Starting your own business is a giant leap and a serious step as well. Running your own business involves balancing your financial situation, while you challenge yourself at every step and eventually proving to yourself, that getting things done is a laborious task.
Switching from being an employee to an entrepreneur is a serious step, being an entrepreneur gives you a sense of control that you wouldn’t have felt as an employee and you need to take up the role of the CEO as well of your startup. It does feel great doesn’t it? But succeeding in this transition requires a shift in mindset coupled with smart work.
And here are few steps to guide you through the switch from employee to entrepreneur.
- DETERMINE WHAT WOULD YOU LIKE TO DO
Self-evaluate your skills, abilities and experience, or simply like many would call – passion, (don’t exaggerate, it won’t help you). Figure out what you really want to do. It’s certainly not what you were doing so far. Consider what you can do with your skills and experience, plan some ideas for your business and discuss it with your Peers and family. This may help you to figure out the perfect picture to start your own business.
2. GET THE RIGHT MENTORS
At this point, you are all set with a proper plan to start your own business and the next step is to find the right people who have done this before. Find the right mentor, who has a wealth of knowledge to share with you, have them guide you. There’s nothing wrong with asking questions, discuss with them about every vague aspect of your business and don’t be afraid to ask if your business model has the scope to scale up with the change in markets and technology.
- INTERVIEW IDEAL CUSTOMERS
Find a few people who would be your ideal customers, discuss with them their biggest needs. Plan your business according to their needs and think whether these needs are beneficial for your product(s) said to be developed.
- START SMALL
When starting a business, it will definitely take some time to establish and ideally you should target to have a financial cushion of six months plus your living expenses and your family’s. To recover from all these problems, set your business on small-scale so you can test your idea while still working in your day job and see if the business holds up before leaving the current position.
Recommended reading: 5 Best New Business Ideas
- ASSESS FEEDBACK AND ADJUST
Running a small-scale business will help you determine which part of the ideas are great and which one has to be altered. Getting feedbacks from customer plays a major role and even will help you for the growth of the business. These feedbacks need to be taken seriously and make changes where it is necessary.
- SET UP THE STRUCTURE OF YOUR COMPANY
One has to think about the structure of their company which will help them shield themselves from liability and protect your assets from creditors. Incorporating your business includes the ability to raise capital by selling stock or starting your business as with the sole proprietorship as there is no cost to set up a sole proprietorship and no government hoops to jump.