Want to Be an Entrepreneur? Consider These 3 Things First
Questions to ask yourself to increase your chances of succeeding as an entrepreneuer
Leaving your 9 to 5 to start your journey as an online entrepreneur can be a very exciting idea but when it comes to actually taking the leap, it becomes a whole new story.
How do you leave your job? When do you leave your job? How can ensure that you’ll be successful? What do you do first? What do you need to learn first? These questions and so many more are probably running through your mind and leaving you overwhelmed and paralyzed.
Now you feel stuck in your 9 to 5, you want to start something new but you don’t know-how.
But never fear, you don’t actually have to quit your job and jump straight into entrepreneurship. There are some really important and impactful things you can do right from your current desk to get you ready for the life of a digital entrepreneur.
Make The Decision
The first thing you need to do before you leave your 9 to 5 to become an entrepreneur is to make a decision.
You need to make the decision that the life of an entrepreneur is the life that you want for yourself. Entrepreneurship is a choice about lifestyle more than a choice about money.
This is really important because the money people sometimes associate with entrepreneurship doesn’t always come when you expect it. In fact, you can expect to work at your business for months even years before you meet or exceed the income you were making while employed.
If money is your main motivation, there are a lot better ways to make more money than entrepreneurship.
A decision to lead a life of an online entrepreneur should be a decision based on a desire and a need to reach for more. To make more of an impact than you can at your current job. To engage with people who you have a strong passion or desire to work with but can’t at your current job. A decision not to avoid responsibilities, but rather to take on only the responsibilities that you have chosen.
If you don’t make that decision that you are prepared to commit to a lifestyle of uncertainty, total responsibility, and adventure, then you’ll soon be returning to the world of work.
Prepare Yourself Financially
Before you leave your job, make sure your financial resources and obligations are at a place that’s suited for entrepreneurship.
If you’ve started your business as a side hustle, then you’ll probably have a good idea about how much running the business costs and how much it brings in. In that case, you have a lot more information to work with.
But whether you’ve been side hustling or you’re about to take a leap into full-time entrepreneurship, it’s important that you reduce your expenses as much as possible.
Chances are your current expense profile is based on your current salary as well as an expectation that your salary is going to come in on time every two weeks or every month. This my friend is not necessarily going to be the case with entrepreneurship. Give yourself as much time as you need, but start reducing your expenses so that you don’t have to abandon your meant-for-more journey into entrepreneurship simply because you can’t afford your car payments.
Look at your expense profile and decide what you can live without and cut it out. Do this before you you go full-time into entrepreneurship, that way it won’t seem like so much has changed.
It might mean moving to a cheaper apartment or moving back in with the folks. It might mean selling your car for a cheaper one or it might simply mean cancelling your Netflix subscription. Who knows.
But it’s not just about cutting expenses. You also need to make sure you have sufficient capital for your business. While running a business online in no way requires as much capital as running a brick-and-mortar business, it still needs some about of money — usually subscriptions. Email service provider, Sales page software. Canva. Photoshop. Training and development. The list can get long, make sure you have enough money to pay for these subscriptions or trainings for at least 18 months.
If you plan to pay for them with the money you’ll make, then that’s a bad plan. be prepared to spend money while you grow your business into a revenue-positive venture. Again, remember. It is quite likely that you wouldn’t be making as much money as you thought at first and the worse thing is to be forced to quit on something that could be so impactful and successful simply because you couldn’t pay for your email service provider.
Bonus tip. When deciding what subscription services you need for your business, pay for a year upfront and avoid the monthly subscriptions. This way you’ll do better research and it will help you commit to at least a year of doing the necessary work
Position Your Brand
Positioning is probably the least understood yet most important thing a digital entrepreneur can do to ensure success.
Positioning your brand and your business is about understanding your place, role and value in the market and communicating that positioning to the right audience. It’s how you move from the unseen and overlooked entrepreneur to the impactful leader making a difference in your space.
And the great thing is that you don’t need to leave your job to start positioning your brand and business. You can do it while still fully employed!
The first thing you do when it comes to positioning is nailing your focus. Specifically what group of people are you focused on helping. When you’ve done that, your next job is to listen.
Listen. Not speak. Not contribute. Not create content. Just listen. You’re aiming to get a real appreciation for what your intended audience is struggling with. You want to get an ear for the words and phrases they use. This is some real CIA stuff happening here. You want to understand what they’re currently focused on. What their dream scenarios are.
When you do this, you’ll be able to better position your brand and your business to deliver value. You’ll be equipped with the necessary information to craft messaging that will connect and attract. You’ll be able to grow your audience that wants to buy what you have to offer because it’s perfect for them. All this from just listening. When you’ve listened for a few months, you can start creating content and putting it out there.
Entrepreneurship is one of the greatest lifestyle choices you can make. You get to work on the things that matter to you. You get an opportunity to make a real difference in people’s lives. You get to set your own rules and take control of your destiny and you have unlimited earning potential.
But along with all those fantastic features, there comes a lot of risk, but there are a lot of things you can do before you take the final leap to full-time entrepreneurship. It’s always an advantage to be better prepared. Success in entrepreneurship often comes down to your ability to keep going and the three steps mentioned in this article will go a long way to help keep you in the game so that you can realise your full potential as an entrepreneur