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7 Signs You’re Ready To Start Your Own Business

Start your own business using your IRA
3 Minute Read
Key Points
  • Be ready to put yourself out there
  • Get clear about what you’re doing
  • Be prepared to plan your work and your retirement

Are You Ready to Start Your Own Business?

Starting your own business can seem overwhelming, but you’ve done your market research and determined there’s a need for what you can bring. You’ve niched your offerings, setting yourself up for success in a specific area without being too broad a generalist who doesn’t really have specifics. And you’ve developed a business plan, setting out what your business will be, how you’ll accomplish your goals, and what your revenue stream might be. You feel like something is holding you back, but you’re not sure what it is because you feel ready, too. Read on and see if it’s time to get started!

Know Your Passion, Bring Your Passion

  1. Your business idea fills a need that you’re passionate about. It’s important to do the market research and find out about your niche. What are others in your field doing? Will you be directly competing with them or will you be taking the field in an exciting new direction?
  2. Are you willing to do it all? Because in the beginning you will! You’ll be your biggest supporter, your own office manager, social media manager, creative director and project manager. While wearing a number of hats can be draining, it can also be exhilarating. Enjoy the whirlwind!
  3. Ready to call in experts when you need them? From tax and retirement help to professional headshots for promotional material, there are times you’ll need to get outside assistance. Knowing when you have to reach out to a mentor or for another person’s services is key.
  4. You’re adult enough to start saving for retirement – whether it’s a Solo 401(k) or Self-Directed IRA, you know the value of money, and the importance of putting funds away for when you’re older. Even if you think you’ll be running your business for the rest of your life, it’s always best to be prepared.
  5. The financial situation is able to support your dream, at least until you start making money in your new venture. It’s vital to have some money in the bank to pay initial costs, get yourself registered as a business correctly with any state or federal agencies, pay any set-up fees, and advertise.
  6. Put yourself out there – take part in trade fairs and get your company known. Enter competitions and test yourself on the open market. It’s important to be willing to make your business known.
  7. Your work ethic is strong enough to put in the hours needed. When you first start a business, your hours are likely to be 24/7. Your excitement over the new path will keep you up, and when things go wrong there will be only you to fix them.

The Side Hustle

If you’re only interested in side-hustling, that’s ok, too, because it can be a great place to start. Your entrepreneurial skills get a chance to shake off the dust, you can earn yourself some money, you can set up a Solo 401(k) because you’re in business by yourself, and you get loads of experience handling requests for proposals, invoicing clients, and keeping customers happy.

Ready, Set, Go Start Your Own Business!

No matter what you decide, it’s important to review your passion, your goals, your business plan, your skill set, and your finances before you start. Starting your own business is not for everyone, but it may be for you. So get your plans in place and set a start date to make your dream a reality. This gives you a real goal, with an actual start date to focus in on. You have your idea, now go out and make it a success!  

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