5 things to consider, before becoming a full-time entrepreneur.

Written in collaboration with OPAAT-SWY Consulting Ltd.

I remember sitting at my desk, enclosed within four grey walls and looking at all of the activity outside.

I wondered what would it be like to be on the road, doing my own thing every day, earning my wage, having the flexibility to run a personal errand and not ask for time off, helping people while doing something I love or what it would be like to have that freedom. Then suddenly, the office phone rings and brings me back into the four grey walls.

If any of that sounds familiar, then I am pretty sure you have been thinking of starting your own business and going through the dilemma of whether to leave or not.

This post is not to give you that answer but to give a guide with five (5) things to consider before making that leap.

• Capitol/Money

• Business Plan/Model

• Market Testing

• Support/Guidance

• Mindset & Discipline

Capital/Money

Ok, so let us get real, real quick. You need to have money put aside!

Every business needs funding. If you are in the development stages of building your business, gaining inventory, getting clients, training/certification, rent down payment, etc. you need capital.

Entrepreneurs can have an overwhelming amount of optimism about how well the business will do but then reality hits and, it turns into disappointment, fear, worry, depression, etc. Once you are sure that leaving the full-time income is what you want to do, make sure you have enough capital to sustain yourself and your family.

My recommendation is to save at least 12 months of salary to make sure it takes care of your main expenses. Also, factor in some additional money as you still have a lifestyle to consider, even if it will be a bit lower than your current.

As a side note, if any debts are outstanding, pay those off first or get them down to a manageable place within your 12 months saving. It is not worth messing up your credit, as that will make things harder in the long term.

Have A Plan

One thing that helped me focus after I made that leap was the business plan I wrote two years before. It is a pivotal step and, I am willing to assume that it is also one of the most underdeveloped parts of many startups or entrepreneurial businesses.

I strongly recommend you sit with a business professional/coach to help you map out your business. It will help eliminate the nerves and confusion on what your day-to-day activities are supposed to be.

Do not be surprised that based on what comes out of your plan or lack thereof, your business coach tells you that stepping out on your own is not the best thing at the time.

Market Testing

Ok, so you have covered items one and two and, you are all systems go. The other recommended step is to start testing your market.

1. Is there a need for your product or service?

2. Who other than you is doing this?

3. What is the level of the demand?

4. What makes you different?

5. What is a driving factor in this industry?

6. How can I make it grow in a year?
   

These are just six (6) simple but relevant questions to consider. One thing that built my confidence was my surveys. I did some short surveys and questionnaires to get an understanding of what customers wanted. It allowed me to plan my approach to the market and focus on aligning my services to their needs. This approach gives clarity and peace of mind that you are making the right decision.

Support/Collaboration

Traditional business learnings have taught us to be competitive and that anyone else in our space is competitors. Thankfully I am here to share with you that that is not a reality.

My first year in business was easy because of the other entrepreneurs I could speak to about my challenges, ideas, strategies, etc.

My best example would be the work Jarrod Best-Mitchell and I did together in getting both of our brands out while creating something for the larger community.

As much as you have to be careful with how and who you position yourself with, it is also of great benefit while easing yourself into your industry. Note: The person(s) must be on the same page and just as open-minded to the concept of collaboration as you are.

Mindset & Discipline

Mindset is the most critical component as it relates to making that move on your own. If all boxes are checked on the last four points but you are not disciplined enough to give your business the same level of attention, discipline and serious approach to work the way you did as an employee, then you are not ready.

This is something no business coach can teach you. My best example would be, my last day at the corporate office and my first day as an entrepreneur. I approached my first day the same way I did as an employee.

I got up at the same time, prepared myself mentally for my new job and then started working this got me into a groove and built my consistency.

Conclusion

You are no less of an entrepreneur if you are building your business on the weekend or afternoons. Entrepreneurship is all about taking that business idea and bringing it into reality, not what time of day you are doing it.

Some people have built businesses while having a full-time job up to their retirement. It is not your location or time of day, but your idea, drive and value you bring.