Ready to be Your Own Boss? 10 Tips Before Quitting Job to Start Your Own Business
Excited ka na bang mag-sarili? Going full-time with your own business definitely presents itself as a very attractive option---no time ins and outs, no bossy bosses, no deadlines, etc. Best of all, there is unlimited potential to earn at your own pace. But remember, being head-in-charge is no easy task! It requires taking on the steering wheel and leading the enterprise to its course.
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| Consider safety nets before plunging into entrepreneurship. Photo courtesy of Unsplash via Pixabay |
1. Read up & Learn.
Nothing beats the student who studied his lessons. Similarly, you're most prepared if you've mastered every in and out of your business. Unfortunately, that doesn't happen overnight when you open shop since you're now dealing with reality where everything is not controlled.
Hence while still at your job with funds to afford learning opportunities, don't hesitate to attend seminars and workshops which would narrow the knowledge gap between you and the industry you plan to join. Learn not only business knowledge but more importantly, the actual How-To stuffs since you wouldn't want to be laughed around at by your employees right? Being the boss requires not only acting the part, but also doing the part.
Nothing beats the student who studied his lessons. Similarly, you're most prepared if you've mastered every in and out of your business. Unfortunately, that doesn't happen overnight when you open shop since you're now dealing with reality where everything is not controlled.
Hence while still at your job with funds to afford learning opportunities, don't hesitate to attend seminars and workshops which would narrow the knowledge gap between you and the industry you plan to join. Learn not only business knowledge but more importantly, the actual How-To stuffs since you wouldn't want to be laughed around at by your employees right? Being the boss requires not only acting the part, but also doing the part.
2. Socialize & Network.
Come on and move around to meet up with industry gurus, major players, main customers and lead suppliers. First-time entrepreneurs are practically industry outsiders and so getting actual inside information about the business, such as secrets of the trade which are learned through time, can be most valuable and helpful.
There are many other venues that offer chances for networking such as forum participation via internet, shopping at "tiangges", attending trade fairs/exhibits, joining clubs/associations, etc. Knowing how to run a business entails not only the technical knowledge but also the market dynamics which is basically made of and made up by people interactions.
Come on and move around to meet up with industry gurus, major players, main customers and lead suppliers. First-time entrepreneurs are practically industry outsiders and so getting actual inside information about the business, such as secrets of the trade which are learned through time, can be most valuable and helpful.
There are many other venues that offer chances for networking such as forum participation via internet, shopping at "tiangges", attending trade fairs/exhibits, joining clubs/associations, etc. Knowing how to run a business entails not only the technical knowledge but also the market dynamics which is basically made of and made up by people interactions.
3. Polish the Business Plan.
At the least, the marketing plan lays down the road map for your enterprise. Hence, it's vital to have one before taking the big leap out from the corporate world. With wealth of information from the internet, various business plan templates are easily downloadable. You may even access one easily by requesting assistance from office colleagues in Marketing and Business Planning. Regardless the format or template, the business plan should virtually contain 3 essential business concerns simplified into layman's terms: Where are we? What do we want? How do we get there?
At the least, the marketing plan lays down the road map for your enterprise. Hence, it's vital to have one before taking the big leap out from the corporate world. With wealth of information from the internet, various business plan templates are easily downloadable. You may even access one easily by requesting assistance from office colleagues in Marketing and Business Planning. Regardless the format or template, the business plan should virtually contain 3 essential business concerns simplified into layman's terms: Where are we? What do we want? How do we get there?
4. Beef up Savings.
Admit it, everything takes time to be hatched. And so before you see your enterprise actually earning already, there will be some time first when you will have minimal, or even zero sales at all! From practical experience, a business' average gestation period ranges from 2 to 3 years before really getting into full earning mode. Hence, smart entrepreneur wannabes think it's wise to beef up their savings account before actually leaving their jobs.
Admit it, everything takes time to be hatched. And so before you see your enterprise actually earning already, there will be some time first when you will have minimal, or even zero sales at all! From practical experience, a business' average gestation period ranges from 2 to 3 years before really getting into full earning mode. Hence, smart entrepreneur wannabes think it's wise to beef up their savings account before actually leaving their jobs.
5. Invest in Office Equipment.
You would obviously require office equipment to become operational. Business machine essentials that should top your list include a computer set, printer and telephone. These three machines could suffice for necessary word and spreadsheet processing involved in basic business documents, transmitting correspondences and contacting potential clients and suppliers.
You would obviously require office equipment to become operational. Business machine essentials that should top your list include a computer set, printer and telephone. These three machines could suffice for necessary word and spreadsheet processing involved in basic business documents, transmitting correspondences and contacting potential clients and suppliers.
6. Eye your Workspace.
Even before resigning, head on to plan your work location. Whether home-based or renting space, it is a must that you have your own place where you could focus on working with your daily tasks and activities. Wherever it may be, your work station should provide reasonable comfort, light, ventilation and space to move around with. An environment conducive for thinking and working will be most wanted too.
Even before resigning, head on to plan your work location. Whether home-based or renting space, it is a must that you have your own place where you could focus on working with your daily tasks and activities. Wherever it may be, your work station should provide reasonable comfort, light, ventilation and space to move around with. An environment conducive for thinking and working will be most wanted too.
7. Develop Product Samples/Mock-ups.
Don't wait up until your first day as a self-employed before you get to see what your products or services consist of. Find help from your nearby carpenter neighbor, local market craftsman, or even "kumare mananahi" on product design and for developing samples of how you envision your product should be. Remember that initial mock-ups wouldn't come out perfect right away and so again, time is critical.
Don't wait up until your first day as a self-employed before you get to see what your products or services consist of. Find help from your nearby carpenter neighbor, local market craftsman, or even "kumare mananahi" on product design and for developing samples of how you envision your product should be. Remember that initial mock-ups wouldn't come out perfect right away and so again, time is critical.
8. Headstart with Business Registration.
As everyone knows in the Philippines, going through government services take up some time. As much as possible, start early with the paper works and legwork of registering your business so that official documents like business certificates and receipts are ready once customers require from you and sales start coming in.
As everyone knows in the Philippines, going through government services take up some time. As much as possible, start early with the paper works and legwork of registering your business so that official documents like business certificates and receipts are ready once customers require from you and sales start coming in.
9. Produce Contact Flyers, etc.
Marketing yourself and the business comes right next once you finished up planning. Again, it is most ideal that everything is up and running already once you take hold of your business with all waiting time eliminated. Producing and distributing even just the basic contact cards, flyers or brochures could help spread the word around and get your business known to potential clients already. Hence once you decide to leave the office, you have already built your client pool.
Marketing yourself and the business comes right next once you finished up planning. Again, it is most ideal that everything is up and running already once you take hold of your business with all waiting time eliminated. Producing and distributing even just the basic contact cards, flyers or brochures could help spread the word around and get your business known to potential clients already. Hence once you decide to leave the office, you have already built your client pool.
10. Get Online Presence.
Another basic essential marketing task is to get your business online. Nowadays that everyone has gone hooked up with Tweeter, FB and other social media applications, it is vital to be present at those consumer touchpoints. As marketing principle dictates that you need to be present where your customer is present, start tinkering now with the computer to discover the many ways how the world wide web could help you in marketing your business.
Another basic essential marketing task is to get your business online. Nowadays that everyone has gone hooked up with Tweeter, FB and other social media applications, it is vital to be present at those consumer touchpoints. As marketing principle dictates that you need to be present where your customer is present, start tinkering now with the computer to discover the many ways how the world wide web could help you in marketing your business.
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