My next series of blogs will try to assist you if you are thinking of going from Employee to Employer , Start Up Your Own Business
Setting off on your own can be scary, exciting and unpredictable – so let’s see what information might be useful to you when you are planning things.
Firstly, in 30 years of business I have rarely met anyone who spent 20 years as a middle manager who woke up one day the fully formed successful entrepreneur with an idea so lesson one :
-don’t put yourself down by comparing to others
Everyone , and I mean everyone I met got to be a shareholder in their own future by accident, family connection, well honed skill they think they can sell for themselves or employed then management buy out [ very common] .
A group of like minded individuals might be the best solution to spread the risk and increase the intelligence quotient ;So lesson two:
-the beginning of your new enterprise may be in your existing environment or network
Don’t under-estimate how much time you will spend not doing the actual job. Example , working with banks, raising funding, registering with companies house, VAT, premises , sales lead generation … the list goes on. As an employed person someone else does that, now you do it all. So lesson three:
- Be honest about your admin, IT and accounting skills
The good news it you can do all of this whilst still enjoying a regular income. Toe dip … if you can set up your own enterprise alongside a salary [ without conflicting with your existing employer] do that till your sales become big enough to sustain your basic bills. This will take the stress out of keeping a roof over your head which means your creativity will be strong and energy positive toward your new career . So lesson four :
-Be patient…good businesses need solid foundations , governance and inspiration the latter being 10% the former being 90%
If you have good health and high energy levels , this is great ; if you don’t – no one is there to pay sick leave, private health and holidays . Are you good with pressure and accountability.Your business is a 24×7 commitment. ,are you ready for that. Lesson five:
- Does my life , enviroment and general well being mean this is the right choice for me
For a soft landing in business [ but with much lower control and returns ] are franchises. These work well for some, I have a colleague who has 5 Subways … lots of cash you might think. In reality , the top slice back to the brand x% of gross income makes it just as hard as any business,but she did learn how to manage multi site retail so not all bad.See link below for more on that.Lesson six:
-Do I feel confident to go alone, with a group of franchise
So thats it for today , and to come
- Marketing channels and their suitability for your product or service
- Is there really a market or is it just you that wants what you sell
- Setting up on your own because you hate the boss is a terrible motive, so what is your motive and is it robust enough
- Coping with sourcing funds … and the paperwork
- So you have been on your own for 3 months and things arent going well …. what do I do
- It’s all going great guns and I want to sell and or expand … what do I do
As always, any questions from your own situation or lessons to be learned, please contribute. We are all here to learn.