Making the Leap: When to Start Your Own Business

Thinking about starting a business? Many of us dream about getting paid to do what we love or finding a way to pursue our creative ideas, but getting there is another story.

Top 5 reasons you may want to start your own business:

1. You have nothing (and everything) to lose: What have you got to lose? We know: money, security, a feeling of self-efficacy, the patience and goodwill of your significant other... It's true, there are no guarantees that your exciting new venture will go exactly as planned--in fact, it probably won't--and that hard truth shouldn't be ignored, especially if there are others who depend on you. But, just for a second, try putting those fears aside and consider the alternative: What will you lose if you don't take the risk of pursuing your goal? These might include self-worth, the joy of finding your true vocation, and the ability to inspire others to follow their own dreams. Now which one seems like the greater risk?
2. You're spending more time (and almost making more money) at home than at work: A true passion and opportunity is something that can't--and shouldn't--be ignored. If your organic baby food side business, Ebay store or blogging career is threatening to take over your life, maybe it should. Although it may not be a sure thing, if you're putting a ton of energy towards a hobby, idea or skill and it's yielding results, it may be time to cut the cord to your "real" job and allow the universe to do its thing. If your freelance career is bringing in more work than you can handle, even better.
3. You have a strong support system: Nobody ever accomplished anything great without the help of others. If you're considering venturing out on your own, the time may be right if you have the full support and encouragement of your closest friends and family. Share your fears and dreams honestly with those in your inner circle and listen closely to their feedback. If they're telling you to go for it (and they really mean it), then not only can you count on them to cheer you on; you can be sure they will step in to catch you if you fall.
4. You love to learn: If deciding to start your own business is a do-or-die proposition, then you're probably better off sticking to your day job. But if the idea of learning more than you ever thought possible in such a short period of time sounds thrilling, then the possibility of failure is really non-existent--because starting your own business is guaranteed to maximize your growth and learning, stat. No matter how things turn out, you'll be just that much more experienced, skilled, educated--and ready to try again.
5. You just won't be happy otherwise: Maybe you have an idea or a product that's going to transform the way we live our lives, but it's not likely. But that's no reason to stay stuck in a job that you know will never inspire you, just to pay the bills. If you're creative and resourceful enough to want to run your own business, then you're probably going to be able to make ends meet. And if you're OK with not being the richest or the best, but would just be happy to get to spend your days doing something you care about, then why not make the leap?

For any business insurance questions, call or contact Litaker Insurance today.