Switching From Job to Business
Taking a leap of faith and making a choice to listen to our inner desire to begin the entrepreneurial journey is a big step. The decision of switching from job to business is a challenging one and not easy. For a person who has already settled down and created a stable platform and a steady source of income, it is difficult for him to switch from job to business. The drive to being an entrepreneur, desire of following passion or interest, being independent, and for many other reasons, one takes a step to switch. It can’t be an impulsive decision and has to be a thoughtful process before switching.
For a fresher or a fresh graduate, to choose between Job and Business is a completely easy task than making a switch. A person gains and experience from the job which provides him with the advantage in doing business but also, it’s equally important for him to ensure that the switch doesn’t impact much.
Before making a switch, you have to consider many aspects which would make a smooth transit from job to business.
Leap of faith of your inner desire
You have to be sure that this is what you want out of your own will and not because of anyone’s mere suggestion or idea. If the desire is out of the inner passion and strong interest, you can trust your instincts and faith in the entrepreneurial journey.
Have a plan- Don’t rush
When you are sure that you want to switch from Job to Business, you need a plan. You can’t make an impulse decision and you shouldn’t rush into it.
Plan your transit
You have to be mentally, financially and technically ready to take up the challenges to begin the entrepreneurial journey. You have to plan when is the right time to intimate your current employer about your resignation. When you would start, what are your prospects?
Build your network
For an entrepreneur, one of the essential skills is to build a professional network. It is very necessary to have strong networking which not only helps in getting more reach of customers but also helps you get more knowledge, information and situation of the market.
Know your skills
Being an employee and an employer has different roles and responsibilities. Being in the shoes of an employer has its advantages as well as limitations too. You can evaluate yourself by comparing the tasks and jobs you’re currently doing. Also, you can figure out what skills you are requiring in the current job, what skills you would require in the business you would be beginning. You can ask for feedback from your friends, colleagues and family. You have to ensure that you have the desired skills required for your venture.
Get yourself debt free
Your entrepreneurial journey gets smoother if you have lesser or no debts. In the initial days of your transition, you may not be getting profits and returns instantly. If you have no debts, you don’t have to worry much with less income. In case you are burdened with debt, you won’t be able to focus on your business but would be more wasting your time on how to pay the bills and instalments coming ahead. It is advisable to have as little debt as possible when switching from job to business.
Talk & Discuss with a veteran
You can always talk and discuss with an individual who has already made his journey. Sometimes the best advice you can get is from the one who had been to the situation. They might tell you what to do and what not. Ultimately, it is your choice and judgement on which advice to take and which to discard. Every individual has at least one good thing that we can learn.
Complete the unproductive work during the job
Switching a job from one company to another company is rather easy. In a job, the loyalty and accountability of the employee change to a different employer. You might take few days to settle in the new atmosphere.
Make a base ready
One of the benefits of switching from a job to a business is that you can work on creating a platform for yourself during the job. You can create a base before jumping on to anything. When you feel that you are ready to do go, you can switch. Company registration, finances, process/plan of work, prospects/potential customers, pilot testing, feedback, and all the things that would not require you to involve full time and when you switch you don’t have to waste time.
Be cautious of your finances
As a start-up, you have to be very cautious about your finances. Even if you have saved enough for your startup, you have to make sure that you’re utilizing your finance optimally. Also, you have to be ready for any future contingency. Rather than investing all at once, systematic investment should be done. Initially, expenses should be made on only necessary things. If you don’t plan your finances well, it may lead you into debts and ultimately you would be made to shut down your business.
A survival Plan
Before switching, you can make a survival plan which means that you can anticipate the issues you would come across. The likely situation you would be facing and how you would be dealing with it. In case, you are not making initial profits, how you would be going to manage. You have to make a plan to survive and handle any situation coming across for at least six months in advance.
Go for a pilot test
If you’re planning to switch, at a sample level, you can commence your business activities to get the feedback and to know the actual scenario of work.
Be prepared for uncertainty
Even though we make a plan and anticipate things, still there are many things in business that we haven’t thought of comes ahead. We all know that big risks also have big rewards. You don’t have to get demotivated by fearing the risk of uncertain events and failure.
Be Patient
Being patient is one of the qualities that an entrepreneur should have. If you get panic easily, it would be difficult to run a business. Business goes through very uncertain situations, changes in government policy, ups and downs, losses as well, and all the things are part of the business. When you switch, you might face a situation that you haven’t expected but there is always a solution.
Everyone has their plans but still if we are prepared in advance for things we are aware of, it makes the entrepreneurial journey more smooth.
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