The idea of starting your own business is attractive especially if you’re nearing retirement or want to get more out of life. But leaving your day job and starting a business isn’t as easy as you think. Yes, it might be easy to file a resignation letter but it’s hard to live after that.
Most people who quit their work, attempt to start a small business, and don’t make it catch themselves regretting why they left their job in the first place. You see, not everyone is born to be a solopreneur.
But you can learn how to be one by slowly adapting yourself from being the employee to becoming the boss. Don’t make the same mistakes as those people who didn’t make it. Increase your chances of achieving financial freedom and creating a legacy by following these tips.
1. Think like a business owner
As an employee, you don’t get to call the shots or do everything yourself most of the time because you have superiors for guidance and colleagues for a helping hand. When you start a business, the planning, decision-making, and work are all yours.
2. Get used to more work and longer hours
Employees enjoy vacations, holidays, and weekend relaxations while following a work schedule. You won’t have that kind of luxury as you start your business. Your free time and weekends will be allocated to building and growing your company. It will be stressful. Brace yourself for it.
3. Reconnect with your original self
As mentioned, you may have the luxury to enjoy life with the time off work as an employee but that’s just for relaxation. Doing the things that bring you happiness and meaning is different and working in a corporate environment disconnects you from these activities.
Rediscover yourself – the real you. What are the things you’re passionate about and are good at doing? When you have found the answers, move on to #4.
4. Turn your self-knowledge into business ideas
We are all good at something. Even the simple skill of cleaning a house can be turned into a business. Why? Because a lot of people are busy working and tending to their other responsibilities.
The point is, selling convenience as a product is just as profitable as physical goods. If you have created a specific formula for house cleaning or healthier and more delicious food recipes, you can sell the end product of that formula or start a food catering service.
5. Research, test, and start a side hustle
Now, a business idea isn’t just enough, you must first research if such an idea has a demand and what you need to have to be certified. For example, if your business idea is dog-sitting, look around if there are families with pets that need to be taken care of during the day.
Search the internet for the kind of skills and which certifications you need to have for dog-sitting. Test if this business idea can provide you with monthly earnings to finance your ideal lifestyle. If the venture is promising to you, make a plan on how to operate and manage it.
Then, start your side hustle.
6. Think before you quit your job
It’s really important to think through everything before you sign your resignation papers especially if you have worked in the same company for years. You might experience work separation anxiety but if you have made plans on how to deal with it, then you’re ready.
7. Create an escape plan
When you have decided to leave the employee’s life for good, start making a plan on how to get out. Set a deadline for it. Make a plan on how to cope with life once you’re out of your usual work environment and what to do in case your business won’t take off as well.
Two tips on startup business contingencies are listing down other job opportunities and preparing an unemployment savings account.
8. Take the leap
This is the last step and the scariest part. Every business owner has experienced the fear of starting their own business because you’ll never know what could happen. Even with proper planning and preparation.
The key is, don’t let the fear paralyze you from taking the final big step. When your escape plan’s deadline comes, sign your resignation papers and don’t ever look back.
Remember, the key to quitting your job and being a successful solopreneur is about careful decision making. So do your research. Weigh your options. Make a plan on how you want to do business. And don’t forget to make a plan in case you don’t make it. But I know you have better chances of success because you’re here reading this blog.
Want more tips on how to make your business successful? Read these blogs:
#6 is very important especially if your business is not yet stable