From Fearful Employee to Fearless Entrepreneur in 8 Steps
You have been working your 9 to 5 for some time now but there’s been an idea growing on your mind lately - running your own business. If you’re still stuck in your job, it means the thing that’s holding you back is probably the fear of not making it. That much dreaded word 'failure' is a huge obstacle.
Entrepreneurship does not come easy. However, having the right plan and taking concrete steps to build up your own business can be rewarding in the long run despite the risks. There is no right time to quit your job and start a job and there never will be. If you want to quit your job and start a business, now is as good a time as any. All you have to do is prepare for it and bite the bullet.
If you want to be your own boss and work for yourself, you cannot just sit around nurturing idly on your ideas. You have to make the hardest step first – getting started. Many people hold themselves back because frankly they don’t even have a clue how or where to start in the first place so they get overwhelmed and give up before they have even started.
Truth is, you have to start with a proper plan in mind and perseverance. If you’re ready to quit delaying and postponing until the time is right (hint: the perfect time NEVER arrives) then, to get you started, here are some basic steps to point you in the right direction.
1. Research, research, research!
The last thing you want to do is jump off a cliff without a safety net. You leave your steady job just to find out the idea you had was not as viable as you thought after all. That's why there are no alternatives to a well-thought out research of your business idea. Ask questions like, does my service solve a problem people are having? Is there heavy competitions in what I want to do? (note heavy competition doesn’t necessarily mean you shouldn’t enter a market and can be an indication that there are plenty of people with a problem that needs solving) What are my strengths and unique selling point? Have these done before? These questions will help you narrow your research down to more granular questions and gives it purpose.
2. Make sure your idea is viable
Your idea can be a very good one, addressing and solving real needs of people. But if it can't be produced or delivered to the people successfully, it will most certainly fail. Look into the logistics of how you plan to get this idea to fruition and move on from there.
3. Prepare a comprehensive business plan
You have researched your idea and made sure you can deliver and the produce services. What to do now? Put the information into something tangible for you to follow. An organized business plan is one of the most effective tools to help you make executive decisions about your new startup.
A good idea will only be as successful as the execution and implementation of it. Many ideas have fallen flat on their faces not because the ideas were not good, but rather the execution of it was a pure disaster. A good business plan should discuss all the major aspects and tackle the possible challenges. Starting from the financial aspect to your day to day to operations and also your marketing and promotional strategies, everything should be outlined.
4. Pinpoint your sources of funding
Look into the ways you plan to acquire funding for your new startup. In the meantime, it’s also a good idea to analyze your own personal finances. Remember you’re planning to quit your job to achieve this. You need to have your personal finances in check and see if you can function through the grind of your startup until it starts to give you a profit. A good benchmark is having either 6 months (optimistic approach) or 12 months (cautious approach salary saved up. You’ll be surprised how quickly those savings can whittle down and growing a business from a place of scarcity is not a good place to be. If you are more risk averse, you can consider starting your business as a side hustle whilst still in your 9-5. This will require strong time management skills and focused work but around your day job but gives you that extra bit of comfort.
5. Sort out all the legal requirements
Make sure you look into all the legal aspects and obligations you and your new business startup has to comply before going into market. The last thing you want is to start up an operation which is giving you healthy profits only to be surprised with a government notice causing a major inconvenience and ruining your flow.
6. Use your current network
Do not think of your current job and the professional network that you have created within as an anchor holding you back from achieving your dreams. Instead, leverage them to create bridges that might help you. Use your already broad list of professional connections to maybe jumpstart your venture. For example, you may know a web developer who can give you a discount when creating your new venture’s website. Use all the resources at hand to their best potential. That’s what successful entrepreneurs do!
7. Prepare to actually act like an Entrepreneur
Modern-day concepts of an entrepreneur have misinformed people of the idea of entrepreneurship pretty badly. Entrepreneurship is not about ordering people around and maybe coming up with an idea and then expecting to make a fortune out of it. It's about hard work to make your dream come to true. Some early entrepreneurs may even have to work harder than their employees to see through every little aspect of the business. Yes, you can achieve that Hollywood portrayal of an entrepreneur life but do not expect the results without putting in the hours and efforts needed behind it.
8. Leave with a good relationship with your employer
You have made up your mind and ready to take the plunge. All there is to do now is to actually let your current employer know and leaving. But you must do this professionally and the right way. Respectfully let them know you plan to leave and start of your own venture.
You could also wait around and help to find a suitable replacement for your position. You can never be sure when you may need the help of your previous employer with your new venture. And if you leave in an unprofessional manner, you’ll be burning a bridge and losing a possible helping hand. NB. Once your business is picking up steam, propose a term where your new venture and your previous employer can go into a mutually beneficial partnership. It never hurts to give it a go, right?
If you’re ready to overcome your fears and mindset blocks and create your dream business, then go ahead and download the Ultimate Confidence Toolkit and Free Audio Training.
Hey, I'm Tasmin! I'm a Mindset & Business Confidence Coach for new and aspiring female entrepreneurs. I help overcome their fears and ramp up their confidence so that they can escape the corporate drudgery and create a life and business on their terms.
Want to chat about how I can help you? Apply for a Free Session with me here. I'm excited to talk to you :-)
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