Despite endless conversations about your hypothetical business and lots of pipelined plans, you might not know when the time is truly right to take the plunge and start. I’ll be super honest here: I absolutely didn’t go through a checklist like the below; didn’t write a business plan; and didn’t have a five-year plan but nearly ten years on we’re a thriving business with incredible growth, so if you’re committed and passionate then this doesn’t need to hold you back.
Likes on social media are of course an endorphin hit, but they are meaningless in terms of your business lasting the test of time. Get data-savvy so you’re not relying on feelings or external validation and you can mark tangible growth and gaps to address. Set yourself up to be both your biggest critic but also your biggest cheerleader.
If you’re more of a vibe-follower then don’t lose that – your intuitive responses will be your lifelong guides, particularly in those moments where you’ve only seconds to respond and react, so definitely don’t dial those down. I can however say, that considering the 360 picture would have helped some avoidable stumbling blocks and provided more clarity along our journey as a startup, so for transparency I’ll point out which steps I didn’t follow along with, and why I wish I had!
Are you financially secure?
This means something different to everyone so keep it basic: what do you need to pay the rent, mortgage, bills and live? Will you need to take on an additional job, or reduce your current hours to start this now? I went from a full time teaching career in a secondary school, to reducing this to a part time basis for four years and continued to take on supplementary work such as exam marking, tutoring for a while longer. Don’t be too proud to think that you’re not ‘really’ doing your thing until it’s full time; work around your means. Equally, if working full time for another year or two will help offer you more freedom when you do start, then don’t dismiss those more practical options for eagerness in posting ‘I DID IT’ on LinkedIn or Instagram! None of that stuff actually matters!
Do you have the time and energy to commit?
If you’re about to get married, have a baby, move house, working on your mental health, want a long holiday this year…. is now the right time for you to add such a lot to your plate? The answer may well be ‘yes’, but give yourself the reality check you need. Running a business is fun and exciting but it’s all-consuming. A few years in, personal changes in my circumstance totally zapped me of energy and focus and rocked my world; I was lucky enough that my business partner and sister was there to pick up that additional slack and keep me motivated to get through. If you’re doing this alone, then talk to your support network and ask for some honesty on their perceptions of where you’re at to take more opinions on board.
Are you prepared to be transparent?
Are you used to expressing your needs? If not, start practising that honesty now as it’ll propel you forward and allow those in your life to give you the support you may need. Boundary-setting will also become your best pal in your new role as business owner. Do you know what this looks like for you?* (Side note* find out what it means to your significant other so they don’t become your therapist – let them enjoy the highs and support you in the lows but you will need to rely on your own internal grit more than anyone).
Is the cultural context right, right now?
It’s never been more apparent than 2021 to recognise that the cultural landscape can devastate businesses. On the flip side, it can force entrepreneurs to become more creative than ever before so again, do your groundwork, speak to other people in the industry you’re looking to join and ask the questions: how is business for you? What have you learned during this time? Would you recommend now as the right time? Also think about your end goal: your consumer. Find ways to market research their needs: what are their changing needs and circumstances? Do you need to tweak your approach to suit them where they are now?
Do you have any hesitations at this stage? What are they?
Do you believe fully in your business concept? Get all your worries out on the table and look at them in the cold light of day. You won’t be able to reassure yourself or others involved on every aspect – this will be a leap into the unknown and you will need to embrace that and enjoy that adrenaline rush, however honest acknowledgement can allow you to prioritise how and when you can look to find reassurances. It’s good to go back to these at different check-in points throughout your journey to look at progress.
What will your work look like? Where, how often, what times, who with etc?
Will you hire? WFH? Hot-desk? Will you work weekends? 9-5pm? Will you need more equipment? Is it finally time to upgrade that emotionally-abusive printer? Will you use your personal phone for work or get a new number now? Who’s taking the calls when you’re not there? Consider the logistical processes and have a few answers in mind. I tended to work weekends and after-school hours to accommodate the days I was still teaching however there were overlaps – such as my sister choosing a wifi-free location for her honeymoon! During those two weeks the lines definitely blurred! I can remember being thrown daggers by the head teacher as I ‘just nipped out’ of assembly to take a client call; 180 Year 7 pupils wondering wtf was going on. Luckily for me, I had an adjoining door to the next classroom and a very understanding teacher mate who would cover for me when emergency ‘you got the job!’ or ‘they want to cast you now – can you get there?’ calls had to be made to models. Get your back up plans in place; you’ll need them!
Have you defined roles?
If you’re working alone to start then you’re likely going to be CEO, accountant, receptionist, tech support and marketing. I’m afraid there’s no real way around that other than injections of money from a generous donor! For the first few years we had to wear a lot of hats but if you’re working with a partner or considering hiring staff or interns to start and support your growth; I massively recommend defining who is responsible for what and when. So much time can be wasted without this and frustrations will erupt where you least expect them. You won’t have the luxury of time so streamline from day one and know what ‘good’ looks like otherwise you’ll potentially waste precious hours on areas that are not vital to your success. Communicate difference in roles clearly and provide honest frameworks around these. Don’t choose the roles based on passion alone; have you the skillset to do this well? If not, delegate and focus your energies where you can add value. If you’re a solo entrepreneur, skill-up before you start. It simply won’t wash with your clients or staff that you don’t know how to invoice, pay bank transfers, raise POs, set up new suppliers and pay on time and nor should it. When you start out, for any ‘customer’ of yours, to them this is real and they’re relying on your expertise and commitment.
Can you define your ‘success’ milestones?
Personally we didn’t do enough of this to start out. Rather than mapping our reflections regularly, we just took the successes and mini wins as they happened and the rest was a flurry of excitement, learning and constant re-thinking. I would recommend taking stock on a quarterly basis, if not more to start, with a clear agenda to measure progress. Outline what success should look like to you so you know what you’re looking for. Success won’t come where you expect it. Your mates will get bored of hearing about it – they will get bored of you not asking about their jobs and careers, so don’t forget everyone has lives too! Likes on social media are of course an endorphin hit, but they are meaningless in terms of your business lasting the test of time. Get data-savvy so you’re not relying on feelings or external validation. and you can mark tangible growth and gaps to address. Set yourself up to be both your biggest critic but also your biggest cheerleader.
Are you prepared to fail? Really?
Finally – here’s the biggie. Are you honestly prepared for this to go wrong. Like, earth-shatteringly, fuck this didn’t work, oh god I need to go back to teaching now, wrong? Are you prepared to put yourself out there and ‘fess up when that account suddenly dies a painfully public death? Or, less dramatically, are you prepared to re-think and provide flexibility in your outlook and actions? Are you prepared to learn from your mistakes and admit them – even just to yourself? This is crucial – you will make endless mistakes. But learn to fail forward with a growth mindset and you’re always going to be a winner!
If you’ve gotten this far and feel excited, nervous and perhaps a little bit sick, then that sounds about right. This could be your time! So if you’re taking the plunge – give it everything you’ve got! If you’re taking your time, nice one on being honest with yourself and where you’re at – your business will thank you in the long run.
Image taken from: dive into the deep end – Bankruptcy Mastery (ignore that negative title!)
Finding Our Words 