Going From Full-Time Employment To Entrepeneur: Everything You Need To Know

Posted on Jul 4 2016 - 8:28pm by Editorial Staff

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For some of us, chucking in the boring nine-to-five job is an absolute dream. And for a few people, that dream often becomes reality! These days, thanks to the internet and online technologies, it has become a lot easier for many of us to set up our very own business. Have you been tempted to quit the daily grind and going solo for some time? Maybe now is the time to take the plunge. You’ll find that, overall, working for yourself is a totally rewarding and fulfilling experience. Sure, it can be very stressful at times. But, ultimately, all the positive advantages outweigh all the stress. Not sure where to begin? Here is our ultimate guide to everything you need to know about becoming your very own boss.

Business Funds

You will need a considerable amount of funding to set up your business. Ideally, you need to know where your capital will come from before you go ahead with your company idea. But that isn’t such a set rule; it is possible to start without any funding. However, that can quickly turn very stressful indeed! So where do you find all that extra cash to set up your business? One of the best ways to get the money is to start seriously saving while you are still in full-time employment. But if you find it difficult to have any leftover money from your wage at the end of the month, saving this way can be tricky. There are other options available, though. You can always pay your bank manager a visit and see about a business loan. One thing your bank manager will want to see is a detailed business plan. This should show how you expect your company to grow over the first few years. If the bank is happy that you will eventually be earning enough to repay the loan, they will be very likely to grant you one.

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Solo Or Staff?

Another question to answer before you take the leap of faith at self-employment is whether you will work on your own or with some staff. Many entrepreneurs start off without any employees. This is because many new businesses don’t make a profit in their first couple of years so they are unable to pay for staff. However, if you have managed to get a sizeable loan or have saved up a reasonable amount of cash, then you could think about employees. But it’s not only their wages that you need to consider. As an employer, you will be taking on a lot of extra responsibility. Firstly, you need to make sure that they are covered by the correct insurance policy. There will also be many other important law and HR regulations that your company will have to meet. Some of which could cause a lot of extra expense to your business. Check out Ellis Whittam for more info.

Your New Workspace

If you are going solo in your entrepreneurial venture for the first few months or years, then you might be able to get away with working from home. If you have a spare bedroom that you can turn into an office, then you will find it much easier to work at home. You can go off into your home office and don’t have to be worried about any distractions! If you are working from home, be sure to check your home insurance policy. Some do not cover home businesses. If this is the case with yours, you will have to take out a separate policy to cover your business equipment. But if you are intent on starting your company with some staff, you’ll need to find a large enough office to fit everyone in. You will need to consider this in your budget while you are still in the planning stages of your company. The monthly rent for an office can be very expensive. Especially if you are looking for on in a very desirable city centre. Plus, there will be other expenses that you will need to pay for. You will need to buy lots of furniture, as many new offices do not come furnished. Each member of staff will need his or her own laptop or desktop computer, which can be expensive. And don’t forget the little things like hiring cleaners to clean the rooms on a daily basis. And your staff will also appreciate little extras like free snacks and drinks.

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Get Your Clients

No matter what type of industry you are in, you will need to guarantee that you can get enough clients and customers to use you. Before you open your doors or make your website and online shop live, do some market research. Try to find out what your industry’s market is currently like. If it is not doing too well at the minute, and businesses like the ones you had planned aren’t performing so well, wait a few months. There is no point opening a business in a failing market as it won’t do your profits any good. Instead, shelve your idea for a few months. This will give the markets chance to improve, and you will also have more time to save up. Yes, it does mean suffering your full-time job a little longer. But it will certainly be worth it in the end! How do you find out if the market is right? Read industry specific publications and blogs. These can give you a great insight into how the industry is doing right now. If your current job is the same type of thing you want to do as an entrepreneur, use the last few months of working to do some research. If things are going well in this company, then there is no reason why they won’t in your new one. If you have any favourite clients who you work closely with, why not see if you can sell to them in your new business!

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Create A Buzz About Your Opening

For the biggest impact possible in your first few weeks of trading, you need to get people excited about your new company opening its doors. And to do that, you need to create a buzz! And the best place for a buzz about your opening? Online on social media! Before you are open, setup social media accounts for your new business. The best ones to focus on are Facebook and Twitter. Post regular updates in the run up to your big opening. Be sure to use plenty of hashtags so that a large audience will be able to stumble across your tweets and status updates. You should also post a variety of media, including videos and pictures. That will make your updates very shareable. And the more they are shared, the more people will see them. You never know, you might even end up going viral! It’s super important to try and spread your messages as far as possible. This will get them seen by a very large audience. And some of them might be tempted to use your company once you are open! Share local businesses and organisations’ updates as well. If you get them on your side, then they might share your content in return!

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Keep Some Cash For Little Extras

It’s very easy to get wrapped up in the big ideas when you are trying to create your very own business. But you mustn’t forget all the little extra details that can help your company really look the part. Things like business cards are super important. The next time you are at a meeting with a potential client, you just need to give them a business card with all your contact details on. It’ll look super professional. At least, a lot more professional than asking for a pen and some paper so you can write down your contact details for them! There are also other small details you should consider. Hiring a professional graphic designer to create a slick logo is important. This will be one of the first things potential customers and clients will notice about your business. If it looks amateurishly designed, they may be put off from using your product or service.

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Take Some Time Out

When you run your very own business, it can be too easy to get a bit obsessed. Many people who work for themselves burn the midnight oil and find it difficult to switch off from work. However, this is one of the main reasons people get super stressed. One of the best things you can do is stick to a regular schedule each day. Try not to work late into the evenings if you can help it. And, no matter what is going on, always take the whole weekend off. This gives you a chance to relax and recharge your batteries. You will also be able to spend the two days with your family and loved ones.

So there you have it; everything you need to know about becoming a successful entrepreneur!

About the Author
Editorial Staff

Editorial Staff at I2Mag is a team of subject experts led by Karan Chopra.