The gap between starting your new business and creating a sustainable income is a difficult—but not impossible—one to bridge. Between a regular paycheck, benefits, and company resources, you have plenty of securities at your job that will make leaving a difficult decision. But succeeding at building your own business can yield rewards far greater than any traditional workplace.
Here are some steps you can take to help you make the leap from company employee to employing yourself.
Start with a side hustle
Side hustles are perfect for acquiring some extra cash and trying new opportunities without totally committing, but there are plenty of other valuable lessons to be learned for those who want to work for themselves. Your side hustle is an opportunity to exercise your autonomy and create a business model that best accommodates you.
Are there certain hours you prefer to work? Is there software that you believe will work better for your company than any other? Do you need an office space, or can you work from home? Unlike your typical 9 to 5, you’ll have complete jurisdiction over every aspect of your side hustle, which will help you learn the day-to-day logistics of operating independently.
Side hustles also teach you how to turn your ideas into actions—an essential quality for any startup. Perhaps for the first time, you’ll be forced to think of the practical methods for successfully executing your entrepreneurial projects. And who knows—your side hustle could be the seed of success that grows into your primary source of wealth.
Become a leader, not a follower
Think about your favourite employers and managers. No matter where you’ve worked, the most successful team members were the ones who could lead. That’s why exercising your leadership skills is essential to working for yourself, even for those seeking to start a one-person business. Becoming a skilled leader means that you comprehensively understand your vision and are able to effectively articulate your goals to your investors, customers, and employees.
In order to become a successful leader, actively practice listening to, learning from, and empowering others. This will make you receptive toward advice, and you will be able to filter suggestions to make the best decisions for your company. If you do not have a natural aptitude for leadership, try observing leaders in your professional and personal spheres.
Get smart with your personal finances
Since a lack of financial stability is one of the main reasons why people are afraid to start their own business, saving money and eliminating debts can help you become more confident in your decision. If you’re deeply entrenched in your own personal debts, getting ahead in your startup will be an exhausting game of catch-up.
Debt can also be symptomatic of larger, extenuating issues that could jeopardize your startup, including impulsive spending habits and a lack of financial diligence. If you don’t practice smart spending in your personal life, you’ll likely struggle to establish a business with a solid financial foundation.
Working extra at your job or starting a side hustle will help you increase your income, but it’s also important to think conservatively about your spending and look for areas to save. Visit your local library to check out movies instead of renting them.
Start a meal prep schedule to create healthy, cheap meals. Try saving money on monthly payments by refinancing your current student loans. While becoming more mindful of your spending in your personal life can help you free up capital as you start your business venture, it will, more importantly, instill good practices that you can apply to your business.
Build a reliable network
Establishing a comprehensive network in your industry takes both a long time to develop and a large amount of time to maintain. Luckily, this is something you can actively develop in the small pockets of spare time throughout your day.
Whether it be during lunch hours, long weekends, or the holiday season, utilizing the additional minutes available to you as an opportunity to build connections with others in your industry will make starting your own business much less of a headache.
You’ll begin to accumulate your own contact list of potential clients, consultants, and potential coworkers. Having this network before you take the leap to self-employment will give you a greater sense of security, and a support system to help you through the transition.
Although it’s important to increase the overall size of your network, you should dedicate an equal amount of time to securing relevant, influential connections. This style of intimate networking can offer invaluable advice and business guidance that is specific to your situation.
There are plenty of online networking communities and resources that will help you increase your profile visibility and help you access a larger number of opportunities. However, finding ways to connect, either in-person or via phone, will help facilitate more in-depth conversations.
Find your niche
Business success is not always correlated to market size. Your potential business may be only a small player in the larger business ecosystem, but it can still provide an essential role or service to those who need it.
If you’re looking to enter wider markets with the sole intent of making a large profit, you should re-evaluate why you want to work for yourself in the first place.
If you’re looking to enter wider markets with the sole intent of making a large profit, you should re-evaluate why you want to work for yourself in the first place.
Once you’ve discovered a viable market, become knowledgeable in major competitors. As a startup, this is a great way to follow a business strategy that’s already successful—and find ways to improve it.
Whether you’re passionate about up-and-coming tech or want to start profiting off your voice-over skills, converting your interests into a niche market will ensure that you have the specific skills and drive needed to become a competitor in the game.
Caring about your work is the most important step in working for yourself and is essential to make the risks and uncertainties worth the anxiety.