The journey from employee to business owner
The journey from employee to business owner
So many of us have the big dream of leaving our 9-5 and becoming our own boss; working on our own terms and doing something we’re truly passionate about. Many of our members in In Business have done just that. They’ve taken the leap of faith. But the question is, how did they do it? And how can you do it too? Let us help you with the journey from employee to business owner.
Here’s some of the things we’ve learnt along the way.
Is now the right time?
Firstly, you need to take a long hard look in the mirror and ask yourself, ‘do I want to start a business or do I just need to change the job I’m currently in?’
If you have a burning passion coupled with an entrepreneurial idea that won’t budge, then maybe the time has come for you to dive in.
If you’re feeling restless and not sure what that unique business idea is just yet, don’t make any sudden moves. You need to think about your wider circumstances – families, financial obligations and other responsibilities.
Starting a business is a big deal. If you’re going to do it, you want to make sure you’re doing it right. Here’s our handy 11 Steps to Starting your own Business guide to download.
Find your niche and develop your idea.
You’ve decided you’re going to go for it. This is the exciting bit – anything is possible when you’re developing your idea so throw yourself into it wholeheartedly. Here are some jumping off points to get you thinking when you’re in development.
What’s your mission for your business? What legacy are you hoping to leave?
What exactly is your product or service? What about what you’re offering makes you unique?
Who are your customers and where do you find them? This will get you thinking about your positioning.
Is there real demand for your product or service? How will you fill that demand?
What technology will you need as a minimum to start your business?
Roughly what will your initial start up cost be? Will you need to research potential investors?
Think about your business structure – will you be a sole trader or a limited company for example?
Consider the administration tasks – insurance, accounting, do you need to handle day to day transactions etc?
What’s your location going to be? Will you be reaching regionally, nationally or globally?
Do you need an office/work space?
These are just a few of our suggestions. There’s a lot to think about but don’t worry, there’s plenty of information out there for you.
Build your business and brand strategy.
Your idea has legs. It’s taking off. Time to get strategic. If it’s your first time at the building-your-own-business rodeo, seeking the help of an experienced business and brand strategist is a very good idea. They can help you to build a clear roadmap of the direction of your business.
Notice here that we’ve included your brand strategy in here too. That’s because the two things should go hand in hand. The business is the logical, the brand is the emotional.
While you can’t always plan for everything going exactly to plan in business, it’s a good idea to be prepared as possible!
(If you need the help of a business or brand strategist, let us know! We can refer you to some of our excellent members.)
Build your network.
Just because you’re starting out on your own, doesn’t mean you have to give up the community that comes from being an employee. Now is your opportunity to create a new network of like minded business owners from all around your area.
Not only can you join a support network of business owners, you can build a network of prospective clients. Be where they are. Get to know them, what they need, what they like and don’t like.
As a new business owner, you can never have too many people in your network. Looking after these relationships can lead to real long term benefits and plenty of quality referrals. You win the business, your clients get a job well done. It’s a win win.
Being a business owner isn’t for everyone. That’s just the way it is. But our In Business members just go to show what a unique idea and a lot of tenacity and hard work will get you.
To quote Facebook founder, Mark Zuckerberg, ‘The biggest risk is not taking any risk’.
For more details on how In Business can support you with your new business; from regular networking to business development workshops, please get in touch with us today hello@weareinbusiness.co.uk