Blogs

“I want it all” - When should you (or perhaps not) start your own business

The 4 hour work week, nomad lifestyle, laptop lifestyle, working whenever, where you want – on your own terms. We want it all. 

We mostly see the success stories, hear the wins – rarely the losses of self employment. Yet, the desire to have it all, try it all, give our own business idea some legs and take the risk, is a desire most of us only dream about. 

Apart from the catchy beat, these song lyrics call to the entrepreneur in all of us. 

 “I want it all; money, fast cars, diamond rings, gold chains and champagne – every damn thing. I want it all; houses, expenses,  my own business, a truck, hmm, and a couple o’ Benz’s. I want it all; brand new socks and draws. And I’m bawling every time I stop and talk to y’all –  I want it all, all, all, all, I want it all, all, all, all…” (Listen here: My Own Business – Kolombo)

But what do you need to do to – have it all? And, is starting your own business the best road to take?

Here are 3 questions you need to consider before you go down the path of ‘I want it all’ which includes having your own business. 

1. What are you willing to go without?

We hear the success stories but do we know the back-story? Get real. Zero businesses start with a 4 hour work week or without some kind of struggle. 

What struggle are you willing to tolerate and accept as you work at your side-hustle?

Find out and get real on the amount of resources (time, people and budget) it will take to turn a profit on your business. What are you going to sacrifice to ‘have it all’?

2. What will ‘starting your own business’ give you?

Yes, having your own business has its benefits but also it has its downsides. No guaranteed income, a different level and intensity of decisions, working alone as you bring on resources and the inevitable screw ups. The road is windy and full of adventures but, and this is a big but, IT IS HARD. 

The skills you have to acquire or learn yourself sit outside a typical 9-5 job. 

Business development, branding and marketing, selling, customer engagement and relationship management. Partnerships, collaborations, product prototyping, product development, service management, tech stacks to support your new processes, process improvements and optimisation. Outsourcing, offshoring and recruitment – the list continues. These skills and capabilities need to be budgeted for, enacted and activated to ensure the best chance of ‘success’ in the first 1-3 years of your new business. 

So, is it worth it?

3. If it’s worth it, what small step are you going to take today? And if it’s not, define your ‘all’ without ‘your own business’. 

Yes, you want it all – which includes your own business. You’ve done your research and have a realistic plan on how long it will take and what resources you need to sacrifice (time, money, energy) to make it happen. 

Now it’s time to make a short term (6-12 month) plan which aligns to the reason you are putting yourself through the pain. You know what you need to do – so why are you waiting?

And if it’s not for you, or, not for you right now – that’s okay. You probably have more than you think. 

So do your best work, be your best self and yes, it’s for someone else’s business,  but you’ve still ‘got it all’. 

What do you think? I’d love to hear your thoughts and experiences in the comments. 

Has this tune got you thinking about your idea of ‘having it all?’. I offer a free advisory call to discuss your circumstances and come up with a plan which suits you. Book some time with me using this – https://tinyurl.com/n4etmx7a

Alternatively, join our virtual business accelerator programme at @thegrowco – our next 3 part workshop is starting in October. The last one sold out in 7 days so get your spot fast! Sign up to the waitlist – Here.