Making the move from Corporate Life to becoming an Entrepreneur
originally posted on LinkedIn
Making the jump from corporate life to entrepreneur can be both exhilarating and daunting. After all, you are leaving behind the security of a steady paycheck and benefits package to start something new. But with careful planning and execution, making the move can be a lot less stressful than you think. Here are a few tips to help get you started.
- First, take the time to assess your skills and experience. What do you bring to the table that could be valuable in starting and running your own business? Do you have experience in marketing, finance, or management? Are you creative and good at coming up with new ideas? Knowing what strengths you have will help you determine what kind of business to start.
- Next, research the market and create a business plan. This may seem like common sense, but it’s important to have a clear idea of who your target market is and what needs they have that your business can fulfil. Once you have a solid understanding of the market, you can start putting together a detailed business plan. This should include things like your financial projections, your marketing strategy, and a detailed description of your product or service.
- Finally, make sure you have the financial resources in place to make your dream a reality. Starting a business takes money, so be sure to have a solid plan in place for how you will finance your venture. If you don’t have the savings to cover it yourself, look into small business loans or investors.
In this episode of Navigating the Waters, I chat with Kim-Adele Randall as she shares her journey from corporate life to running her own business and how she is now approaching the next stage of investment.
When it come’s to gaining investment for your business there are plenty of options so how do you find the best one for you? First, you’ll want to take some time to brush up on your business plan and make sure it’s water-tight – your investors will want to see that you know what you’re doing and that their money is going into a good cause. Next, it’s important to be clear about how much money you need and what you’ll be using it for – don’t ask for more than you need as this will only turn potential investors away. Finally, have a look at the different types of investment available and decide which is the best fit for your business; equity investment, debt investment or grants are all options but each come with its own pros and cons so do your research before making a decision.
- Bootstrapping -one option for funding your business that doesn’t involve giving away equity or taking on debt is bootstrapping. This simply means using your own savings to finance your venture. Bootstrapping has a number of advantages; you don’t have to give away any ownership of your company, you retain full control, and you don’t have to make any repayments if things go wrong. However, it does mean putting your personal finances at risk and it can be difficult to raise large amounts of money this way.
- Equity investment is when an investor gives you money in return for a share in your business; this means they own a part of your company and will want to see it succeed.
- Debt investment is when an investor loans you the money with interest, this can be a good option if you don’t want to give away any ownership of your company but you will need to be able to make the repayments.
- Grants are given by the government or other organizations and don’t need to be repaid, however, they usually come with conditions such as creating jobs or being based in a certain area so make sure you’re eligible before applying.
Choosing the right type of investment is crucial to the success of your business so take your time, do your research and seek professional
In his article “Making The Transition From Employee To Entrepreneur” for FORBES Mike Kappel shares the following tips before you make the move:
– Develop Your Idea and Find Your Niche
– Test Market Trends
– Get a Business Plan
– Build Your Network
You can read the full article here: https://www.forbes.com/sites/mikekappel/2017/06/28/making-the-transition-from-employee-to-entrepreneur/?sh=232c1b971fc8
There are many things to consider, building on Mike’s list, I have added a few of my own:
- Develop Your Idea and Find Your Niche – The first step is to develop your business idea and find your niche. It’s important to choose an industry that you’re passionate about and that you have some knowledge of. This will help you when it comes time to developing your marketing strategy and understanding the needs of your target market.
- Test Market Trends – The next step is to test market trends. This can be done by conducting market research or using online tools like Google Trends. This will help you determine if there’s a demand for your product or service and what the competition looks like.
- Do Your Research – Once you have a solid understanding of the market, you can start putting together a detailed business plan. This should include things like your financial projections, your marketing strategy, and a detailed description of your product or service.
- Get a Business Plan – A business plan is a must-have for any serious entrepreneur. Not only will it help you secure funding, but it will also keep you organized and on track as you launch your business.
- Build your Network – As an entrepreneur, your network is one of your most valuable assets. Start building relationships with other business owners, potential customers, and industry experts. These relationships will be key as you grow your business.
- Find a Mentor – A mentor can be incredibly helpful as you navigate the world of entrepreneurship. Find someone who’s been there before and pick their brain for advice. They can help you avoid common pitfalls and point you in the right direction when you’re feeling lost.
- Build a Strong Team – As an entrepreneur, you can’t do everything on your own. You’ll need to build a strong team of experts to help you with things like legal, finance, marketing and product development.
- Be Prepared for Challenges – Running your own business comes with its fair share of challenges. You’ll need to be prepared for things like long hours, financial insecurity, and occasional setbacks. Things will inevitably go wrong, but it’s how you handle those challenges that will determine your success. Stay positive and remember that every setback is an opportunity to learn and grow.
Launching a business is a big undertaking, but it’s also an incredibly rewarding experience.
Making the decision to leave a corporate job and become an entrepreneur is not one to be taken lightly. It can be a scary proposition, but with careful planning and execution, it can also be incredibly rewarding.
I hope the tips in this article have given you some food for thought as you make your own journey from employee to business owner. If you’re looking for more information on making the move to entrepreneurship, or want help setting up your new venture, please check out Navigating the Waters for more advice and tips.
If you’re interested in learning more about investing, be sure to check out my blog posts where I’ll be breaking down even more terminology! As always, if you have any questions or comments, feel free to reach out to me on social media or via email. I’m always happy to help!
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Find out more about Stephanie or subscribe to Navigating the Waters
Stephanie McKinney
CEO and Founder of River VC
Email: smckinney@river-vc.com
Website: River VC
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Twitter: @rivervcllc
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Youtube: Navigating the Waters
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