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So, Should you turn your idea into a business?

By Fatima Calderon

So you have a great idea, a great passion, a great hobby, great skills. You want to take that idea and turn it into your own business, be your own boss, but you’re not sure if you’re ready to take that big leap of faith.

What’s holding you back?

Mostly is fear to fail. But, what do you consider failing? You have to first define failure in your own terms to see if you’d be willing to risk it. Is failure not making as much money as you make now? Well,
it will take some time for any business to grow, even Facebook wasn't an instant international hit, really.

You don’t have to fully leave your formal job in order to launch a business. Consider the advantages of starting your own business:

  • -       You will create an additional source of income so that even if you do lose your job (which is a real possibility in today’s world) it won’t be so financially devastating;
  • -          Have you ever thought at your current job, “I can do this better” or “I could run this company better”? Having your own business/ Being your own boss will let you do what you really love or do it on your terms.  

Of course, failure will always be an option and obstacles will be unavoidable, so do assess your situation before launching:

  • -       Do a lot of talking and listening. Talk to friends and families. Network with industry professionals, people in your niche, find a mentor, conduct formal surveys. And listen, listen, listen to the feedback you receive on how to tweak/better your idea.
  • -        Research WHERE to find your customers, then it will be a matter of reaching them (marketing, promoting, word of mouth, etc)
  • -       Have an exit plan. Exit plans are just like Prenups. Nobody wants to talk about them until it’s time to get a divorce and then they’re like: oh man this would be much easier if we had a prenup. So have an exit plan, your backup ready should everything you do to try to save your business fails.

Don’t let only fear hold you back.