Transitioning from an employee to a full-time entrepreneur isn’t a walk in the park. Keep in mind that your decision is life-changing as you will be giving up a steady source of income to launch your very own business. It may seem exciting for many but reality is it’s either you make it or break it.
In order for you to transition smoothly into becoming an entrepreneur, you need to take several necessary steps while you’re still employed.
Here are some things you need to do before filing your resignation letter, according to Entrepreneur PH.
1. Do your research.
While you’re still employed, take time to grow your business. How is this possible? Do your research about the nature of your business, the products and services you will offer, potential suppliers and competitors, the persona of your consumers, profitable sales and marketing channels, as well as the right employees.
2. Make a detailed business plan.
Your detailed business plan should include business overview; executive summary; company description; objectives, vision, and mission statement; information about the industry and market you are penetrating; strategy to enter the market; marketing plan; operational plan; as well as your financial plan.
3. Plan your funding options.
Before quitting your job, make sure that your personal savings can support you for the next couple of months. Aside from planning your personal finances, you also need to outline your funding options which may include your personal savings, grant or award for your project, business loan or one or multiple investors.
4. Identify the legal structure of your business.
Is your business going to be under sole proprietorship, partnership, a limited liability company or a corporation? In addition, you also need to consider other legal aspects of your business like licenses, permits and regulations; taxes; capital; control; liability; and operational complexity.
5. Gather your resources.
It’s inevitable to shell a big amount when you’re launching a business but there are certainly ways where you can leverage your resources. Try to get in touch with entrepreneur friends and see if they can refer a good marketing expert, accountant, or web developer. You should also consider the possibility of investing in online education of your employees instead of hiring experts.
6. Make sure to finish your job.
Entrepreneurs must never ever burn bridges particularly with former employers who can potentially refer clients. See to it that you leave on a good note before starting your own venture.
7. Plan smaller details.
It may seem unnecessary but planning smaller details such as selecting your business social media channels or filing your taxes on time can make or break your business. In terms of planning, you also need to focus on smaller details.
8. Select your new office space.
While employed, take time to search for a good location of your store or the right office space for your company. Working from home may work for the short-term but you will be needing an appropriate work space as your business progresses.
9. Create a resume.
Believe it or not, you still need to create a portfolio. By creating one, you will be able to prove to your investors, employees and even clients that you are competent, trustworthy and worth their investment.
10. Make planning your business a full-time job.
Aspiring entrepreneurs must understand that taking the plunge into the business world requires careful and thorough planning. It demands resources, time and effort so treat planning like a full-time job. After all, it’s going to be worth it in the long run.