Making the transition from paid employ and the security it brings to entrepreneurship can be daunting as you would be going into an uncertain world with no idea what to expect.
It can be easy to become very scared, many people even become so overwhelmed by this fear, they fail to take any action.
Now, while it is okay to harbour some kind of fear, smart even, you don’t have to let it stop you from actualizing your dream as you can make the move from paid employment to entrepreneurship easily by adopting these simple techniques:
Six Tips to Make Transitioning to Paid Employ Easy
1. Draft a Plan
Ever heard the saying:
“He who fails to plan, plans to fail? “
Every business that plans on succeeding must have a plan it follows.
While still employed, you should come up with a technique that works for you and gets your business kickstarted and off the ground. It could be putting in 30 minutes to an hour daily or working late into the night after you close from your day job.
Whatever method you decide on, make sure it is one you are consistent with and it takes you closer to your goal daily.
2. Consider Getting a Partner
If your job is time consuming, then you might want to look into getting a partner or an assistant to handle the running around and other job functions you are unable to.
This will help get things done, while putting as little stress as possible on you.
3. Start Something You are Passionate About
This goes without saying. The side business you decide to pursue should be something you are passionate about and have some moderate to extensive knowledge on.
If you find you aren’t quite knowledgeable about it, then consider investing the time or funds to get the know-how so you don’t get burned.
4. Buy an Existing Business
If you would like to avoid the stress of starting a new business from the scratch, then you should look into buying an existing business.
There are lots of businesses that are past the teething stage of business and have become profitable. You could buy one of these and pick up from there.
5.Let Your Income Fund Your Business
Again, you should consider remaining in paid employ a while longer and channel part of your income into servicing your business.
Most people who leave their jobs as soon as a side business is set up get to a point where they run out of cash and have to rely heavily on the profit from the business.
If at this point the profit from the business isn’t enough to sustain the business as well as your personal needs, frustration sets in and you begin to struggle.
6. Have a Financial Nest Before Quitting
You should have some money stashed up before you even consider quitting.
At this stage, your business would be solid enough and already profitable. However, you would need to have this backup fund to guard against any such emergencies that could arise.