Deciding to quit your job and focus on your business can be exciting and daunting. Starting your own business just because you hate your job might not be reason enough to leap into entrepreneurship. You are bound to have it rough before your business can stand on its feet. Becoming an entrepreneur should not be a quick fix to a boring job. Rather it should be a decision to commit to daily struggles and the willingness to persevere till you can see the fruits of your labor. Well, here is a comprehensive guide you on making that leap from employee to entrepreneur.
Have a well-prepared savings account
It would be unrealistic to expect your business to kick off immediately after launching it. However, some people are lucky enough to succeed in the first few months and start generating revenue. To be on the safe side, have some money ready in your savings account that can pay your living expenses for up to six months while you work on your business.
Think of how you can solve a unique problem
Everyone you meet will ask what kind of business you plan to start. Figuring out what business to start is not as easy as you may think. A successful startup can fill the holes in the market. Take advantage of the Internet and social media platforms to find out what customers need and are not getting from your competition. After you have a clear picture of what you can do or sell, tailor that idea to your skills, interests and position yourself in your desired niche.
Formulate a business plan
After you have settled on a formidable business idea, come up with a business plan that will assess the feasibility of your business idea and act as a roadmap in the unfortunate event you veer off course in your entrepreneurship. Your business plan will indicate that you are serious and committed to your business. When coming up with a business plan, ensure you include your target customers, what you can offer them and how you intend to fund your company.
Form strong networks
You don’t have to start a business completely on your own. As you make the leap from employee to entrepreneur, ensure you have the contacts of experts, such as financial advisors and lawyers. These experts can offer you viable advice to help better your business and connect you with potential customers. You could also foster relationships with experts and potential clients online through social media to create a steady in-flow of referrals.
Conduct a thorough market analysis
Now that you have a strong business idea that you are confident about, you might still be unsure whether it can succeed and earn you some revenue. As a business owner, you need to test your idea in the market to determine whether it will succeed. Start with small groups near you so that you can gain insight into your competitors, learn about potential customers and learn about the industry. Please don’t forget to conduct interviews and surveys and request your clients fill out questionnaires.
Outsource key tasks
Starting a business can be exhausting, and you might find it hard to keep up with every task. You also might not have the resources to hire permanent staff to help you with your business operations. Outsourcing key tasks can make your life easier and allow you to concentrate on other important business operations. For instance, if you are not skilled in accounting and tax matters, you can outsource accounting services in Australia and save yourself precious money and time. You will get more time to focus on your core roles as a business owner.
Learn a few hands-on skills
Before, when you were on someone else’s payroll, you could afford to brush things off because that is not your job. However, when you start your own business, you need to think like an entrepreneur and prepare yourself to wear many hats. Everything in your business is your job, and you will need to know how to tackle anything that goes wrong in the day-to-day operations. Learn a few hands-on skills to help you improve personally and professionally.
Have a goal-setting mindset
As an employee, there was no need for you to set short and long-term goals because your job was to align yourself with the company’s goals. However, as you transition to entrepreneurship, you need to figure out where you want to position your business in the next year and five years. Goals help you stay motivated and prevent losing focus on the big picture.
Learn how to manage crises
Owning a business comes with a lot of stress and tension. As an entrepreneur, you need to be on top of your finances, keep up with sales and customers, and ensure your website is running smoothly. As your business expands, you will find more things you need to do, adding to the stress. You can ease the tension by writing a to-do list and tackling the most important tasks first one at a time. As you prepare to take the leap into entrepreneurship, you should also get accustomed to working with deadlines.
Get accustomed to working longer hours
Employees get to enjoy holidays, sick leaves, and weekends out of the office. As you take the leap of faith into entrepreneurship, keep in mind that you may not have the luxury of taking some days off. Be ready to work long hours into the night or wake up earlier than usual so that you add value to your company. You might not be able to pay yourself for overtime, and you might work for less than the hourly minimum wage, but know that your labor will bear fruits in the future.
The secret to successful entrepreneurship is starting small and taking it slow. You could build your small business while working at your corporate job and later quit when you feel your business has picked up enough to sustain you. It would be best if you had adequate preparation before quitting your job and risk becoming bankrupt.