You see so many people starting their own business, and it inspires you to start your own. Or you already have a business idea in your mind. You might even have mapped your entire success journey. But in all this, there’s still something keeping you from taking the first few steps. That something is very likely apprehension. You don’t know if you will succeed.

It all comes down to the question, ‘Are you ready to start your own business?’

Starting a business isn’t easy, and until you are truly ready you might end up with a brand that doesn’t sell. Here are 7 signs telling you if you are ready to start your own business:

You have a business plan in hand

I have a friend who’s always excited about a new business idea. He goes on and on about how he could be earning millions with his product.

The problem is that his business is just an idea. He never sticks to one idea long enough to plan for it.

Before starting a business, you need to do proper research on the product. Do a SWOT Analysis. Find out if there is a market for the product. How are you going to price your product, distribute it, and promote it? In short, you need to create an entire business plan before you invest in anything.

You Have Investors

Any business, even the smallest ones, needs money. Without money, you could be shutting down your business in the next month. You need to pay your first employee- you!

There are a number of ways you can find funding for your business if you are short of capital. But remember that every creditor will first look at your business plan, and then at your credit score. If your credit score is less than 600, creditors will consider you risky. A smart move is to raise your credit score, before approaching a creditor. Learn more about raising your credit score on this page.

You Are Ready to Take Risk

The business environment isn’t very friendly. You’ll quickly realize that almost all kinds of business face fierce competition from direct and indirect competitors. And not every product makes it to the top.

You have to be willing to take risks. There will be times when you will find yourself in the jaws of the shark. And passing through the jaws might be the only way to success. Understanding this and still be willing to move ahead is what a good brand needs from its founders. Keep in mind though that there are different kinds of risks and that you are able to protect yourself by forming your company officially with the state. This can be anything from a corporation to a limited liability company.

You have the experience

When you start your own business, you are the sole decision maker for at least the first few months. A few experienced family members might give you advice on how to run your business, but ultimately the decision making power is in your hands.

If you have no experience with business or the brand you are dealing with, you will face some serious challenges.

When you have experience, you will have an action plan. You already know how the industry works, and how to deal with the ups and downs.

You Can Preserve

Many times when people start a business, they do with great excitement and passion. The first few weeks are spent working, thinking, eating and breathing the business.

When we put this much energy in the business, we often expect the business to give us instant results. When that doesn’t happen, the energy plummets. At this time, you need more than passion to get you through to the next level. You need perseverance. And with perseverance, you need to have confidence in yourself and your brand.

You Are Ready To Adapt

Today’s business, unlike a few decades ago, is extremely volatile. New products, new ideas, and new variations are entering the market every few minutes. Brands from around the world are competing with each other. What works for the first year won’t necessarily work for the second one.

Also, technology is changing the way brands communicate and sell to their customers. Unless you are ready to adapt your business to the changing times, you won’t be able to stay for long.

Remember Nokia. When all cell phone companies were researching and launching smartphones, Nokia felt confident that it would be able to stay in the market with its existing product line. A few years later, Nokia was completely wiped out. Even the best marketing couldn’t revive the company. What I’m trying to say is that even giants are likely to shut down, if they aren’t willing to stay abreast of changes and adapt to them.

If you feel that you have all the signs to start your own business, then I would say go for it! Your time is today. Take the risk and plunge straight ahead. Don’t let your fear dictate your life. Open your business plan, and get ready to take the first step of your plan.