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.