Leaving secure work to start up your own business is probably one of the scariest career moves you can make. After all, you’re leaving behind a steady salary, job security, and the resources of a company. There are no guarantees when it comes to going out on your own… but if you’re well prepared, you can avoid falling into some of the traps of those who came before you and can build an exciting, prosperous career!
Preparation is key
The phrase ‘overnight success’ is an oxymoron – no business ever came out of nothing! And no one can quit their job today and be leading a profitable start up tomorrow. Starting a business takes planning, and the more you prepare, the better place you’ll be in when it comes to take those first important steps.
We know that starting a business is exciting and you probably want to jump right in, but before you start communicating with potential customers or designing your company logo, you need to tick off some other crucial steps.
- Develop a business plan
A business plan is the overarching document that is going to provide direction and keep you on track in the first stages of your business. You can find templates for business plans online to suit the type of business you want to start
- Consider your busines finances
Are you using your own savings to start the business, or seeking investment? It’s important to know how much funding you will need and where you will get it from. You don’t want to run into money troubles before you even get off the ground!
- Work out relevant rules and regulations
Running a business means being across all the appropriate registrations and licenses so that’s your operating safely and legally. Make sure you do some research so you have a basic understanding before you get started.
You’re not going to know everything before you start – in fact, having too much insight into business complexity can be a hindrance! But ticking off some of the basics with make you more confident as you take your first steps towards launching your new business.
Ask for help
You may start looking at all the steps you have to take to set up your business and start to feel a little overwhelmed. Don’t be – no one knows everything, especially when they’re starting!
Surround yourself with people who can offer advice, information and inspiration while you commence your journey to business ownership. Emily has mentors for finance, leadership, business management and more! These people can help to provide guidance, but also perspective as you travel through the ups and downs of beginning something new.
Make sure you’re aware of other resources available to you as well. Look into support groups, online networks, and read as much as you can. It all helps to make sure you’re in the strongest position possible when it comes time to strike out on your own.
Embrace the possibilities
When starting a new business, there’s no one who is going to catch you if you fall. But instead of seeing this as a scary thing, embrace it as a challenge and a source of motivation. You’ll be surprised by what you can achieve when you’re depending solely on yourself and your own hard work.
Use the lack of certainty that comes from going out on your own to fuel your determination and commitment to success, and enjoy every win as it comes!
Being on your own also means you can be flexible and easily pivot in new directions as opportunities arise. Small businesses are the most nimble and often the fastest to take advantage of changes in the market or in customer demand. It’s important to be guided by, rather than shackled to, your original idea and planning. Take advantage of your entrepreneurial freedom and if you see a chance for success, go for it!