Having your own business could become more than a pipe dream. And the best part is that you could not only achieve financial independence and build your life-long dream, but you could do it as a process and, when you are ready, quit your job for good.
But before you sign your resignation, you need to build the foundations of your new empire, from a product or service to choose the best small business loans like this to fund your endeavor. Now it’s the perfect time to start planning and working up your way into your very own business.
Take advantage of the safety of your salary and start making changes in your life to prepare yourself for when the time comes, but don’t stand still and really put on the work. You might as well get used to not sleeping much.
A checklist for the future entrepreneur
Your knowledge and experience will give you a head start to get your plan ready, so dedicate yourself to checking off some chores.
Start working on your project before quitting.
Use a schedule or chart to separate your work time and your downtime so you can establish new business hours to work solely on your project. Dedicate yourself a few hours a day to do it. Think of it like a second job where you can’t be distracted and work your way to your offer, your extra value, and to build up your first client base.
Bet for what you know
It doesn’t have to be something related to your current job, but it definitely needs to be something you know how to do and something you love. What would be the point if you hate your business? So, explore your talents, hidden or otherwise, complement them with your passion and start planning off from there.
Research your industry
Use your free time from work to do some homework checking out what’s out there, related to your future business, how much people would be willing to pay for what you have to offer, how much do your competition charge, where do they sell it and how. This way, you’ll know what you would do. But most important of all, create something that has a special something, an actual value offer that distinguishes you from everyone else, so your clients choose you over anyone.
Save three months’ worth of salary.
Cutting down on dinners, coffee shops, and not basic expenses will do wonders for your budget, and this way, you can save up to have money to live by while you get new clients. Do not confuse these savings with your initial investment or regular saving habits. This will be separated from the business, and it’s meant for you to have a safety net while you get on your feet.
Write your business plan.
Start working on a document that explains this to your possible backers and even to yourself when in doubt. Include risks, value offer, competitor, pricing, and financial projections. Trace your own road map to success.
Also understand that since you’ll be quitting your job and being away from the protection of an employer, you’ll need to also factor in what sort of costs that you’ll be accumulating. This can be anything from hiring an attorney or LLC service to create your company or hiring a web design company. Be sure to think these things through ahead of time.
Everything you’ve been working on will require money. Find the best small business loans that can become your initial investment to help you with starting costs like a webpage, a portfolio, and even representation costs. Reach out to different financial institutions to weigh your possibilities and choose the right one for your business.
Now you are ready to quit that job and start making it on your own. But a fair warning, it won’t be easy; be very methodical with your work, your health habits, and sleep. You want to enjoy your new life as an entrepreneur. Take care of yourself and get on with the plan.