The 9 Steps from Employee to Entrepreneur
If you are ready to lose the shackles of the nine to five, here are the 9 steps you’ll need to take to become your own boss.
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. It doesn’t matter if you love building it, if no one will buy it. It wasn’t a viable business opportunity.
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.
Today’s 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. Hire expertise.
If your idea seems viable, determine who you’ll want on your business leadership team full time or as a consultant by the hour. Depending on your personal experience, you may need help in areas such as finance, marketing, customer service and production.
8. Secure financing — if you need it
Some businesses can be started with less than $1000, others require thousands. If your aspirations are a bit larger, you may need to think about how to procure venture capital or other outside investment.
9. 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.
There are still many challenges you’ll face, but for most entrepreneurs, the benefits of meaningful work and self-direction are much more important.
Have you dreamed of leaving your job to be an entrepreneur? Contact me for one on one coaching.