In episode 48, I talk about the big trap I see so many business owners get caught up in – a business concept they don’t think all the way through that will never give them what they want out of their lives, what they want for their families, and what they want for themselves. Here are the eight questions you must answer to figure out if your business is right for you.
Are you going to enjoy doing it?
If you aren’t going to love what you do, it’s going to be exhausting. If you love it, you’re going to be more excited to work on it and grow it more quickly.
Does it really offer the life/freedom you’re looking for?
If you hate being on call, or hate the idea of losing contracts and starting over, make sure your company doesn’t trap you in situations like that.
Are you just creating a fancy job?
We usually start our own business to get out of a job we hate – and it would be awful if your new business is just another job.
What are the real requirements for growth?
An idea is great, but sometimes we don’t really think about what it’s really going to take to get the business big enough to support you.
What cost does your family have to pay and are you okay with that?
Your family will have to give up something as you work on your business. Figure out what those costs are beforehand and make sure you’re okay asking them to do that.
Can you have what you want for your family?
Know what you want for your family, and make sure your business can get that for them. Don’t get trapped in a business that won’t give your family what they deserve.
Will you get a life worth living?
Be careful to maintain a life you’re proud of. Don’t give up the things that are important to you, your hobbies or your passions, because of your business.
What cost do you have to pay?
Write down a list of the things you’ll have to give up to grow your business. Is that okay with you?