Money?
It is not the right time to start your own company if you do not have the means to do so.  You must budget for start up cost, operating costs, and how you will support yourself financially before the company can afford for you to have a consistent salary.  How will you be funding your business? Most businesses take about three years to turn a profit.  Do you have substantial savings or another means of income to live off of during your start up period? Do you have a loan or an investor who has contributed enough initial funds to get things off the ground and cover your salary?  Many people do not realize that even starting a tiny business is a huge investment.

Time?
It takes an enormous amount of time to get a company off the ground and make it profitable.  If you are looking for a part time job, do not start your own company.  However, if you are ready to commit to dedicating your time and energy to transforming your passion into profit, you are one step closer to making it a reality.

Support?
It is incredibly important to not only have the financial support in place to get you off the ground, but it is equally essential to have the emotional support of family and friends and the ear of advisors or a mentor to troubleshoot problems and give you advice.  Friends and family need to understand and support the fact that your priority will – more often than not – be your new company.  You will need their support as you continually struggle to find balance in your life.

The Willingness To Sacrifice?
You know the expression: ‘You can’t have your cake and eat it too’…well, it’s true.  When you are working all of the time to make something a success, be prepared that you may be disappointed when some other area of your life falls short.  It is important to stay aware of what you are trying to achieve in the big picture of your life.  You will have to make sacrifices along the way to make your business a success.  Learn to prioritize what is truly important in all areas of your life, but know that your business will often take center stage.

The Willingness To Take Responsibility?
Starting and running your own company is a major commitment.  Like having a child, the responsibilities are gigantic and never ending.  Although it may seem to your employees that you come first, in reality you are always last.  If you are waiting for customers to pay you to cover expenses, you will be the last to get paid.  If something comes up that needs immediate attention, you will be the one going to the office in the middle of the night.  You are responsible for everyone’s productivity, happiness, and the paycheck they take home to feed their family.

The Stamina To Persevere?
You must have confidence to make decisions and see them through.  If your energy is low, your business will suffer from the inside out. No matter who you are, it is a constant challenge to be the rainmaker and always keep your staff and clients focused, confident, and inspired.  Remember, it is important to find ways to relieve your stress and find your own inspiration so you can continue to persevere and thrive.  Yes, you are only human, but you are also the backbone and guts of your company…

The Awareness To Stay True To Yourself?
Always listen to your gut.  If it feels right, it probably is right.  If it doesn’t, find a way to make it work or move on.

The upside of today’s challenging economic environment is that it will likely result in some of us taking the leap to create our own opportunities.  If you have the right combination of means and motivation, the best investment you can make right now just might be in yourself!

Brandi Savitt is the Co-founder & Co-Editor of Fabulous & Frugal.  She has also owned and operated Senza Pictures & The Film Collective for the past ten years.

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