I really want to run my own business...but now isn’t the right time.

When I started my first business I was 24 years old, working for a web developer and thought I was the next?dot.com?millionaire. In 6 months, you guessed it folks, I went bust!?But when I look back on this experience, there are a number of things which come to mind, and none of them are time related.

Firstly, I was useless, as I didn’t really understand what I was doing. I’m not really sure much would be different now, as 20 odd years down the line, I pretty much know myself and me running a tech business sounds ridiculous, as I can only just about operate my PC!

And secondly, I’m ashamed to admit this, but I went about it all the wrong way and therefore, I deserved to fail. I think I was so desperate to have my own company, I’d have done anything to make it a reality.??

This was probably my first lesson in starting a business and it was a painful one. The learning for me was not to go into anything if you don’t understand it inside out. 20 years later, I stick by this guiding principle because that pain of failure taught me a lot.?

I guess what I’m trying to say is that this had nothing to do with timing and more to do with knowledge and interest. No amount of time would have changed a thing in this situation, because deep down, I didn’t have the interest or knowhow. Oh and the funds. Important one that. Yes, hands up, I started a business with hardly any money so no surprise, we ran out of cash. In summary I failed because I was rubbish and that’s the truth.??

I started my next business at 29 and this time I was determined to not make the same mistakes.?

Fast forward to now and much of my time is spent talking and meeting ‘would be’ business owners and the one thing that comes up over and over again is whether this is the right time for them.??

In all honesty, it’s a bit of a difficult one because, is there ever a right or perfect time to do anything??I personally think this comes down to a few fundamental things, which you need to have as a person, if you’re going to take the leap into owning your own business.

Firstly, learn from my first lesson and ensure that you are well funded, as without money, you’re dead in the water. Immaterial to how good your business venture is, without it, you will struggle.?

Secondly, you need to be honest with yourself and change your relationship with risk. Running a business isn’t for everyone and that’s fine. As I’m sure you already know, the rewards are tens times better than working for someone else, however you must see risk in a completely different way. If it’s safety and security you seek then stay employed as this is not right for you.

Knowledge and skill is fundamental to your success. As I demonstrated earlier in my .com attempt, you have to ask yourself some serious questions around your ability to do the job to a decent standard and how knowledgeable you really are within your chooses field.

Confidence and resilience have to be fundamental, as the first year is usually hell on earth! If it were easy, everyone would be doing it. Finding that inner strength to keep going when your confidence is shattered is rare. Nothing on YouTube can prepare you for the reality unfortunately.?

The last thing is sacrifice. Short term, you will be leaving that lovely, secure salary behind you and the fancy car might have to go back to the lease company. You might have to miss a few holidays too. Your plans to move house or to build that new extension must also wait a while, as you simply can’t have it all. Your focus has to be on building your asset, which will look after you in the long term.?

I’m afraid all of these things are middle class problems and are not how real entrepreneurs think. They have such a drive and a vision they see no barrier to entry and only think of greatness.?

If you want anything badly enough, sacrifice is where is starts and you will dig in and find a way to make it work.?The truth is many people love the idea of starting a business because it sounds glamorous when the reality is far from it, in spite of how it looks in reality shows or on social media.?

In many ways, using the time excuse is a nice way for people to convince themselves it’s not right for them at the moment as it sounds so much better than saying, I’m actually scared or I don’t think I can/want to do this.?

Well this is 2022, so show that vulnerability and let us help you on the areas in which you’re not so confident.

?As the old saying goes, times waits for no man!