Should I Go Into Business?
EMMA BOWDLER
I’m a cheerleader for women and an accountant bursting with personality.
The things you should consider before jumping from employee to business owner.
Deep down we’ve all harboured the dream of going from an employee to an entrepreneur, transitioning from a worker bee to a business owner.
As we set off up the career path, financial security comes and experience grows; with this success, it’s only human to contemplate whether that business idea you had can stand on two legs and provide freedom from the 9 – 5.
Now, regardless of whether that idea came to you when you were younger, or in a late-night shower epiphany, there are a few things you need to know before jumping from employee to boss.
Position yourself in the market
It doesn’t matter if you’re sticking to the same industry or doing a complete career pivot; you need to know where your offering sits in the marketplace.
Too often I meet clients who have launched products near-identical to others on the market without carving out a unique brand identity or understanding their customers. They’re then left scratching their heads wondering why no one is buying from them…
So, get your market research hat on. Conduct user testing, interviews, and a competitor analysis so you can understand how you’re different, who you’re selling too, and who your competition is.
I promise this will save a lot of time and grief down the line.
“It doesn’t matter if you’re sticking to the same industry or doing a complete career pivot; you need to know where your offering sits in the marketplace”
EMMA BOWDLER
Run your numbers
Next up you need to budget, budget, budget.
Every successful business needs one. This is especially true for fledging operations as you’re guaranteed to draw on your own savings in the initial stages of launch.
Drafting a detailed budget which factors in employee wages and other third-party costs will tell you how much you’ve got, how much you need to spend, and how much revenue you need to keep profit churning.
All of this will help you determine what you REALLY need equipment and staff-wise when you’re operating at your leanest.
Assemble your team
After you’ve calculated how many staff you can afford, it’s time to make your team.
Now, this may consist of one full-time person, two or three, one part-time contractor, or a veritable army of staff; whatever your situation, please make sure they’re multi-disciplined.
We’ve all been at the receiving end of the phrase “don’t be afraid to get your hands dirty”. Well, the truth is there’s value to it when you’re the owner. With a small business or start-up you need all-rounders who have talent and skill coming out of their pores. You want them to be willing to pitch in and do tasks that may not fall in their immediate job description.
As you grow, jobs and roles can become more defined but in the first couple of years look for these core staff members, as they may become your management team.
Be flexible
This may be one of the most important tenets for business owners – things will change rapidly during your launch and growth stage and you need to know how to roll with the punches and adapt.
Sometimes being so close to a product means it’s hard to see the wood from the trees so listen to both customer and team feedback.
If a product feature you love isn’t resonating, scrap it. If the brand colours you love score poorly with everyone else on the team, scrap it. If you need to pivot 90 percent of your idea, pivot.
Your flexibility will help keep the company afloat and ensure creativity thrives.
EMMA BOWDLER
I’m a cheerleader for women and an accountant bursting with personality.
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