Everyone has that dream of venturing out on their own. We all want to “be our own bosses” and map out our own future by embarking on a new venture.
It’s an alluring vision to be sure! A vision that promises independence, financial freedom and hopefully lots of long-term success. –
But often our kick in and prevent us from turning in a two-week notice to strike out on our own.
Really, for many folks, leaving the security of being an employee and starting a business is just a pipe dream when things at the office are a little dull.
For most people, leaving a solid job to try something half-heartedly is not a good idea. And it’s more fun to think about than actually put into action!
But what if after assessing your goals, your long-term plans and what you want to achieve, you realize that it seems like the only way to grab what you want is to strike out on your own?
How do you know when starting a business or a new venture is a solid idea that will take you to a higher plateau in life, or when the idea should be abandoned?
The specific answer to these questions will be different for every would-be entrepreneur, but it basically boils down to making sure that you can confidentially confirm that the following items are in place.
Before you even consider starting a business, you need to think first about your long-term goals.
You need to make sure that what will contribute to your overall happiness and what you want in life coincides with starting a business.
Furthermore, once you’ve established that starting a business or venture will help you establish your goals, you need to make sure that’s the best potential route.
For example, if your end goal is to make a lot of money in, say, the PR industry, would this be more feasible by starting a business, or by aiming for a Marketing Manager position?
Consider ALL options before proceeding. You’ll already have an extra boost of confidence by knowing that you chose the right path before you even started.
You can’t start a restaurant if you know nothing about cooking or serving, and you can’t start an independent farm if you’ve never planted a seed.
Knowledge is key for all of life’s adventures, so make sure you are prepared and have the expertise to get started.
Knowing the trade of choice is a must, clearly, but also be aware of business models, what to expect profit-wise, and the nuts and bolts of your proposed operation.
The more information you have, the better you will be at foreseeing issues or roadblocks before they have a chance to arise.
Overnight successes are never “overnight.”
There’s a lot of work involved to get a new business to grow, and many companies or ventures can take a year or more before they actually become profitable.
So make sure you’re prepared for the initial investment costs, and the simple price of getting off the ground.
A recent study has shown that “hybrid entrepreneurs,” or entrepreneurs who don’t quit their day job and follow their passions in their spare time, are 33% less likely to go out of business over a ten year period that people who immediately leave a full-time position to become self-employed.
So start slow, keep your job, or at least have plenty of reserves or a back-up plan in case something changes.
After all, you may find that your venture is something you enjoy part-time, but not all of the time and unforeseen circumstances may throw a wrench in the works.
Financial preparedness will cause less anxiety and lead to better results, which are two outcomes that are instrumental to a new business.
Many entrepreneurs attest that they work harder than they ever did when they had a boss, and it’s easy to see why. You are the leader now, and the sole commander of your fate, so make sure you have the work ethic and determination to see it through.
Hard work gets you a long way. And the ability to keep on going, no matter what, is essential for a new venture to get off the ground.
Have you been successful in the past after striking out on your own? Let us know in the comments section below!