Making The Move From Employee To Business Owner

The thought of running your own business and being your own boss is hugely alluring. You’ll be getting up every morning knowing that your ability to implement your business vision will make or break the success of your new venture. No longer will you have the security of a stable job with an excellent salary and amazing career prospects. You have relinquished all of this for the chance to spread your wings and succeed on your own. Take a look at these ways that you can make your transformation from employee to business owner as stress-free as possible.

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Research

Before you even consider resigning from your well paid 9 – 5, it’s vital that you do some research into the industry you want to break into on your own. You may be remaining within the sector that you are currently employed in, or you might be branching out into a new area altogether. Either way, you need to investigate your potential rivals, look at best practice within your sector and work out if there is any legislation that you need to comply with. By putting in the preparation before you hand in your notice, you’ll feel more confident to hit the ground running as soon as you leave your job.

Business Plan

You must have a sound and well-constructed business plan. If you’re planning on following your passion for culinary excellence, then you need to document your premises, food markups and profit margins. If you’re considering a jaunt into the logistics world, you’ll need to take a look at some reputable truck dealers to source your fleet ready to set up your haulage company. After working as an employee for so many years, you will have inevitably generated a list of useful contacts. Utilise them at every opportunity, let them know of your plans and encourage them to spread the word.

Whatever industry you are planning on entering, you need to make sure that your business plan is sector specific so that when you present it to a bank manager or business angel, they are confident that they can invest in your venture and see a return.

Marketing

The dominant means of communication is now social media. Every marketing campaign needs to utilise Facebook, Twitter and Instagram to its optimum. With a nuanced marketing strategy aimed at your target market, you should be able to drive traffic to your website and generate sales. Encourage the expansion of your customer base through promotions, regularly updated social media feeds and high-quality blog content. You cannot set up an all singing and all dancing website, sit on your hands and expect the masses to come. You need to be visible, which is why you need an outstanding marketing campaign.

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Setting up your own business requires hours of effort, time and access to startup funding. The stress that this can generate can be immense, but if you follow this advice, you’ll be more prepared to unleash your startup onto the world. With determination and a commitment to succeed, you can break into your chosen sector and become a market leader.

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