Starting your own business is almost like starting a new life. It’s a big decision that could change your life. You need a lot of courage to do that.
The fact is that becoming an entrepreneur could be the best thing, the best decision you have ever made. But at the same time, it could be very risky and highly challenging.
Your business is going to consume a lot of your time, attention, and energy. If you have a stable career, you weigh that over putting up a business.
Your career may have already been your life for years and it could be a tough decision to leave it for a business.
This is why giving up your career for your own business is something you can’t consider overnight. You just have to think over it for certain period of time.
Using your savings and income as capital for your new business
Savings and income are the two biggest sacrifices when you decide to leave your employer and start on your own. It’s one of the factors that makes entrepreneurship a daunting task to accomplish. You might be using your savings as capital for your new business, and most likely, your income flow would now be unpredictable.
You must be ready for the possible consequences if you lose these two. If a personal loan is your option to start your own business, you still have to be very careful.
A personal loan is another responsibility on top of your savings and income maintenance. When you add everything together, it could be really difficult to make headway.
This is one of the reasons why so many startups struggle to survive their few first years of operation.
That’s why it is wiser to still keep working at your regular job while you wait for your business to get off the ground. So, are you ready to say goodbye to your boss and say hello to your own business? Below are some pointers to ponder on:
#1]. Make a smooth transition
If you can still fit in your day job and your business into your daily schedule, please do. Your day job would serve as your security net in case your business doesn’t work as much as you’d hoped.
If you think your business’ income can already cover all of your expenses, then that’s the right time to let go of your regular job.
#2]. Assess yourself
Are you sure? Are you ready? Are you capable? It is important that you assess yourself over and over because again, this is a big decision. It’s certainly going to change your life.
You have to be really ready to deal with the risks, the consequences—the sleepless nights and endless worries. Know your capacity in all aspects; financial, time and knowledge. That way, you’ll know if you are really ready or not.
#3]. Consult your loved ones
Your family needs to know your plans. They’re part of your transition. Accurate and real advice are always given by family.
They helped you while you looked for a job, choose a career and basically until you figured out what you wanted out of life.
If you’re planning to apply for a personal loan to get the starting capital you need for your business, your family can help you find out if it’s the right or risky thing to do.
#4]. Conceptualise and stick to it
Make sure you have a unique business concept backed-up by a strong business plan. That concept is at the core of your business and will let you stand out from the rest.
On the other hand, that concept might prove very risky, especially if you don’t know what you’re getting yourself into.
Even other job quitters who put up their own businesses fail at some point but still stick to their goals and vision. That’s solid perseverance.
#5]. Test and learn
If you are starting your own business, don’t go big-time right away. Every new concept or business is trial-and-error.
It is best to concentrate on testing your products or services first on people who are close to you then ask for feedback. From there, figure out the things you have improve.
#6]. Convince everyone
Once you have a strong concept with a business plan, definitely the next step is to grow it. Make use of your connections, either those on social media or those people around you. Convince them to be your business partners. Social connections and bonds will always take you somewhere.
#7]. Long-term and short-term plans
Make your business plan simple and achievable. It is best to set long-term and short-term timelines to determine the progress of your business.
Adjustments and corrections will follow once your plans are set correctly.
Obviously, the main reason why you need to start on your own business is to earn heaps of money and save a huge portion of that to gain the level of financial freedom you want.
The transition from long-time employee to first-time entrepreneur can be very challenging.
Yes, you might have the skill and know-how, attitude, and patience. But always remember, successful businesses start from small and from scratch.
You won’t get to the top fast but if you start as soon as possible, you’ll get there sooner rather than later.
This guest post was submitted by Ian G. Elbanbuena of Comparehero.my – a Malaysia’s leading comparison website.