1. Determine what you’d like to
do.
Some people call this
finding your passion, but it’s more than that. Think about your skills,
abilities and experience. Consider what you can realistically see yourself
doing for hours each day, for weeks and years.
2. Think
about what others will pay for.
A viable business is the
intersection between what you’d like to do and what others will pay for.
3. Interview ideal
customers.
Find a few people that you
think would be your ideal clients. Ask them about their biggest needs,
fears and aspirations related to the business idea you plan to pursue. Are
the benefits of your product or service in line with their real needs? Also,
make a note of the words they use, as they’ll eventually help make your
marketing more authentic.
4. Design
your marketing and business plans.
Marketing involves content creation, social
media, email outreach and more. Make sure you know how you’ll approach
each of these alternatives to introduce your idea to customers. At the same
time, lay out a business plan that details how you intend your business to
function. It doesn’t need to be super formal, but it does need to cover your
operating structure, product, delivery systems and expansion plans.
5. Set up
your business on a small scale.
If you can, test your
company idea by launching on a small scale on the side, while still working
your day job. This gives you a no-risk opportunity to test your ideas, get your
first clients and see if the business will hold up over time before you
leave the security of your current position.
6. Assess
feedback and adjust.
Running a small-scale
operation will help you determine which parts of your idea are great and which
ones need adjusting. Take customer feedback seriously and make
any necessary changes before you begin scaling up.
7. Assemble
a team.
If your idea seems viable,
determine who you’ll want on your business leadership team when you eventually
launch full time. Depending on your personal experience, you may need help
in areas such as finance, marketing, customer service and production.
8. Set up the structure of your
company.
At the same time, you’ll
also want to decide what kind of company structure to register. Do you want to
incorporate, form an LLC or create a partnership? Get this taken care of
legally and carefully define the roles and investment of each of your
leadership team members.
9. Leave
your job.
When you’re ready, leave
your day job. This may feel like an amazing relief after all the work you
already put in, but trust me, more work awaits. Although it may be tempting, be
sure as you leave, keep a good relationship
with your bosses and colleagues, you
never know when you’ll encounter former bosses and colleagues again, and you
may need to work with them in the future.
10. Set
up a working budget.
With your full-time
schedule now devoted to your business, set up a company budget. This should
include payments for marketing expenses, salaries and other important
purchases. Just be sure not to waste money on frivolous expenses.
11. Scale
up your business according to your marketing plan.
Finally, all that’s left
to do is to work the plans you’ve carefully laid out for yourself. Of course,
that plan may change over time as you encounter and overcome obstacles. But,
this is it -- you’re a full-fledged entrepreneur. Congratulations!
As you can see, becoming
an entrepreneur requires a lot of work before you even consider quitting your
day job. However, if you follow each of the steps listed above and your idea
still seems viable, you can leave your life as an employee and become an
entrepreneur instead.
There are still many
challenges you’ll face, but for most entrepreneurs, the benefits of meaningful
work and self-direction are much more important.
source: entrepreneurship.com
