On the last episode James and Megan kicked off a new series about how to start a business. For too many people this dream remains a dream. This series will give you actionable information to help you launch. Today they start with the easiest transition to entrepreneurship, which also happens to be the option they took.
Today’s Kryptonite: Make a Business from Your Job!
Why should you turn your job into a business?:
- It’s often the easiest point of entry because:
- You already have the skills
- You know there is a market for what you want to offer
- You understand the industry and current trends/demands
- You have contacts
- And you see what your employer has done “wrong” and know how you can do it better
What do I need to be aware of?:
- This approach often works best for service professionals in areas like marketing, finance, project management, human resources, or quality control because of the low overhead needed to start.
- But it could also apply to specialized manufacturing or trade crafts.
- Make sure you don’t have a non-compete and be sure to avoid any potential conflicts of interest.
- If you are going to offer training or products, make sure you don’t run into copyright issues.
How do I make the transition?:
- These options apply to all the models we discuss:
- Plan a transition (average 18 month transition) to include the work and your financial needs
- Just take the leap (quit or layoff)
- Keep it as a side business
- You may begin by becoming an independent contractor for your current employer, which gives stability while allowing you to seek out additional work.
- It may start upon losing your job, and instead of finding a new job you start a business.
- But you have to make it work fast or have cash reserves!
- Make sure you understand any restrictions your current employer has
- Map out the products or services you plan to offer
- Build your transition plan and execute!