How to Know if Starting a Business is Right for You

Thinking about starting your own business or side hustle to supplement - or even replace - your current ministry income, but you're not really sure if entrepreneurship is right for you?
 
Launching your own online message-based platform, a service-based business, or even a brick-and-mortar store, can be a fulfilling adventure that creates financial security for your family.

And while it’s never been easier to launch your own business, being your own boss definitely isn’t for everyone. So how do you know if starting a business or side hustle is right for you?

Links for Today's Show

• Watch the YouTube Video of this episode
• Like My Show and Want to Support it? Buy Me a Coffee 
• Free PDF Download: How to Know if Starting a Business is Right for You

How to Know if Starting a Business is Right for You

Today I want to share 12 signs that you might be ready to start your own business. And before we dive into them I wanted to let you know that I’ve put together a free guide that lists each of these 12 signs, along with a description, which you can use as a kind of assessment to see if you really do have what it takes to launch your own business. I’m making this available for free and I’d love for you to have a copy. You can download your free copy today at morethanapastor.com/biz.

12 Signs That Starting a Business is Right For You

Here are 12 signs that you might be ready to launch your own business.

1. You have a growth mindset

The fact that you’re reading this tells me that you have, or want to develop, a growth (or abundance) mindset. Our mindset informs the way in which we see ourselves, see the world, and make decisions. Those who adopt a growth mindset believe that God invites us to dream, take risks, learn new things, grow our impact, and live to our full potential. People with a fixed (or scarcity) mindset believe that the way things are is probably the way things will always be, and there’s little we can do to change things if we’re unsatisfied. So they remain feeling stuck, broke, and unfulfilled.

2. You’ve always dreamed of entrepreneurship

If you’ve always wondered if starting a business was right for you, or you’ve dreamed of being your own boss someday, maybe now’s the time to take action on that and turn someday into today. You don’t need to go all-in and invest a ton of money…just do what I like to call a “low-cost probe” and begin to explore possible next steps. Otherwise, you’ll live the rest of your life continuing to wonder “What if…”

3. Thinking up solutions to problems you’re passionate about, or for new products or ideas, comes easy for you

At the most basic level, successful businesses - and business owners - solve real problems that people have. So the problem solving skills you’ve developed in ministry will be extremely valuable in any business endeavor. And if you love dreaming up new ideas, or finding ways to improve on existing products - making them better, smarter, or faster, for example - you’re well on your way to business and financial success.

4. You know you have more to give

No one job - as great as it may be - fully taps into all the skills, talents, and experiences we have, or the dreams and passions we want to pursue. So if you feel like you have more to give - that there’s more people to serve or problems to solve or passions to pursue, outside of your ministry work, starting a business could be a great way to help you create more freedom and fulfillment in your life and work.

5. You have a message to share

Each of us has unique stories to tell, lessons to teach, and a message to share, from past struggles, pains, and failures we’ve experienced. God loves to take our mess and turn it into a message, our trials into testimony, our problems into praise, our struggles into success, and our disappointments into destiny. The problem is we often let self-doubt keep us from believing we have something that others need, so we don’t take action to share the message God has given us. I’m here to tell you that your message matters! And to encourage you that it’s entirely possible to launch your message into a profitable platform.

6. You desire greater time and financial freedom

Being able to set your own hours, and enjoy unlimited earning potential, are among the top reasons why people want to start their own business. These goals are definitely possible to achieve long-term, but getting started in business may require some kind of up-front financial investment, and a lot of hard work. The good news is that many businesses can be started for no or low-cost. And some allow you to make money even while you sleep!

7. You understand the risk of failure and success

Starting a business involves risk at some level. Many people prefer the “security” of their current job vs. the risk of starting a business. But that’s backward, because how can you feel secure if you have only one customer - your boss? When the boss no longer requires your services, your job and income are done. But when you own your own business, you have dozens or hundreds of customers. And when one no longer requires your services, that’s no problem because you have plenty of other customers to pick up the slack. There’s also the risk of success: that as you succeed, things in your life will start to change. And that may affect your time with family or friends, hobbies, etc.

8. You love to serve others

The desire to serve others is at the heart of any successful business. Your heart for serving God and others in your church is the same type of heart needed to succeed in business. I’ve always appreciated this quote from Zig Ziglar: “You can have everything in life you want, if you will just help enough other people get what they want.”

9. You’ve been creative and entrepreneurial in ministry

Have a track record of being creative, innovative and entrepreneurial in your church ministry? Perfect! Because those skills and experiences should naturally carry over and serve you well as you launch and grow your new business, especially in areas like sales, marketing, and customer service.

10. You’re good at managing people

To succeed in business, like in ministry, you need to be good at managing people. Even if you want to be a solopreneur with no employees, don’t think you won’t need to work with people. Because you’ll always be engaging with prospective and current customers, and chances are good that you’ll have suppliers and occasional contractors to work with as well. And if you do want to grow your business behind you, you’ll definitely be forming some kind of staff team.

11. You’re a self-starter and willing to work hard

When you’re your own boss, you’re your own boss. So you need to be able to manage yourself well, work hard, and focus your energy on the right actions that will bring the success you desire. Many pastors have learned this skill, especially those serving in solo roles.

12. You have the right support network

Entrepreneurship, like ministry, can be a lonely journey. But it doesn’t have to be that way for you! Many businesses fail when owners feel like no one understands the unique struggles or challenges they face, and they don’t have anyone they trust who can guide them through the next best steps to take. Having the right mentor, and surrounding yourself with the right community, makes all the difference!

Application & Action

There are many different signs or personality traits that help entrepreneurs be successful in business, and these are just 12 of the top possibilities.

Can you see yourself in at least a few of these descriptions? If so, it's very likely that starting your own business is right for you!

If you're not sure, or you want to read and reflect more on them, be sure to get your copy of my free PDF: "How to Know if Starting a Business is Right for You." You can download your free copy today at morethanapastor.com/biz.