You’ve probably dreamt of leaving your nine to five behind and taking that leap into entrepreneurship –who hasn’t? Financial freedom is the ultimate goal for anyone who has entered the corporate industry.
However, walking into work with your resignation letter in hand the day after you decide to go solo might be a tad bit impulsive and completely unnecessary.
THE SIMPLE ANSWER
Don’t immediately leave your job and jump into entrepreneurship. A true entrepreneur takes risks within a timely manner.
The best way to jump into entrepreneurship is to wait for you to get the wheels rolling in a profitable, minimal-risk manner by growing your business while you are still employed. Ideally, you need at least a 6-month reserve to transition slowly from your nine to five into your solo career.
Here are a few secure, risk-free, smart and timely tips to remember when making that shift from your job to entrepreneurship.
START OFF WITH A SIDE HUSTLE
The best way to become your own boss is to start a side hustle and build a sustainable source of income all while keeping the safety and security of your nine to five day job.
This is the best way to build the momentum of your brilliant idea before turning it into a full-blown entrepreneurship opportunity. Take about 6 to 12 months to build a sustainable flow of customers, and test the market response on your brilliant idea.
DO YOUR RESEARCH
In the six months of your transition from the side hustle to an entrepreneurship endeavour, do your research.
Learn everything that you have to learn about your product or service. Know your audience, and their preferences. Research your competitors and the ‘gaps’ that they have in their business models. Find your dream team. Figure out how to get maximum profit from different revenue channels.
You can do this while maintaining your full-time job so you can keep a steady flow of income coming in.
GET YOUR FINANCES IN CHECK
You don’t want to be stressing about your finances while you are getting your business started off the ground. If you quit your job you can jeopardize losing a sustainable source of income, which may cause you not to be able to pay your rent, phone bill and you may even have to use up all your savings because you quit your job to fast. My advice to you would be for you to have enough cash in your account so you can fully focus on your new business venture.
MAKE & STRUCTURE A GAME PLAN
One of the most important things to do when you start off as an entrepreneur is to write out your game plan, which is known as a business plan. A Business Plan is a key success driver because it speaks to future investors, partners, and stakeholders.
Typically a business plan includes your business model, the description of the company, the objectives and mission statement, information about your targeted market, your team, an operational, financial and marketing plan, and a detailed appendix and you can make your business plan while maintaining your full-time job.
Leave on a good note because you never know if you need to go back to your old employer if things don’t work out the way they need to work out as an entrepreneur.