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When To Make The Leap Into Entrepreneurship

When To Make The Leap Into Entrepreneurship

Self-employment will help you grow your income much faster in contrast to traditional 9 to 5 jobs. This is because you’re not limited to company pay grades nor passing performance reviews. When you’re self-employed, what you earn is based on entirely on the value you create for your clients; as opposed to billable hours. Besides, having your own business encourages you to plan and think ahead which is something employees cannot do so readily. Also, redundancy can occur anytime and anywhere within a company – there is no such thing as job security!

Back to business, starting your own venture is a remarkable journey of self-development where you’re literally accountable for everything. You will also be challenged often which will help develop you into a more rounded person. It is truly one step closer to achieving freedom and career flexibility in your life. Imagine having the choice of working where and when you want! Clearly, this is something an ordinary 9 to 5 job cannot provide.

Before you leave your job entirely, your business should start out small to reduce the level of risk. Work on your venture during evenings and weekends whilst committing to your full-time job. It is also crucial to identify what you’re good at and what you enjoy doing. In addition to this, think of your audience and target market who would appreciate your skillsets and expertise. What gaps can you fill? Be brave, be bold and be honest with yourself. Ideas mean nothing until you take action. Do it now

More importantly, it is essential to build up a business where you’re generating a stream of positive income where you’re profiting before giving up your job completely. A safety fund which covers 6 months of living expenses would also be ideal to help minimise the stress associated with uncertainty. Furthermore, starting and running a business demands all of your focus and attention; having this safety fund will help your business scale quickly as you’re able to focus and devote the bulk of your time into the business. Besides, having a 6-month safety fund will help you make smart decisions for the business – as you’ll be less stressed from having to pay living expenses month to month. You will also force yourself to take the necessary action to get things done as your safety net diminishes with time.

Reassuringly, once you decide to quit your job and focus on your business full time; you’ll be able to scale your business much more quickly as you’ll have an extra 40 hours per week to devote towards it!

 

Sources of information:

  1. https://www.entrepreneur.com/article/245256https://www.forbes.com/sites/lizryan/2017/03/28/15-reasons-to-consider-self-employment/2/#ce9cea256ae7
  2. https://www.forbes.com/sites/lizryan/2017/03/28/15-reasons-to-consider-self-employment/2/#ce9cea256ae7

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