There’s plenty of reasons why one should consider becoming an entrepreneur. For one thing, the prospect of being one’s own boss is extremely compelling, as are the flexibility to do what you wish with your time and the freedom to work wherever you want. For another, it can also be quite a grand adventure as you will undoubtedly learn countless lessons, both good and bad, as you run and grow your business (or, heaven forbid, fail at it).
But of course, not everyone has the luxury, resources, and even courage to plunge head-on into entrepreneurship. For most people, taking baby steps and testing the waters is a lot more preferable, if only to keep a steady income from employment and other sources coming in. So if you’re not quite ready to give up your day job just yet, but also want to find out if you’re cut out for the exciting new world of business, here are some of the best tips.
Know what you want to do.
First thing’s first—before starting a business, it only makes sense to know what kind of venture you want to go into. Choosing the right business for you is, therefore, a crucial step, which is why you need to spend some time with your thinking cap on.
Many people go into business because they’re chasing a passion. While this can potentially work, the reality is, it can also be a mistake. This is because as you’re faced with the myriad responsibilities of running a business, you could invariably find yourself veering further and further from something you love; hence, extinguishing that flame and, subsequently, the motivation.
Possibly a better way of going about it is by starting a business based on what you’re good at. For instance, perhaps you’re an accounting professional or a marketing person or a technical writer. You can easily leverage your core skills and offer them as services because you already know the nitty-gritty.
Again, quitting your day job may not be an available option for you at the moment, but don’t let it stop you from pursuing the business you had in mind. These days, the gig economy makes it possible for just about anyone to go into business for themselves by offering their services part-time. And best of all, it’s easy enough to get started, too. There are, in fact, several online job boards where you can create a profile and connect with potential clients, which is undoubtedly a great start.
On the flip side, the part-time, gig economy works to your favor, too. For instance, running a business means that you’ll need to stay on top of your financials, which can be a challenge, if you’re not well-versed in accounting. Thankfully, you don’t need to hire someone full-time (and pay employment taxes) to take care of your accounting needs, as you can easily hire a CPA through a job site like Upwork—that is, someone who’s qualified in accounting practices and tax laws and well-versed in QuickBooks and other accounting software.
Have the right setup.
Finally, in order to really get your business off the ground, you’ll want to make sure that you have the right setup and tools to operate. This will, of course, vary. If you’re a bookkeeper or a copy editor or a coder, for example, you will undoubtedly need a good computer and maybe even a home office.
Starting a business for the first time can be daunting, but there’s really no requirement to go all out, all in. So go ahead and move at your own pace because success waits for those who move toward it.