According to GEM Global Reports, approximately 100 million businesses start every year. However, 1 in 5 businesses will fail within a year. While there are many factors that can lead to failure, one thing is for sure: No entrepreneur should launch a business when they are not ready to grow it. Here are 5 signs that you should postpone your business launch.
#1. You’re not financially stable yet
It doesn’t matter what kind of business you want to run. Every business requires funding to grow. If you are not financially prepared to build and establish your business, your negative cash flow will drive you to bankruptcy. Most businesses need a few months to a few years to recoup the initial investment. Therefore, you need to be able to afford the risk. It is a good idea to sort out any finance-related issues before you focus on your business, whether you seek monetary compensation via dependable pedestrian accident lawyers or pay off your credit card debts. Starting a business when you are financially unstable is a suicidal strategy.
#2. You lack the skills
You might be good at what you do, but does it mean you’ll make a good business owner? The answer is no. Entrepreneurs need a specific set of skills, including sales know-how, digital marketing, and accounting. You should brush up on your entrepreneurial skills to make sure you can drive your business to success.
#3. There’s too much going on in your life
There’s a timing for everything in life. While the saying encourages you to make lemonade when life gives you lemons, you might want to think twice about it. Sometimes, it’s more beneficial for your mental health to take a break from the lemons rather than start your lemonade stand business. Life can feel overwhelming for a variety of reasons. Regaining your peace of mind is more important than a business launch. As running a business is highly stressful, you want to be as mentally strong as possible when you start.
#4. You’ve got health issues
Entrepreneurs have long working days. The average entrepreneur sleeps less than 6 hours a night and even works on weekends. It is physically draining. Fatigue, loss of appetite, insomnia, and difficulties concentrating are some of the common issues that every business owner will face. If your health is already fragile when you embark on the entrepreneurial journey, you are at risk of aggravating your conditions. Just as your mental health matters, your physical health should not be a source of worry that disrupts your work.
#5. You’ve got an idea but no plan
Great business ideas don’t survive without a reliable plan. Your business plan acts as a roadmap of activities, budget and steps to success. Without a plan, entrepreneurs risk over- or underspending and wasting efforts. Hard work isn’t always met with success if it has no strategic hold. A successful business plan refers to market research and understanding to define the business position and the best way to attract the audience.
In conclusion, you are not ready to start your business unless you can tick all the above-mentioned criteria. It’s best to wait and build your venture for success than to rush and fail at the first hurdle.
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