If you are a regular reader of this blog, the chances are you are either running your own business, or thinking of making the leap to becoming a small business owner to make an income online.
This is (obviously) a subject close to my heart, and as someone who spent many years in the corporate world before making the jump to being self-employed, I thought I’d share my experiences with you in the hope it supports you as you make your own leap of faith in to the world of the small business owner.
Taking the jump
There are a number of things to consider before you walk in to your boss and announce that you are resigning, sailing away on a cloud of smugness and hope.
Before you do this, there are a number of things to consider…
Research your market
Before I left my regular job, I made sure that I had stumbled upon a good niche for my business.
It’s no good telling yourself you’re going to be a successful business owner, if the business you are opting for is already saturated with great people.
I’m not saying it’s not possible to carve a place for yourself in an already-full niche, but finding a gap in the market is important when it comes to supporting your decision to set up on your own.
Learn your trade
This may sound very obvious, but in order to succeed at your chosen new profession, you will need to be very good at it indeed.
Invest as much time as you can in personal development, industry training and learning before you make the jump in to your new field of expertise.
Qualifications inspire faith in people, but experience speaks even more loudly on your behalf, showing that you know what you are talking about and can be trusted to deliver to your customers.
Subscribe to every new resource out there in your chosen industry, to make sure you are an authority when you finally make the jump to your new job.
Run in parallel
While we can’t clone ourselves, unfortunately, and send one of us off to work every day, it is still important to set up your business while you maintain a steady income through your existing role.
Running your day job and new business in parallel for a while lets you learn how much projected growth and income you can expect, and identifies the right moment to make the switch over to being a full-time business owner.
Arguably, this is the time when you will be working your hardest, and it takes courage, energy and commitment to set up a business and make it thrive while you spend seven hours a day elsewhere earning a crust.
Try and get made redundant
It’s ideal if you can get made redundant and get a payoff before setting up on your own, to make sure that you have enough capital to carry you through the first few months of starting your business.
Have you made the switch to be a small business owner? How did you tackle it?
Are you thinking of giving up your 9 – 5 job?
Please share your views in the comments below. Thanks.
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Loads of people are shifting towards online business and this is increasing the competition here itself also. So far i have seen that the percentage of people who really earn good income online is very less, so i think it’s too risky to jump or make a switch to online business. The points you mentioned are worth for anyone to analyze before making switch to full time online business.
Daisy,
it is risky but you could start while still working full-time. That’s how I started.
Andrew
Making that jump of becoming free from the work force, it can be an scary thing. My thing is to also research your niche and have faith that you can profit from it.
“TrafficColeman “Signing Off”
Exactly!
Many don’t do their ‘homework’ before making the jump and then wonder why they fail.
Andrew
Hi Andrew,
The 2 takeaways which resonate with me are to make personal development a priority and learning your trade.
You need the proper mental tools to put your physical tools to work. With the proper mindset success comes with greater ease. Apply what you learn to earn.
I did make the jump and the toughest thing for me to do was….to make the jump 😉 It was a leap of faith but I am happy to have taken the plunge.
Thanks for sharing your insight.
Ryan Biddulph
Ryan
Good on you for making the jump. How long ago?
Andrew
I really wish that i can get out from my 9 to 5 job. But my online income is not enough to let me quit my day job yet. I took a website flipping course that promise a “guranteed income” this year, now I build niche blogs for others and sell it at flippa, I work very hard after office hour n during lunch hour but the income is still not consistent. I still cannot afford to quit my day job yet.
Will your blog income course will help me to get a fulltime income?
David
How long have you been working on your own business and also full-time?
It took me 2.5 years before I could make the jump.
Re: My blogging course. Yes, I believe it will help but it is not a “magic wand” course.
We provide all the details of what to do and all the support you need but you have to do all the hard work!
We offer a 60 day money back guarantee if the course is not for you.
Andrew
I wish I know how to come out from my corporate job, as the pay can never make me rich. I heard of people earn a decent income from online blogging, but I haven’t able to achieve yet, so I can’t come out from my corporate job yet.
Liew
Have you pikc up my free blogging guide – it may help:
http://www.incomebloggingguide.com/
Andrew
I am an web developer, I am also working for developing my website in an free time. And the theme on which I am working is definitely little bit different one from the others. But my main issue is
regarding content of website, as right now I can’t afford to outsource it. I was looking for an good partner for this.
Could you provide any suggestion over this?
Rajendra,
Unfortunately, when it comes to writers..you only get what you pay for.
You may be able to find partners via some forums.
Andrew
Here’s my tip: marry someone who can support your family while you’re building your business 😉 Worked like a charm for me. Then, after the business was solid, he was able to quit his day job and go after his dream job (successfully, I may say).
Anne,
I think you are in a lucky position. Most of us would not be able to do what you’ve done, right?
Andrew
Corinne
You are right…RISK is a big factor along with drive, energy, imagination.
Many years ago, I remember my Manager at the time saying to me, “Don’t ask permission…just do it. You can always apologize”.
Great advice.
Andrew
Hi Andrew
I got into blogging and hopefully will eventually monetize my blog and this will be my small home business; after I was told by my doctor I needed to leave my job due to ill-health. So I am highly motivated to make this work and while I am working my way through your blogging course I am learning heaps.
I did my homework as far as my niche goes and I was blessed to be offered a place on a small business management course that our government runs and it was so helpful. I have a mentor who is a successful small business owner and I am being given heaps of good advice and support.
Patricia Perth Australa
Patricia
You mention an excellent point…surround yourself with a great team of experts…and NEVER be concerned about asking for advice.
Andrew
I think it’s possible to operate both a small business, and continue with your employment for a period of time, provided you’re excellent at managing priorities. The important thing is to keep both separate.
Daniel,
That’s exactly what I did and your point about keeping them separate is crucial.
I told my bosses what I was doing outside of work…so everything was above board.
Andrew
For bettwer or worse i am living proof of how important everything above really is.
I had no time to do any of it. I was essentially forced home full time through bodily injuries.
One of the few working full time, with not a full time income.
I always did want to work for myself, and in the direct sales field…in the real world I was in the field my entire adult life in one way or another; it was/is my passion.
i was not however, anywhere near going full-time on my own.
Dennis
Your story is an inspiration for all of us.
Ever thought of writing your story and getting it published?
Andrew
It’s like a page dude, maybe two. lol
I may do a second, more personal about me page on DEDC though.
you could make it much, much longer..if you wanted to.
Andrew
I know. I am. A whole new lengthy-informative About me is coming to light soon…..maybe a small ebook eventually.
Thanks for sharing. I actually have plans of retiring 5 years from now. I’m now building my own niche sites and building backlinks to it.
Ron,
You have made the biggest step – taking a decision.
Plus the second one – making a plan.
Good luck and all the best.
Pleas keep us posted on your progress.
Andrew
Hi Andrew, I must say that your blog delivers WOW. After blogging for quite sometime, I said to myself, what’s next? Building online business. Some people tried their own idea to build online business. Online MLM business is one of a kind that people often overlook. Just make sure that we join the right one and voila, we get good products and proven good system to run as our own business.
Viviana,
Thanks for coming across.
I’ve never been tempted by MLM.
Andrew