So you are all set up to quit your job, take the leap, and start your own company. You have an awesome business idea and can’t wait to put that idea into actual work. But wait, have you figured out, what the website will cost? Well, the good news is Branex already thought that for now. Here is a website cost calculator that will determine the cost of your website.
When the idea is new, you get impulsive and launch without thinking things through. So, here is your chance to think things through before you dive into the Entrepreneurship project.
To make yourself ready for the big day here are some tips that can be your guideline when you are willing to quit your job and start your own company.
1. Do the Research First
Quitting your job before you do the research is like getting yourself ready for a suicide mission. The preferred way is to do the research while you are on the job. In this way, the jump from an employee to being an Entrepreneur gets smoother.
You cannot jump into building your warehouse, or even an office if you haven’t done the groundwork first. If the research is not there, then there are chances that you will not go a long way. The launch of the rocket is the most important part of the journey. If the rocket launches in the right manner, the rest of the journey is all science.
Few things you need to make sure of while you are doing the research
- Learn everything about your product/service.
- Know what your audience wants and study buyer persona
- Research your competitors. Do not follow them. Just keep an eye on them.
- Find the right people and recruit them right away.
Know the sales channels and the marketing channels will be
2. Start with a Business Plan
Once you are done with the research you can get down to creating a business plan. Yes, you read it right. The same business plan that you have studied in your business school. Now is the time to take out that genius and give it some meaning. Your business plan will be something that you will show to your investors, partners, and other company holders. A good business plan normally contains the following fields.
- Overview of your business
- Summary of what you are willing to achieve with the business
- History of the company and what you actually do
- Company objectives, mission statement, goals, and vision.
- What industry are you planning to target?
- What are your target customers?
- The strategy you are going to follow to compete with the other players in the market.
- Most importantly your team.
- An operational plan, marketing plan, and a financial plan
3. Structure of Your Business
Before you talk to the investor, you need to structure your business plan first. This goes for the legal structure as well.
There are various types of businesses you can become:
- A corporation
- A limited liability company
- A partnership
- Sole proprietorship
You need to consider:
- The operational complexity
- Liability
- Taxes
- Control
- Capital
- Licenses, permits, and regulations
4. Leverage Your Resources
Of course, you do not want to spend all your money in the wrong places. You need to plan things out. You need to start with the current resources and move your way up. For example, in the start, you can use your friend, a website designer to design a logo for you at economical rates.
Secondly, contact friends who started on their own and ask them to assist you with the resources. And lastly, connect with experts in the field and ask them for help.
5. Leave on a Good Note
Quitting a job without destroying the relationship is an art. Networking is all you need to do in your life. Make sure you leave your job on a good note. Provide them with a backup person before you leave your job.
Of course, you are leaving to start your own venture, but you cannot be sure that will be a success or that your old company won’t come in handy one day. Leave without burning any bridges and you may be able to cash in a favor one day. Your old employer may even send clients your way knowing that you are a trustworthy businessperson.
6. Plan Small Things First
As an entrepreneur, you will realize that planning is all in the smaller details. Right from the office space, to where you sit, what color will be your office and what will be the office timings. These are simple things but when coupled together they make a huge impact. Utilizing daily planner templates into your routine can streamline these details and provide a structured framework for managing your time and tasks effectively. I know for a fact that at first, these things won’t matter, but trust me if you don’t plan these small things out. You will get to face serious consequences in the coming months.
To End it All
Remember that starting a new business is going to be more challenging than you imagined. You’re going to have to make the planning process your full-time job before you even see an income. That said, with the tips outlined above, you could make it the best, most profitable adventure you’ve ever embarked on from both a professional and emotional point of view.
Read More Blogs
