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Everyone ponders at least once whether they’d be better off working for themselves, free from the inevitable 9 – 5 grind for a company that doesn’t really appreciate them. But how many people actually do it? Take the plunge and start your own business. It doesn’t have to be a dramatic exit from your current role, you can see if your side hustle takes off before you hand in your resignation. Follow some simple steps below to consider whether you should start your own company.
You might be fed up with doing the bidding of your manager and be ready to go solo. Working for yourself means you ditch that layer of management and are accountable only to yourself. If you’re passionate about your business, you can revel in the success (and evaluate the failures) independently, without having to explain it to someone an echelon above you.
You can stay in your current job while researching and launching your own company. You might not want to advertise it around the office (most companies don’t appreciate anything encroaching on your daily work). But there’s nothing stopping you from spending your lunch breaks or evenings researching the market before taking the plunge. If you’ve got bills to pay or even have some concerns about earning potential, it’s completely understandable to want to take time before going solo.
If you’re not loving the work you do on a daily basis but have an interest you want to take full time, working for yourself is the perfect opportunity. If you have something that gets you out of bed every morning and fills a gap in the market, it’s the perfect opportunity to develop it further and make some money doing so.
If you start your own business, you don’t have to be trapped in a home office. You can work anywhere in the world, speaking to clients and delivering work regardless of the time zone. Having your own business gives you the flexibility you’ll never find in an office-based role. Many MBA programs understand this, with universities like Northeastern University showing their students how you can travel the world while running an online business.
There are people just like you taking a leap of faith and running their own business. Meeting people like you will give you a boost of inspiration, a conviction in what you are doing, and a network of clever people. The people you meet at the beginning of your journey are most likely the ones that you’ll rely on and may work with in the future, so start early with the entrepreneur network.
If you feel your current role is a little soulless, and there’s something you care about, why not turn it into a business? You can feel like you’re giving back. If you want to develop a business with strong links to charities, but also need to pay your bills, maybe incorporate an ethical element into your strategy, or set a goal of donating when you reach a certain amount of profit. There are also successful businesses that teach people how to perform in interviews, or that work closely with non-profits, so consider your angle.
Life flies by, and you might want to seize the opportunity so at least you can say you’ve tried. There’s no guarantee of success, but if you need to know whether it could have worked, you might just need to go for it. Who knows, you might inspire someone else to do the same and start their own business. Being brave will boost your self-esteem and leave you with the feeling ‘at least I’ve done something different.’
Looking at funding opportunities will help you secure the initial start-up capital rather than feeling out of pocket right from the start. Explore loans or charity grants before going it alone, and see what you can set up ahead of time. Savings are useful but boosting them with an initial cash injection is also incredibly helpful when you’re starting out.
Taking the plunge and starting your own business may seem scary, but could also be the moment your life changes for the better. Take your time and research the market, plan your strategy and look at funding options before diving in. Here’s to a successful 2020 business launch for you.