Becoming your own boss demands a lot of perseverance and commitment.
If you are ready to take the leap, it is time to start thinking about transitioning from an employee position to becoming an entrepreneur. The more prepared you are, the higher your chance of success.
People tend to think that starting you own successful business is a spur-of-the-moment kind of thing. You just decide to clear your desk, toss the papers in the trashcan and walk out of your office, never to return.
The reality is different. Making such a drastic change might turn out to be a mistake. It is more advisable to start small and grow from there.
Take time to prepare before you leave your day job. It will save you time, money and a great deal of stress.
Try building your business in stages. It will be less risky and it is likely to earn you more rewards.
The following tips will help you:
DEVELOP YOUR IDEA
What kind of business will you start?
This question is not as easy to answer as you might think. You need to know exactly what you intend to do or sell.
The most successful business ideas are those that focus on offering solutions.
Examine the market for holes and craft a product that fills this void in the society.
Finding your niche will require some level of research. You can conveniently search for information about any industry using your smart phone or computer. There are many ideas on the internet. You just need to decide on one and customise it.
Ensure that you have a developed business idea before you quit your job. This does not mean that you should use company hours to work on your ideas. This will only land you into problems.
As an entrepreneur, you should learn not to burn bridges. Don’t create animosity between you and your employer by ‘stealing’ time to work on your business. Remember that once you become an entrepreneur, your employer will be part of your network.
TEST MARKET TRENDS
How do you measure the potential of your business idea?
Moving from employment to entrepreneurship is a huge step. You don’t want to make a move with an idea that fails.
Test your idea on a small group with a market analysis so as to understand prospective customers, competitors and the industry.
Use questionnaires, surveys and interviews about your products to see how people react.
Don’t forget to take a look at the market trends and listen to the experts in that field. Pay close attention to crucial issues influencing the industry direction and use them as a guide.
GET A BUSINESS PLAN
Use a business plan to refine your idea. A business plan will be your roadmap for launching the business. A business plan contains details about target customers, the product you are offering, and source of funding.
Choose an opening date and location for your business, decide on the types of records you will keep, come up with a marketing strategy and create a budget for your business.
BUILD YOUR NETWORK
You don’t have to grow your business alone.
Build a network of experts from various fields such as industry experts and financial consultants.
You should also network with prospective customers.
Indeed, owning a business is not for everyone. If you have a solid plan and are passionate about it, you are halfway through the journey. For your dream, seek advice and trust your instincts.