Are you holding down a job but growing a business in tandem? Are you finding that you are increasingly being more drawn to your growing enterprise and are contemplating making it a full time commitment? What’s holding you back though is likely to be knowing when to time the move and giving up the security of your regular wage.
Well the truthful answer is that there is never a right or wrong time to take the plunge. Of course, there are better times to do it, like when you have your financial house in order to be able to withstand the ups and downs that being in business for yourself can bring and your business is at a sustainable level to support you. It is really important that you fully understand the transition you will be making and making sure you are doing it with your eyes wide open.
Let’s be real right from the outset — going into business for yourself isn’t always easy. If it were an easy thing to do then everyone would be doing it. As business owners, we find ourselves, particularly in the early stages of a business, having to be a master juggler in that we are managing a whole host of different tasks at seemingly the same time.
Not only are you consumed with the “doing part” of providing your products and services, but you find that there is a myriad of other things you need to be concerned with such as marketing, managing staff, being on top of the numbers, staying updated on the ever-changing legislation landscape and ensuring that you are on top of any red-tape burden that is imposed on your business. The list doesn’t end there, but you get the idea.
Being passionate about what you do or good at what you do isn’t enough to build a successful and profitable business. Anyone can have a good idea but it takes someone very special to build a successful business. So to avoid becoming part of the nasty statistic that shows that over 80% of businesses ultimately fail in the UK, with a higher mortality rate for start-ups, it is really important that you embark on your journey with a solid foundation in place.
The three key ingredients — or 3Ps — are:
Being passionate about what you do is so important because during the more challenging periods, which you will most certainly face when establishing your new business, it is this passion that will carry you and propel you to overcome whatever obstacles you face. Being passionate about what you do is not enough by itself but is a vital ingredient in any successful business.
Preparation is all about making sure you have a viable business model before you begin. It is about being clear on what your proposition is and who your target market is. A business plan is a vital document that must be prepared. In a nutshell a business plan is the road map of your business. It shows the destination you are seeking and details the path you will follow and the resources needed for you to get there. Financial projections form a major part of a business plan. You must know your numbers. Remember a business that fails to plan, plans to fail!
Provided you are passionate about what you do and have done the necessary preparation then you must have the drive, motivation and determination to see it through and not give up at the first hurdle.
But provided you have all of the three attributes, then there is absolutely nothing to fear about making the growth of your business a full time commitment. There will be obstacles and challenges but there is also no greater feeling and sense of achievement than being the master of your own destiny and building your own successful business. Good luck!
Kelly Clifford is the best-selling author of Profit Rocket: The five key focus areas to skyrocket your profit and founder of Profit in Focus – Profit Specialists for Small Business. Discover the 7 Biggest Profit Draining Mistakes You Can Make in Your Business & Learn Proven Strategies To Avoid Them. Get FREE access to your gift here: http://www.profitlearningportal.com