From Employee to Business Owner

Many of us dream of leaving our 9-5 jobs to become our own bosses, working on our own terms, and pursuing our passions. Many of the members of the In Business community have turned this dream into reality. But how did they do it? And how can you? Let us guide you on the journey from employee to business owner.

Here’s What We’ve Learned Along the Way

Is Now the Right Time?

First, take a deep look at your current situation and ask yourself, "Do I want to start a business, or do I just need a different job?"

If you have a strong passion and a persistent entrepreneurial idea, it might be time to take the plunge.

However, if you're feeling restless and unsure of your unique business idea, don't rush into it. Consider your broader circumstances—family, financial obligations, and other responsibilities.

Starting a business is significant. If you're going to do it, you want to do 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 to go for it. This is the exciting part—anything is possible when developing your idea, so dive in wholeheartedly. Here are some points to consider during development:

·        What’s your mission for your business? What legacy are you hoping to leave?

·        What exactly is your product or service? What makes it unique?

·        Who are your customers, and where can you find them? This will help with positioning.

·        Is there real demand for your product or service? How will you meet that demand?

·        What technology do you need to start your business?

·        What are your initial startup costs? Will you need to seek potential investors?

·        What business structure will you adopt—sole trader or limited company, for example?

·        Consider administrative tasks—insurance, accounting, handling daily transactions, etc.

·        What’s your location? Will you operate regionally, nationally, or globally?

·        Do you need an office or workspace?

These are just a few considerations. There’s a lot to think about, but don’t worry; there's plenty of information available to help you.

Build Your Business and Brand Strategy

Your idea has potential and is gaining traction. Now it's time to get strategic. If this is your first time building a business, seeking help from an experienced business and brand strategist is a smart move. They can help you create a clear roadmap for your business's direction.

Notice that we include your brand strategy here too. The business strategy is logical, and the brand strategy is emotional. They should go hand in hand.

While you can’t plan for everything in business, being as prepared as possible is always a good idea.

(If you need a business or brand strategist, let us know! We can refer you to some of our excellent members.)

Build Your Network

Starting out on your own doesn’t mean you have to give up the community that comes with being an employee. Now, you can create a new network of like-minded business owners in your area.

You can join a support network of business owners and build a network of prospective clients. Be where they are, get to know them, and understand their needs and preferences.

As a new business owner, you can never have too many people in your network. Nurturing these relationships can lead to long-term benefits and quality referrals. You win business, and your clients get excellent service—a win-win.

Being a business owner isn’t for everyone. But our In Business members demonstrate what a unique idea, tenacity, and hard work can achieve.

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, please get in touch with us today hello@weareinbusiness.co.uk