The transition from employee to self-employed is extremely exciting as well as daunting. Most of you become an entrepreneur because you have a dream to be boss of your own and some do so because they get no job satisfaction. You do a job not to just earn money but to expand the horizon of your knowledge and to reach up to the level of self-actualization. More often than not, people find a full-time job like slavery and they end up with giving it up.
Before you quit a job, you should find out whether your decision of running a business is certain or not. What encourages you to become an entrepreneur? Do you really have a business idea that will be successful down the road? Or you are looking forward to becoming an entrepreneur just because you loathe your job? It is important that you know why you want to start a business because it requires funding, time and hard work. You may need to take out fast loans for unemployed if you do not have enough savings.
If you want to run a business because you contempt your job as it is low paid or timings are not suitable or work pressure is too much, you should think again. You are fed up of your job. You want some break from your routine work and that is why you got the idea of starting a business. This desire is ephemeral and hence you should try to look for a job of your dream. If you have finally decided to be the boss of your own, you should start planning immediately.
Step 1: Find your business niche
Once you have decided to start a business, you have to find out which type of business you will do. While there are several niches available, it is quite tough to pick the one. Before you take the plunge, you should have a clear picture of what you are going to do. Do some online research to find a niche. Aim to establish a new market based on the needs of your consumers. Try to deal with a product that serves as a solution to the customer. First off, you have to choose the industry like apparels, jewelry, IT and then further downsize it to get the most specific zone. For instance, who will be your audience – men or women or both if you open an apparel store? You must remember that finding a niche is not an overnight process. It may take a couple of months or years. You should have your business plan before you quit your job. Discuss your plan with your family and take their ideas. Sometimes they may suggest you a more intriguing idea.
Step 2: See the trends
You have selected the niche for your business. The next step is to confirm whether it has the potential to give you benefits in the long run. Transitioning is a big step; of course, you do not want to take the wrong decision. Otherwise, your time, hard work and money, all will go in vain. You have to test it to know the likelihood of the success of your business project. Do some market analysis; it will help you gain insight into the competition, potential customers and the trend in the industry. You should conduct some interviews, questionnaires, and surveys to know what people think about your offering. Keep yourself in the loop what is happening in the market by watching the news, videos, and debates by market experts.
Step 3: Find the need of funds
Making a business plan is no use if you do not have funds. From the very first day, you should start setting aside money for your start-up. The size of your savings depends upon the type of business you choose. You are likely to be dependent on a personal or business loan for your business operations unless it starts making profits. Even if you successfully manage to save money for your business, you will want funds for your day-to-day expenses because you have no job and your business cannot start making profits at once. Make sure that you do not meet your personal needs with your business loan. Otherwise, it will be harder to manage cash flows. Try to take out loans for unemployed in Ireland whenever an emergency or unexpected expenditure arises.
Step 4: Make the move from employee to entrepreneur
Not everyone can be a business owner. It requires skills, leadership qualities, passion, a robust plan, and a sense to adapt to the changes in market trends. You have to be savvy enough to keep your business growing. You are likely to take some wrong decisions, bear some losses, but do not give up. Trust yourself, learn from your mistakes, and keep the ball rolling in the direction of your goals. The journey from employee to self-employed is very interesting; you will see various phases, both positive and negative, but in every situation remember you can do it.