Lots of people want to run their own business and research in 2020 showed that around one in five adults wants to start their own business! But making that jump from employee to entrepreneur is daunting. We all want the rewards that come with owning a successful business – and it can be a very rewarding thing to do. But you need to be prepared to face the trials and tribulations of getting there.
What do you need to think about, and what are my top tips for getting it right?
1. Set up a side hustle to start your business. If you can start your business by running it in evenings and over weekends whilst you are still working, then do that. Build it up to the point where you can step away from your job in the knowledge that you have already started.
2. Think and plan before you jump away from the monthly paycheck. Don’t go off half-cocked and ill-prepared. Do your research and put together a business plan and cashflow forecast. Having prepared a business plan, revisit it every 90 days and write a mini agenda of what you are going to focus on and do next!
3. Starting a business takes money – money to invest in setting up your business, and money for you to live on whilst you are starting up. Start saving early and if you need to remortgage, do it before you quit your job because you can’t do it for a year or so afterwards.
4. Running a business is like juggling loads of balls all at once. The more you can do by planning and preparing with procedures or systems the easier it is to cope … but it is still going to be stressful. Every business founder requires the courage of their conviction that their business is going to make it and to keep that passion alive through the early years. Firstly start a business that you can be passionate about and secondly, write down and implement those policies and procedures that are going to help you to cope better.
5. Nobody is an island – and you will need help in your business. Don’t wait until you crack under the workload; get help so you can delegate jobs sooner rather than later. This could be a virtual assistant or a bookkeeper, or maybe a full or part time employee. Plan how you are going to free up your time by delegating jobs.
If you are thinking of starting a business then ask for your free 30 minute consultation with Jonathan to find out how you can go from employee to entrepreneur.
