Ditch the job and start your own business

There could be many reasons your life and your job no longer fulfil you and therefore it might have prompted you to think about starting your own business instead. You might have been introduced to the idea through redundancy, or you might have seized an opportunity with being furloughed, to offer a service or sell products which could have a real place in the business world.

Whatever the reason, here are some tips to help you ditch your job and start your own business.

1. What sort of personality do you need?

Anybody can start and run a business but there are some characteristics that successful business owners and entrepreneurs have, and it’s worth looking at them so you can aim to emulate them: 

Belief in yourself and your business idea 
You have to believe you can start and run a business, because if you don’t then no one else will. You can be unsure, and you don’t have to know all the answers, but you have to believe you can do this.

Willing to take risks
You can’t play everything 100% safe. You have to get out of your comfort zone and take a risk.

Not afraid of failure
Successful people have not never made mistakes. They have probably made more than unsuccessful people. This difference, however, is that they haven’t let it stop them, but they’ve learned from them and moved on. 

Know your strengths and weaknesses
It is really important that you know what you are good at and more importantly, what you are not so good at, so that you’ll know what to delegate, outsource, or get help with. Tools like DISC profiling are an excellent insight into your behaviours, but you can also ask your friends, family, and colleagues. 

Open to new ideas
In business and in life, things change all the time and you can’t be stuck on one idea or run your business only one way. You have to be open to new ideas and opportunities.

Know when to get help
No self-employed business owner operates in a vacuum. There are always people they can turn to for support. If you recognise any areas of weakness, then you will know where to turn to get the right help.

2. When is the right time to start?

In truth, any time is the right time to start; some highly successful businesses were born in recessions and lockdowns. However, before you start, there are two main things you need to do. 

1. Have sufficient funds
To get your business going can take quite a while, and if you haven’t got enough money coming in to live, then it will be even harder. So, before you start, ask yourself if you could live for six months without any income at all or ensure you have proper financing in place, so you can get going straight away.

2. Conduct market research
It’s vital to check that what you have to sell, whether it’s a product or a service, has a market. If there are other people doing it then don’t be put off; it’s simply a sign that there is work for you. If your idea is brand-new, there might not be a market for it, which would mean all your efforts could potentially go to waste.

‘Try before you buy’
If you can start a business while you are still employed, then that is an ideal situation. You can test the water and check you are able to make those all-important sales. Once you know that, you know you can make money. If you have been furloughed, or you work part time, then use this time to your advantage to test the market for your product.

3. What type of business do you want?

There are lots of different types of businesses you could start. Here are just a few:

 Physical products in a physical shop

• Physical products online
• Services
• Franchise business
• Multi-Level-Marketing
• Infoproducts
• Apps & technology

4. Practical steps to get started

• Decide on a name for your product and business. If you are setting up a service-based business, then use your own name to make it a personal brand.
• Design a brand. You can start simple using platforms such as Canva or Fiverr. If you change your brand in two years, no-one will really notice so don’t worry about getting it right first time. After all, done is better than perfect.
• Set up a business bank account.
• Get a web presence. This does not necessarily mean getting a website however, getting a Google business listing and creating social media accounts are a must.
• Get printed material if needed, such as business cards and flyers.
• Start networking as much as possible to get your name out there.
• Make a sale as soon as possible.

5. Mistakes to avoid

Spending too long ‘getting ready’
You don’t need to have an all-singing and all-dancing website, excellent brand design or everything thought out in detail. You just need a sale as soon as possible. 

Not knowing your numbers
A lot of people are bad at the finance side of business. Get a business coach or a financial advisor to ensure you set off on the right foot. 

Not being prepared for growth
If you plan to grow you have to think about what you would do if you became an overnight success.

Giving up too soon
Building a successful business is hard, and you will get setbacks along the way. If you want to make it work, you have to keep going and not give up too soon.

If you are thinking about starting a business but you do not know where to start, then speak to someone (such as myself) who can help narrow down your focus, your talent and your passion. This can help your business dream become a reality.