STEPS YOU MUST TAKE BEFORE BECOMING AN ENTREPRENEUR.
Are you bored in your job, unchallenged by your work and have an idea for a great new business you just can’t get past your boss’s door? Maybe it’s time to walk out the door and go it alone.
Starting your own business can reap deep personal and professional rewards, but if you take the leap, your days of punching the clock on a regular schedule will end. If it’s work you love and you crave the freedom of operating under your own steam, starting your own small business will energize your career and make the long hours that await you melt away.
But don’t go off half-cocked. Before you quit your day job, the next article will highlight steps you should take to ensure you’re ready to go out on your own.
Ask yourself: Do I want to start a lifestyle business or a growth business? What does success mean to me? In a lifestyle business, your goal is to have your own, steady stream of income. You may plan to have a few employees eventually to help out, but you don’t envision building multiple locations, offering an ever-expanding line of products or growing your business into a national powerhouse.
A growth business is different. Your ambition is to build a venture that grows quickly, is constantly evolving and in which you regularly invest more and more money to expand locations, product offerings, customer segments and the like. You’ll be hiring people, traveling and probably working all or parts of seven days a week.
Knowing your goals is key to setting expectations and establishing revenue targets. In a lifestyle business, the goals are more modest, such as equalling or bettering your income from your current job. A growth business requires constant reinvestment and prioritizing its expansion, often at the expense of your personal income, at least at first.