There are good reasons to start a business, such as the freedom and flexibility, as well as bad reasons.
As you ponder your future, as you consider the idea of starting a business, it is important to understand what is prompting this line of thinking.
Below are three of the worst reasons to start a business:
1. You are ready to make your millions. There is no denying the fact that many small business owners and startup founders rake in millions – or even billions – of dollars per year. Conversely, there are just as many who earn a modest income.
Don’t start a business with the intentions of getting rich. If it happens, good. But don’t let this be the sole reason for your decision.
2. You don’t want to work as many hours. Now that you are in charge of your professional life, you won’t have to work as many hours. This is flawed thinking. You may be in charge of when you work and how you work, but few have been able to reach the top without putting countless hours into their business.
In short, don’t expect to work fewer hours as a business owner. If anything, expect to work more. A recent SurePayroll survey found that 48% of small business are unable to take a daily lunch break.
3. Somebody in your life is pushing you to take the plunge. It’s not uncommon for a coworker or family member to talk you into starting a business. They have a great idea. They have a little bit of money to throw around. All they need is your partnership.
As tempting as this may sound, make sure you do all your homework first. Will you get along with the person? How will you delegate responsibilities? Will you split ownership down the middle?
There are good and bad reasons to start a business. The three reasons above may open your eyes, leading you to adjust your approach before moving forward.