5 Steps in Transitioning From Paid Employment to Entrepreneurship

The desire to be an entrepreneur stems from the need for a change, the need to make a direct impact on your environment. You can also add the need to be your own boss.

It’s not always easy at first, but it gets better with time.
It’s not always easy at first, but it gets better with time.

(Newswire.net — December 23, 2017) — The desire to be an entrepreneur stems from the need for a change, the need to make a direct impact on your environment. You can also add the need to be your own boss. You should however know that entrepreneurship is different from paid employment. Making this shift might be tricky but here are some guidelines that can help you.

1. Figure out what you want to do

The truth is: you cannot start a business without first understanding yourself. You have to figure out your talents, passion and the skills that you have acquired over the years. Discovering your passion gives you the ability to channel it towards meeting the needs of your prospective consumers. As an entrepreneur, it would be tragic to start a business you do not have passion for.

The process of discovering your passion does not get completed in a day. It could take months to achieve. The secret behind it is making a conscious effort daily to discover them. You could read motivational books, and watch out for clues that might direct you to the right path.

2. Give your passion a purpose

Finding your passion or interests is not enough. You have to give your passion a purpose. Ask yourself: “How can my passion or skill help serving people?” You need to figure out who your final consumers would be and how well you can use your passion to meet their demands.

If possible, talk to your prospective customers to seek their opinion about your plans. With this, you can determine if you are on the right track. Make sure to incorporate whatever feedback you get into your business plan.

3. Create a business plan and marketing strategy

It is necessary to create a business plan. Successful entrepreneurs, like Patrick G. Mackaronis, will tell you that your business plan should contain the detailed description of your product or service, a system of operations, channel of distribution, estimated profit and your area of expertise. In summary, it is your business idea put in words.

Knowing your customers is one thing, knowing how to sell your product or service to them is another. This is where the need for a good marketing strategy comes in. Research various marketing channels and pick the one that best suits your business. You can seek professional help when necessary.

4. Do not quit your job immediately

Most people are advised to take a great leap. In theory, it might work, but in reality, this could be very disastrous. Make sure you have another source of income apart from your startup. Profits may not roll in immediately.

You don’t want to quit your job and later realize you have no money to take care of yourself. Save up as much as you can while working. When your business grows to the point where you can subtract your income without it crashing, then you can quit. Make sure you leave on a good note. Avoid grudges.

5. Be aware that you are taking a risk

You should understand that owning a business is not a bed of roses. You should be willing to take risks, ready to make mistakes and learn from them, expand your network and most importantly, accept your losses.

The transition from being an employee to being an entrepreneur takes time. It’s not always easy at first, but it gets better with time. Add these tips to your vision, determination and hard work, and the only way for you as an entrepreneur is up.

Source: http://newswire.net/newsroom/blog-post/00099205-5-steps-in-transitioning-from-paid-employment-to-entrepreneurship.html