The idea of starting your own business is a tempting one. Who doesn’t love the idea of being their own boss, generating a profit for no one but themselves, and managing their own schedule? The desire to live a life like this leads thousands of people to start their business every year and, for the most part, that’s a positive thing.
However, it’s also an undeniable fact that starting a business does not guarantee you will be able to continue in business. The success rates for startups are dismal. There are many factors that contribute to this, but one factor that is often overlooked is the life circumstances of the entrepreneur.
When it comes to starting your own business, you have to try and be in the most stable position possible in regards to the rest of your life. If that isn’t the case, then you’re frequently going to find your attention torn from the business. In the early years of a business, this lost attention can be significant enough to be the difference between success and failure.
So before you launch into creating a company name and writing a business plan, you have to evaluate your entire life. If you are currently experiencing any of the life events as detailed below, it might be safer to stow your business plans for now, and wait for calmer time.
#1 – You just had a baby
The first year of your baby’s life is going to be tough. Sleep deprivation, a huge change in routine, and a thousand and one other factors mean that new mother/fatherhood is not the time you want to start a business.
#2 – You have unmanaged personal debt
You need to be on a sound financial footing as you enter into your entrepreneurship, so it’s important to settle outstanding debts or contact DebtConsolidationLoans.com today to find a workable solution to the problem. Debt is stressful and time-consuming; starting a business is stressful and time-consuming– you don’t want to be undertaking both of these tasks at once.
#3 – Your relationship status is uncertain
Your personal life will, eventually, bleed into your business life– it’s inevitable. As a result, the last thing you need is for an uncertain romantic relationship status to have any influence over your business decision-making. If you’re not sure about the future of your relationship, and especially if you own property together (which can be complicated to unpick in the event of a split), then now isn’t the time for you to start your journey to becoming a business owner.
#4 – You already struggle for time
As this article on huffingtonpost.com points out, we’re all busy– it’s the modern curse. However, if you already find your schedule busy and demanding, then layering starting a business onto the problem is likely to do more harm than good. Find a way to control your schedule and find the time you need so as to truly channel your efforts into a business endeavor.
Starting a business is not always a positive thing; if your life can’t support such a venture, then you could be doomed to failure before you even begin. It is far healthier to wait until the above four circumstances do not apply to your life, so that you can enter into your business startup with your focus exactly where it needs to be: on the business.