If you are tempted to wave goodbye to your full-time job and say hello to the world of entrepreneurship, you are not alone. More startups are emerging each year as people choose to quit the rat race in the quest to achieve a more fulfilling work life. Following your passion is admirable, and you may know exactly the sort of sector you want to forge a new business in.
However, how do you make the leap from employee to entrepreneur? Is it as easy as simply quitting to then start up your own business? The financial implications of such a move could prove too risky. Instead, take a look at these steps that could help you master the art of transitioning from employee to entrepreneur.
Begin Planning Now
You don’t have to shout your startup plans from the rooftops the moment you decide that this is the path you will be pursuing. Instead, remain in your current role for another twelve months while constructing a sound business plan and squirrelling away some of your hard earned wage to invest in your new startup. Consider carrying out some market research to see if your idea for a product or service is viable.
Investigate opportunities to shadow somebody who has already made the leap into entrepreneurship. Try and work out how much investment you will need and seek funding while you are still working. Having investment in place via the bank or a business angel, so you are ready to hit the ground running the moment you resign will save untold amounts of stress.
If you are finding that your cash flow is a little tight once you find yourself unemployed, consider seeking temporary part-time work. By registering with an agency like Pure Staff, you can take on more casual work for a few hours a week, be certain of an income and still have plenty of time to dedicate to your business venture. Eighty per cent of startups fail within the first year, and most of these go under because of a lack of cash flow. Keep the money trickling in to ensure your startup can continue to find its feet within a competitive market.
Go With What You Know
Making the transition from employee to entrepreneur is easier if you follow your skill set. If you are an accountant by trade and have years of experience providing tax services to IT contractors, why not branch out on your own. You may be able to take clients and contacts with you enabling a relatively seamless transition into your new role. Or you might choose to follow a passion.
If you are a dab hand at Photoshop, have an artistic flair and adore graphic design, then head down a more creative path. If you have the skills, you can turn your passion into a money making venture.
While it may be scary and daunting to not know where your next pay cheque is coming from, you don’t have to fear entrepreneurship. Being your own boss is exciting, gives you a new sense of freedom and is a whole lot of fun. Follow this guide to ensure you can master the art of transitioning from employee to entrepreneur.
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