Column: Are you ready to start your own small business?

(NC) Are you having a hard time sleeping as you think about a new venture? Do you find yourself wanting to learn about a new marketplace? Have you already figured out the distribution strategy for an exciting new product? If so, experts say you could be ready to start your own business.

“The small business market in Canada is exciting. From restaurants and bakeries to car repair shops and fitness studios and more, we work with thousands of small businesses across Canada, and see how they are growing through innovation, dedication, perseverance, and hard work,” says Jeff Mitelman, CEO of Thinking Capital, an online lender for small business.

Having a great idea is an excellent starting point, but you need to make sure you’re serious about becoming an entrepreneur and not simply frustrated with your current job. Mitelman recommends asking yourself the following questions to determine if you are ready to start your own business.

Are you able to wear many hats? Starting your own business means you are sales, marketing, HR and office management all rolled up into one person. As your business grows, you can bring on more resources, but in the beginning, these essential functions will be your responsibility.

Are you willing to go all in? Having a side hustle can supplement your existing income, but if you are serious about starting a business, you’ll need focus and commitment to ensure its success.

Do you have a plan? You need to know what your business’ mission and goals are and have a plan in place to achieve them; otherwise your idea will remain just that.

Are you willing to learn? There is a lot to learn as a small business owner, whether it’s examining the competitive landscape, understanding consumer trends or researching new technologies that are changing the way small businesses borrow.

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