How to Leave Your Corporate Job and Start Your Own Business
Are you sitting in your fifth meeting for the day dreaming about starting your own business?
You’re not alone.
One of the most popular Google search terms in 2021 was how to start a business. In fact, it was more popular than the phrase how to get a job. It seems like more and more people are ready to give up their cushy corporate job and bet on themselves.
Make no mistake. Starting your own business is no easy feat. It’s also not a get-rich-quick scheme. While being your own boss gives you the freedom to work your own hours and find the right lifestyle balance, there is a lot of hard work involved, and you need to get comfortable with an irregular pay cycle.
According to the University of Technology, Sydney, one in three new small businesses in Australia fail within their first year. But with the right plan and support system, you can become one of the 66% that go on to be a success. Here’s what you need to know to get started.
Start Your Own Business for the Right Reasons
There are multiple reasons why so many people are thinking about starting their own business. Maybe they hate their boss. It could be they’ve been asked to return to the office, but they love working from home.
However, these aren’t the best reasons to start your own business. While there are many benefits, such as having more flexibility and being your own boss, you should have a drive for building something out of nothing. Your goal shouldn’t just be financial independence. That should be the result of creating a successful company.
You should want to start a business because you have an idea to deliver value to people. It might take some time to demonstrate it, but you are driven to succeed. You won’t accept failure. In fact, you use setbacks or roadblocks as stepping stones to success. These are the right reasons for wanting to start your own business.
Choose Something You’re Passionate About
It’s easier to deal with setbacks and roadblocks when you’re passionate about your business. You should wake up in the morning and look forward to the day ahead. You should be energised by the prospects of taking your creation to new heights.
That’s why if you’re going to start a business, it should be related to your passions. For example, if you love to cook, then open something related to food. If you’re a gym junkie, then look to the fitness industry. You can draw upon everything you’ve learned in the corporate world and leverage these strengths in your own start-up.
There is no shortage of paths to take. But the key is finding an angle and making it your own.
Start Small but Think Long-Term
While you might have grand plans for your business, it’s vital that you start small before you take on the world. For example, if you’ve chosen to build an online store, you shouldn’t try and take on Amazon. Otherwise, you’ll be back to polishing up your resume sooner rather than later.
Before you even open for business, you should have a clear plan and strategy in place. You want to be clear on your target market. Your niche should be specific, as should your offering.
You might even launch your business with one product or service. Once you start seeing some success, you may offer two, then three, and so on. Create some milestones or business objectives that you want to achieve within your first year. It could be to reach a certain amount of sales or a specific number of followers on your social accounts.
As you get to know the audience you’re attracting, you can begin tailoring your offering to them. This is how you can grow your business and reach your ultimate goal of achieving financial independence.
Get Your Finances in Order
In the study by the University of Technology, Sydney, some of the most common reasons why businesses fail are financial mismanagement, poor record-keeping, failure to seek external advice, and marketing issues.
Before you hand in your resignation letter at your corporate job, you should ensure you have a healthy savings account and a clear indication of when you expect to generate enough income to live off. You might want to speak to an accountant or financial advisor before you open for business to get an expert opinion on your situation.
This shouldn’t deter you from starting your own business. You just might want to create a side hustle first to get started. Once you start seeing some success, then you can leave your corporate job. Alternatively, you can get some expert advice on scaling your company faster and earning the income you need to be financially free.
Learn From the Experts
One of the secrets about starting a profitable business is that it’s not often done alone. Successful entrepreneurs are great at finding the resources they need to supplement their weaknesses. They know they can’t do absolutely everything on their own, even if they consider themselves a solopreneur. Business owners will utilise freelancers or specialists to help get them up and running.
One of the best investments you can make is connecting with a growth expert. These specialists provide you with the guidance and discipline to help you scale your business and reduce the number of days per week you need to work to make a living. But there are many other benefits to utilising a growth expert.
Proven Strategies
You don’t have to run a bunch of test and learn initiatives. When you partner with the right growth expert, they can provide you with proven strategies that have worked for decades. These blueprints provide you with the structure to get started and to scale to heights that you might not believe were possible. It can save you a lot of time and money when you utilise a system that is proven to be successful.
Personalised Approach
These strategies are a proven blueprint that can be personalised for your new business. When researching for a growth expert, it’s a good idea to find one that offers one-on-one coaching. This provides you additional support and allows you to tailor the approach to your company. It also means you’ll get your questions answered, which you don’t often get with online courses or YouTube videos.
Repeatable Systems
While you want to start small with your business, you also want to think long-term. That might mean running more than one company. A growth expert can provide you with repeatable strategies. That means when you open your second, third, or fourth business, you won’t be starting from scratch. You’ll have a proven formula for success that you’re already familiar with.
Global Presence
Your business might start within your local community or with a small niche. But a growth expert can help you scale to a global audience. It could be by driving thousands of people to your social media or building remote teams across multiple time zones. Sometimes it’s both. It might seem daunting. However, these specialists can help you scale big, fast, and with the appropriate systems, so they don’t collapse under pressure.
How to Start Your Own Successful Business Today
Even though restrictions and lockdowns are easing around the world, online businesses are showing no sign of slowing down. Every day, more people are choosing to leave their corporate job and become their own bosses. In 2017, the Australian e-commerce market was $13.9 billion. By the end of 2022, it’s expected to be $21.7 billion. In a year’s time, it’s forecasted to grow by another $6.5 billion globally.
Starting your own business might seem like a risk. But it isn’t when you partner with the right experts. As the study from the University of Technology, Sydney stated, one of the reasons new companies fail is the owners don’t seek external advice. To get off to the right start, you should meet with accountants and lawyers to get advice about your situation. But perhaps the most important one is a growth expert. They can provide you with proven strategies that help you scale your business and achieve financial independence sooner.
Victoria Garlick is not only a global entrepreneur, founder, and CEO. She’s also a Growth Expert who can provide you with the perfect business model for you. Victoria has a track record of helping business owners create more freedom in their life by implementing the proven formula that she has perfected for over 25 years. Want to find out how you can make this happen for your business? Get in touch with Victoria Garlick today!