Many employees usually dream of owning their own business. However, as many have also realized, moving from employment to entrepreneur is no easy task.
By on 13-11-2018
STEPS TO GO FROM EMPLOYEE TO ENTREPRENEUR
Many employees usually dream of owning their own business. However, as many have also realized, moving from employment to entrepreneur is no easy task. Read on to find out some important tips on how to go about moving from employment to owning your own business.
- WORK ON THE BUSINESS ON A PART TIME BASIS:
Moving from being employed to starting and running your own small business is no easy fete. You will be sacrificing the stability and security offered by a regular pay check, in the hope of making more money as a business owner. You can start your business on a part-time basis, using your free time to get things rolling before you leave employment. This ensures that you have tested entrepreneurial waters before making a commitment.
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- REVIEW EMPLOYMENT CONTRACT:
One o the things that can prevent you from moving from moving from employment to being a small business owner is the terms of your employment contract. Some contracts prevent employees from starting a similar business in a given location. Make sure that you understand and comply with these terms as you do not want to start a legal battle with your employer before you have a chance to get your small business running.
- LONGER WORKING HOURS:
If you are looking to leave employment and start a small business because of working long hours at your current job, you might want to think again. Getting a small business up and running usually takes up a huge portion of your time. Entrepreneurs have to work overtime and weekends without expecting any extra pay. Remember that you will not have any systems set up to support you during the initial stages.
- PREVIOUS CONNECTIONS:
As you start a new business upon leaving employment, it is worth noting that you have assets in terms of previous connections in the workplace. These connections can be used to chart your way to success. This is especially the case where your business does not directly compete with your previous employer but focuses on a niche in the market. You can partner with them to serve this niche without being in any sort of competition against each other.
- CHOOSE YOUR MARKET:
As an employee, you usually have a variety of systems set up to support your success. Starting a new small business will need you to set up these systems. Be ready to work together with outsiders including suppliers and other third parties, your business will be dealing with. They can help you create better products and services to serve your identified market.
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