We all want to live the American dream and live a prosperous and successful life. We want to be in control of our own destiny. We want to have our own business and become our own boss, even if it’s just a small-to-medium-sized enterprise such as a neighborhood laundromat or a company that specializes in a pallet racking system.
However, a lot of potential entrepreneurs are apprehensive about making the jump from employment to entrepreneurship because they fear that they won’t have what it takes to turn their business into a success story.
If you’re seriously considering leaving your career in the corporate world and starting your own business, you need to have a battle plan.
12 Ways to Transition from Employment to Entrepreneurship
1. Know what you want to do.
A lot of people may say that this is where you identify and pursue what you’re really passionate about. But it goes beyond that. Consider your natural gifts: your skills, talents, and personality. Based on these, what do you see yourself doing every day for the rest of your life? This is not just about passion but more about your purpose.
2. Find out what the things people are willing to pay for.
Once you’ve figured out what you want to do, you need to also find out what people are willing to pay good money for. Between the two results, find some sort of middle ground so that you don’t feel like you’re working and at the same time, you’re still making a living.
3. Talk to people who you think would be your ideal customers.
The next step to your research work is to find people within your target market and consult with them. Find out what their needs are, what they’re specifically looking for, and what would prevent them from buying from you.
4. Work on your business and marketing plans.
Based on everything that you have so far, you can now start drawing up your business and marketing plans. Layout everything that you will need for your business to thrive — operational expenses, product development, capitalization, plans for expansion, and others. As far as marketing is concerned, take advantage of social media and other digital platforms, but don’t limit yourself to it.
5. Launch your business on a small scale on the side.
Once everything’s in place, you can now launch your business on the side. At this point, don’t quit your job yet. Keep doing your regular job until you get a better idea of how your business works. This lets you test your ideas and build a customer base without giving up your financial security brought by your current job.
6. Get feedback, analyze it, and make the necessary adjustments.
Running a small-scale business allows you to learn about the business and consumer behavior which gives you a better insight on how to make adjustments. Get feedback from your clients and see how you can improve your system.
7. Form a team.
One of the most crucial aspects of any business is the team involved in growing it. If you want your business to succeed and stay for the long haul, you need to have the right team in place early on. Even if your business is still small, getting a team on board will force you to dream and think up big things.
8. Get financing for your business.
Financing is another crucial area in any start-up. Unless you were left with a very large trust fund or have plenty of savings, you might need to get a business loan, especially if you’re thinking of something a little bigger.
Whether you take cash from your 401(k), get a loan, or gather investors, you will need to seriously and carefully plan the steps that you will take in this area.
9. Identify your company structure and set it up accordingly.
At the same time, you will want to think about how you want your company structure to be. Will it be a partnership? An LLC? A corporation? Once you make the decision, take care of all the legal matters and make sure you clearly define your roles.
10. Hand in your 30-day notice.
As soon as your business is slowly gaining momentum and you’re ready, submit your resignation and render your final days at work.
11. Get working on a working budget.
Now that you have nothing else to focus on except your business, start working on a company budget. Determine all of your expenses and thoughtfully plan your finances. Your business’s success is dependent on this so don’t take this step lightly.
12. According to your business and marketing plans, scale up your business.
Finally, once your business is moving along well, you can start thinking of how to make it more valuable to your customers, clients, and community. At this point, you’re already a full-fledged entrepreneur!
Starting a business can be very scary. Turning it into success may seem like such a lofty ambition. But it is possible for those who will themselves to achieve great things because they want nothing more in life than to be in control of their destiny.
The question now is how bad do you want it to make it work?