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4 Signs You Are Ready To Be a Business Owner
Have you always had an itch to start your own business? Have you always wanted to bring your big ideas to the consumer market but still wondering what it would take to become an entrepreneur? Running your own company can be challenging, but with the right skill sets and a strong business mindset, you may be ready to embark on the journey of entrepreneurship. As the top small business lender in Atlanta, we have put together a list of 4 signs that you are ready to be a business owner.
4 Signs You Have What It Takes to Be an Entrepreneur
You Know Your Purpose
Every business should have a strong purpose. Is your end goal selling your company or branching out and opening up multiple locations? By clearly defining your Why, you will have a clearer vision of what you want to achieve. When faced with a tough business situation, your Why is something to which you can refer to make your decision. Also, when you need to make sacrifices for the business, whether it is missing out on a family dinner or pulling some money from your personal savings to put into your business account, your purpose will serve as a reminder that all your efforts and sacrifices will be worth it one day.
You Are Not Afraid to Fail
This is not to say that you can just go ahead and take on high-risk ventures or enter a new industry without doing research on it first. The risks associated with running a business must always be carefully calculated, but you should not let fear dictate your business decision making either. As entrepreneurs, you probably see failures much more frequently than others as 20% of small businesses in the U.S. fail within the first year. Much as it is justifiable to have fear for potential bankruptcy or social stigma, as long as one can challenge that fear with purposeful actions and persistence, they are getting one step closer to becoming a good entrepreneur.
You Have a Business Plan
It is not required to have a business plan to start your own business. However, a good business plan does help increase your chance to succeed. According to the Panel Study of Entrepreneurial Dynamics II conducted by the University of Michigan, Entrepreneurs who write formal plans are 16% more likely to achieve viability than the otherwise identical non-planning entrepreneurs. By creating a thorough business plan, you will be able to gain more insights into your competition, your target market, and your whole industry. Additionally, the financial projection part of a business plan allows you to realistically forecast the financial growth of your business and assess your feasibility. Overall, a good business plan goes a long way in helping you achieve your business objectives.
Your Record looks Good to Potential Lenders
Throughout the course of running a business, there may be a time when you will need funding to get your business through a tough patch or to expand it. This is where it is important to have a good financial track record to increase the likelihood of getting the capital that you need. As a trusted small business lender in Atlanta, here are some good record-keeping tips that we would like to suggest:
Separate your business and personal finances
Keep your records current on a weekly basis
Use a payroll and accounting software that generate records
Keep track of your deductible expenses
Stay updated with tax deadlines
Also, always make sure to conduct thorough research on lenders to find the right one for your business. Not only does a good lender give you access to capital but they also provide you with valuable information and ultimately become a great partner who can help bring your business to the next level.
First Liberty - Your Top Small Business Lender in Atlanta
Since 1993, First Liberty Building & Loan has been one of Atlanta's most trusted small business lenders. We are big fans of entrepreneurs and we will work with dedication to provide the best financial solutions for your small business.