If you are considering leaving the corporate world, it can be challenging, but it’s possible. In this article, I’ll cover a few ways you can start creating momentum to launch your own business. Taking your time to build your venture on the side is a great way to learn, gain experience, and grow your business with the security of a stable job.
Here are some things to help you be better prepared for jumping ship and going alone.
Don’t Be Hasty
I wouldn’t recommend just quitting your job. Unless you have ample financial reserves to keep you afloat for a long time, don’t. In fact, it’s better to start building your business on the side while you are still employed to avoid finding yourself in a desperate situation.
Consider thinking about the following:
- Plan your resignation in advance.
- Be financially prepared for going it alone.
- What do you need to be able to run your business?
- What skills and knowledge do you need?
- What will you be able to charge?
- Where will you attract customers?
- Do you have an established business network?
You never really know how things will go. Perhaps it takes three months, maybe six, it could even take a year or more to establish a stable income. It might take time before you can even match your current income. You don’t know. And it is a massive risk to take a gamble like that.
Set a Deadline for Motivation
Start with the end in mind. If you don’t set a deadline to get your idea off the ground you are never going to get started. Choose a date, give yourself enough time, say at least 6 months. It takes time to build any business. Realistically it might take longer. The key is to set things in motion to move you forward toward the objective you have set.
Consider how much time per week or month you can set aside to build your side hustle. Will it be enough time to plan, research, and start building a viable business? By the time you leave your position, you want to have something that is at least starting to gain traction. That has momentum you can continue to build on.
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Assess Your Finances Carefully
Probably the most important thing to consider is your current financial situation. The more stable you are the more you can focus on your business. But if you are struggling to make ends meet, or have little to buffer you, you are taking a huge risk leaving your position. Rather continue to build your business for longer and make sure you are generating income first before resigning.
What is Your Financial Situation?
- Will your partner or spouse be able to cover certain costs with their salary while you build your business?
- How stable is your financial situation?
- What financial capacity do you have?
- Do you have large amounts of debt?
- Do you have high expenses and no savings?
- How much have you got in savings?
- Do you have money invested that could be used if you need it?
- What expenses could I drop, and cut my overall expenditure?
- How much debt do you have, do you have any installments to keep up?
- What will you do if things don’t work out, what is your back up plan?
You need to weigh up your current financial situation, your savings, investments, and what the knock-on effect will be if you start your own business. There are always unexpected expenses and costs, so be prudent. And depending on how far your business is, it might take longer before you are able to cover all your expenses.
Do Your Research Thoroughly
Launching blindly into a venture is foolish. Don’t dive into it blindsided. Take time to investigate the ideas you may be thinking of pursuing. The internet offers no shortage of resources for this. Here is a list of ways to build a solid foundation of research:
Okay, any search engine will do! The secret to deep research is don’t be superficial. Dig deeper. Seek out valuable resources and content that can help you understand what you are getting yourself into before you jump ship!
Follow People on Social Media
One way to learn more is to hear what others are saying about your desired business. If you want to learn more about digital marketing, follow digital marketers. If you want to learn more about blogging, follow bloggers. They are consistently sharing gold, so why not collect it while they give it away…
There are forums like Reddit and Quora that can offer a hive of interesting information about all kinds of topics. Search out relevant forums that align with your area of interest and search content, ask questions and engage with the community.
There are many rich sources of information from industry hubs that share best practices, latest trends, information, and even host events you can attend. Search these out and join their mailing list to keep informed and up-to-date with events and articles.
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There will be established companies that you could search for online. See how they engage with their audience, what information they share, and see what they charge. Researching companies that are doing what you want to do, is a great way to understand how to position yourself in the market and be competitive.
The key is to do your homework before jumping into a new business, as you’ll be far better able to handle challenges if you are prepared for it.
Take it Step by Step
Building any business is a process! It takes time. And you need to be patient. Break down the goal of your business, into small incremental steps. Make it attainable. Easy to comprehend and face. If you make your business into one massive mountain, you’re going to feel overwhelmed and probably not even try.
If you want to leave corporate life behind, it is possible. You can do it. But take time to prepare for it, get organized, and start building your venture on the side. Do it while you have financial security. Once you jump ship, you are on your own. If things go bad without the proper preparation and planning, you might very well regret it.
Get started today, and give yourself at the very least a few months to build the momentum you will need. How long you need depends on many factors, the key is balancing the risks. Don’t be hasty, be patient, and build a strong foundation before you take the plunge!
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