Turning Your 9-5 Into Your Own Business
Are you good at your job but tired of all the money you make going into someone else’s pocket? It’s a common problem and one which can be good news for the economy as it’s a problem which encourages many people to start their own business. Doing exactly what you’re doing now…but with a bit more responsibility, you could work from home if you wanted to, set your own hours, have the option to spend more time with your family and work with only the most helpful and smartest people…the ones who you choose and the luxury of knowing you can never be fired.
Starting your own business could be the best career move of your life, but how can you do it? More and more people are finding themselves doing something else on the side as well as their 9-5 job, either to add to their income or feed their passion, but it doesn’t have to be a hobby that you turn into your own business, why not turn your day job into your own business?
Inventory Your Skills
Start off with making an inventory of all the skills you have acquired during your job. It may be dealing with customers, managing a team, developing analytical skills or public speaking abilities. If you analyze your job activities on a regular basis, this will also allow you to update your resume on a regular basis, and present yourself in a more comprehensive way professionally.
There are also your natural talents and abilities that you might not even realize you have; it may be a writing skill, unique communication abilities, an ease with public speaking or an excellent acumen for numbers. Either way, take some time to analyze your natural talents and skills and think about what people come to you for advice most often for? Are you known for anything in particular? Is there anything that you find you can do with such a natural ease and pleasure that you don’t even have to think about it?
Analyze Your Market
The next step is to look into the market that surrounds you. What do you think that the people around you need the most? What would you like to see a solution for in your own 9-5 job? Many businesses are born out of a personal need, either because something is missing in a professional capacity or in their personal lives. In the position you’re in now, what do you think could be done better, what do you think is missing either to help you do your job better or to help your customers or clients. Make a list of the market needs around you and connect your personal skills and attributes. Always keep your mind focussed on what you’re doing it for and ask yourself these two questions: How is your business serving a particular need? Does your business represent a significant market opportunity?
Evaluate Your Options
Then you can start looking at the opportunities and solutions that are most attractive to you. You may undergo a process of elimination involving your highest priorities, as well as your likes, dislikes and general preferences. Remember to keep in touch with your own internal compass. What stirs your soul the most, and what appeals to your intuition? What would bring you the most joy and fulfillment? Don’t hesitate to rinse and repeat this process as much as you deem necessary. This will consequently mean that you will stay in touch with your growth and experience, which in turn helps you update your resume and elevator pitch more often and accurately.
Consider Outsourcing For Help
Once you know what you’re doing and have a focus, you will probably want to start off with outsourcing yourself while still working in your day job. It is a practical, method to starting out and it shows you the safest, smartest ways to turn your current job skills and experience into a potential income as a self-employed professional.
Making the jump and giving up the benefits and security that come with a full-time job is a scary thing to go. However, it’s probably never going feel like the right time. It is always going to be a risk, and it is still going to be scary, so don’t keep putting it off. Try and have some savings together so that you can live with no income for about six months (should you need to) and before you make the jump, have a clear idea about who your clients will be and make a plan to get new clients and new business.
Set Goals and Deadlines
Once you’ve made the decision, set yourself a deadline and hold yourself accountable. Decide on a specific date you want to be out of your current job by or are there any other indicators in your life that you want to set the deadline by? However, if your current role isn’t fulfilling and your passion is gone, that might be all you need to make the jump.
Before you quit though, make sure the processes are in place to help your business work. Do all the organization, planning, schedule things carefully and try using free software to make your work more effective. Try using cloud collaboration tools to improve productivity and give you greater clarity about what’s going on in your business; it will also help you to save money. Have the structures in place so that you’re ready for the time you hire a team to support you. You can play around with all these sorts of things before you quit your main job and that will make the switch far easier and the transition smoother and quicker.
Don’t get bogged down in how much time you spend on things, as a new entrepreneur you need to be prepared to put in lots of hours in with minimal returns in the beginning stages. Initially, your time isn’t money, it is groundwork, and if you want your business to succeed, you have to be prepared to be all things to all people, you have to be the customer service rep, the salesperson, the individual contributor, the finance manager, and HR.
Ditch Fear and Ego
Try not to consider any task is beneath you as it’s extremely valuable to take some time to truly understand what goes into each part of your business and without a boss telling you what’s right or wrong, you will eventually build a sense of self-accountability which is a very tough part of being an entrepreneur. Take notes of the challenges you face in each aspect of your business as you start. This way, you will be aware of what challenges anyone you might hire will have to face and cope with.
Don’t be afraid to fail either, it is very common but don’t let this stop you from succeeding. Remember that when going into this, your path is uncharted and will undoubtedly be a little rocky. Try not to get stressed or panicked and don’t let fear prevent you from following your dreams. Think of it this way: the sooner you fail, the closer you are to discovering what works.
While you can’t guarantee the outcome of any new venture, by having a go you’ll at least be one step closer to finding out.
Become Familiar With Regulations
Make sure you are fully aware of what regulations, licenses, and taxes you need to follow, obtain and pay for in your new business. Are there any qualifications you need to get for going it alone? Do you need to set up a company or can you be a sole trader? This will vary in each industry and in each business, for example, setting up LLCs for real estate agents is an essential step in building a real estate business, but that is not the same for every industry.
It’s a good idea to do some initial research but then discuss with a lawyer and accountant to confirm your understanding and to help structure your business to comply with the law. You will need to need to ensure that you are charging the correct amount of tax your service or product that your company is promoting and make sure you have all of the necessary licenses needed to run your new business.
Build a Support Network
Finally, invest your time with like-minded people, spend time with other business owners and ask them about their stories and experiences; it is a great way to and create valuable relationships. A lot of success is actually built from opportunities or inspiration from people we know to find people that you connect with to talk about your ideas, write about your thoughts online, and create a community that empowers you. Take advantage of those around you who want to help you to succeed.