From Forbes. If you've been working for someone else most of your life, you've probably had some introspective moments in which you've wondered whether there were a better way to maximize your personal and professional satisfaction. Maybe you've had a nagging feeling that one of the great ideas in the back of your mind could be an entrepreneurial gold mine, but you haven’t yet taken the plunge.
Record numbers of people have stepped away from the daily grind to start their own businesses over the past two years. Intuit QuickBooks projects that 17 million business applications will be filed in 2022. But when is the right time to make such a drastic career change? How can you set yourself up for success?
From my own entrepreneurial career to stories I've heard from colleagues, I have five pieces of advice for those considering taking the plunge into self-employment.
1. Compare the risk versus regret.
While a corporate job's safety and relative predictability are appealing, it can also create a ceiling in your career. Entrepreneurship is limitless in its opportunities — if you get into the market at the right time and don’t allow your inhibitions to hold you back.
People always say they had a great idea they dreamed about for years but missed their chance because the market became too crowded. Calculate your risk — how much of your total assets you’re willing to lose — and be ready to jump when the time is right.
2. Develop and stick to your blueprint.
Having a plan is obviously the first step to success in a new venture, but it’s also important to take stock of what you know and what you don’t know. Identifying your strengths and weaknesses will help you develop a plan and a team to support your vision. Which partners in your support structure will you be able to lean on and connect with to help guide your success? Take a realistic look at how much money and assets you’re willing to tap into, and you can develop a plan that will last.
3. Consider the work/life benefits of the freedom afforded by business ownership.
While we look for a way toward maximum work/life harmony, it’s important to remember that it takes a while to get to a point where you will experience the benefits you’re seeking. So remember to remind yourself of the reasons you’re going into business.
Do you want to build a legacy for your family? Or do you want a low-responsibility side hustle? You can always reassess as time goes on. Some franchisees I work with, for instance, don’t realize they want to own multiple units until they see how the first one goes. Whatever balance your life needs, entrepreneurship opens the door to many options.
4. Tap into your passions.
If you can identify your passions and strengths you wish to capitalize on, you will have a leg up on success. Use your passion to improve your community by identifying a need and providing what is missing.
For instance, someone who is a natural caretaker with experience in the education realm and a passion for children may find that childcare business ownership is for them. Just as someone with a technology background and leadership experience could be cut out to own an IT company.
5. Research franchising options in your industry.
If you desire to own a business but find yourself looking for a lower-risk entry point, you may want to consider franchising opportunities in your desired industry. Because you can rely on an existing, proven business model and support system, investing in a franchise allows you to enjoy all the benefits of being an entrepreneur but with a little more predictability. Franchise ownership can afford you the ability to take a bet on yourself with the safety net of an existing concept. It’s the best of both worlds.
Opportunity is yours for the taking.
Work your way through these steps to see if entrepreneurship is for you. Be willing to take a risk with a plan, and you may be pleasantly rewarded with the results of your hard work.
