growth.

2. Can I live off what I’m making?

KC owned several businesses. One of the ways she knew it was time to move on from an idea was when she knew she couldn’t bring in a consistent fluid income. As a rule of thumb, if you aren’t able to pay your bills, you probably need to change your plans.

It should be noted that if you have another source of income or financial cushion, you may be able to proceed with caution. But keep in mind that financial stress with your business has a tendency to impact your personal finances quickly.

3. Is it good for me?

It generally takes about 3-5 years for a business to truly take off and start turning a noticeable profit. In the interim, it’s crucial that you don’t burn out or all your hard work will be for naught.

Explore just how much of your time and talent will be needed to make the business a success. Long hours at the start are expected, but if running it leads to a sacrifice lifestyle – one where your health, relationships, and overall well-being suffer – think again.

4. Do I know what I’m good at?

You have a unique set of talents, which means you can’t do it all. But someone out there can. Before you take the leap, identify your strengths and your weaknesses. Consider hiring a professional to guide your through this process. Then, get help with the areas you aren’t comfortable handling on your own.

For example, you may be a marketing genius but the finances leave your head spinning. Hiring a bookkeeper will keep your balance sheets in order and allow you to focus on what you do best.

Regardless, it’s a good idea to take time to learn more about all areas of your new business, even the ones you won’t handle on a daily basis. If you do, you’ll be a stronger leader for those on your team.

5. Am I ready to press go?

Lastly, you need to be ready to commit to your business. If you’re just dipping a toe in you won’t get an accurate picture of your potential.  The only way to succeed is to a give it a legitimate try.

Here’s an easy way to answer this last question: how did you respond to the first 3 questions? If you said yes, chances are the water’s fine! Gather the help you need, press go, and jump on in.