If you work a 9-5 job, then I believe you will really understand how difficult it is finding time for other businesses.
Maybe you've finally succeeded in starting a business but finding a balance with the 9-5 job becomes a daunting one.
Don't Worry, I will be sharing with you 5 success tips on how to escape the grind of 9-5 jobs and be the boss of your own.
Let's get started:
Tip 1: Have A Definition Of What You Want
I know you want: To be your own boss, Make more money and have more freedom.
That's everybody's dream. But is that what you really want?
If yes, then
Have you define it: I mean the business that you want to start.
Often times our definition of the business we want centers around our passion.
Passion is great, but it needs to be channeled into achievable goals. That's where the need of having a definition of the business you want comes in.
In order to succeed in business, you need to know what you want, understand what it will take to get there and then execute a plan in order to arrive at your goals.
Here are a few steps to help you come up with a better definition of want you want:
1. Sit down and make a list of all the business ideas you had.
2. Make a research of the niche you have chosen: An ideal niche must be of sufficient size and purchasing power to be profitable, have growth potentials, of negligible interest to your competitor and have the required skills plus resources to exploit it.
3. Find a mentor
4. Identify the expertise and resources required
With these steps, I bet you will come up with a proper definition of what you want.
Tip 2: Create Your Business Master Plan
You already define a business, right. The next step is to create a business master plan. What you really need here is to have an understanding of what your goals are and your strategy for achieving them.
Don't get down with the traditional “business plan” format and requirements. But create a more realistic, tangible business plan. The type that will be your guide.
Here are a few steps that will help you come up with a better business master plan:
1. State your services, products or offer:
To succeed as an entrepreneur, you must carefully choose your services, products or offer correctly. More than any other factor, your ability to make this choice will determine your success or failure.
So how do you start?
First, start with a self-analysis:
- What kind of products do you like, enjoy, consume and benefit from?
- Do you like the product or service you're planning to sell?
- Can you see yourself getting excited about this product or service?
- Would you buy it and use it yourself?
- Would you sell it to your mother, your best friend, your next-door neighbor?
- Can you see yourself selling this product or service for the next five to 10 years?
- Is this a product or service that you intensely desire to bring to the marketplace?
Second is the customer's analysis:
- What does the product achieve, avoid or preserve for the customer?
- How does the product improve your customer's life or work?
- What kind of customers will you be selling the product to?
- Do you personally like the customers who'll be buying this product or service?
Last, is product analysis:
- Is there a real demand for the product at the price you'll have to charge?
- Is the demand large enough for you to make a profit?
- Is the demand concentrated enough so you can advertise, sell and deliver the product at a reasonable expense?
For a product or service to succeed, it must be the right product, being sold at the right time, to the right customer, in the right market. It must be produced and sold by the right company, and the right people. What you have to decide is this: Is this product, service or offer right for you and your customers.
2. Identify your niche (target market):
You have finally gotten that killer product, services or offer, but your work is not yet done – now you need to know to whom and where to market your product or service.
So what do you do?
Simple, bring your niche to a focus:
One of the most effective things you can do for your product, service or offer is to have a good selling position i.e. to narrow your gaze. I mean bring your niche to a focus.
Imagine you are a local coffee seller interested in marketing services.
Who would you rather hire?
Applicant Y: “I help businesses skyrocket their marketing.”
Applicant Z: “I help coffee sellers improve their marketing.”
Since one person focuses only on your type of business, you will have a lot more trust in their expertise to improve your specific type of business. Won't You?
3. Develop a value proposition
Once you have stated your services, products or offer, identify your niche (target market), the next thing is to develop a value proposition: positioning statement that explains what benefit you provide for who and how you do it uniquely well.
Here are a few steps that will help you come up with a better value proposition:
– State the problem clearly: Is the problem solvable? even if it is solvable, is it undeserved? No, it is undeserved, then Is it avoidable? If not, is it urgent?
– Qualify the problem: Is it BLAC: Blatant, Latent, Aspirational, Critical? if yes, does it indicates a WHITE space in the market, allowing you to capitalize on the niche?
– Evaluate your solutions: You have stated and qualify the problem. Finally, you've got the answers to the problem. what's next? should you go ahead solving the problem.
But wait! you need to evaluate your solutions.ask yourself: What is unique and compelling about your solution? Do not lose sight of the fact that you are core to your venture’s value proposition. What problems do you understand uniquely well? What solution can you deliver uniquely well? What kind of disruptive business model can you bring? Be true to yourself as a thought leader and you will go far.
Tip 3: Map Out Your Finance
Your business master plan may not mean anything to you if you can't justify it with a good figure. I mean mapping out your finance.
Mapping out your finance is one of the most essential components of the business master plan, as you will need it if you have any hope of winning over investors or obtaining a bank loan.
Even if you don't need an investor or bank loans, it's important you map out your financial plan in order to know your financial strength.
You do this in a distinct section of your business plan.
However, the trick is to underestimate revenue and overestimate expenses.
Here two steps to come up with a more realistic map for your business plan:
1. Make a realistic startup budget:
The rule of thumb when filling in the numbers in the financial section of your business plan, is to start with a startup budget.
For planning purposes, it is advised you define your budget in terms of startup expenses ( expenses you incur before launching the business) and assets ( which may includes cash (in the form of the money in the bank when the company starts), and in many cases, starting inventory
2.Set up a startup Cost Worksheet
Your startup cost worksheet should answer what the money is going for:
Make sure you have included every cost. it is better to over-estimate what you will need so you don't come up short with the money you receive from your loan.
Once you understand all of the cost categories involved, you can verify that your plan has captured all of the expenses needed to get started.
You can use a worksheet in a spreadsheet application like Microsoft Excel to Set up the Startup-Costs worksheet.
Few of the things to consider in your startup cost worksheet may include:
– Facilities Costs for Startup:
Those related to your location, including your lease, utilities, construction, and any other costs for preparing the facility for your business use.
– Business Equipment and Vehicles:
The types of equipment needed for your business startup will vary depending on your type of business, but in general, these types of equipment will be needed:
- Office equipment and furniture for owners and employees
- Specialized equipment for manufacture, warehousing, or shipment of products
- Computers, software, and peripherals (printers, etc.) for office and other areas
- Phone systems, cell phones, and computer networking equipment
Depending on your business, you may need to lease or buy vehicles for:
- Manufacturing activities
- Cars for salespeople
- Cars for executives
– Business Supplies and Advertising Materials:
Include the following basics on your supplies list:
- Office supplies
- Janitorial supplies
- Supplies for manufacturing activities
- Supplies for shipping and mailing
- Stationery and business cards
- Advertising materials, such as brochures, flyers, other printed advertising material
- Costs for an advertising agency to prepare an ad campaign for your startup
- Design costs for advertising and web site
- Website setup
– Other Startup Costs:
You'll need to include funds to cover certain administrative costs for necessary startup tasks:
- Fees for attorney to set up legal form of business, to assist with commercial lease documents, and other pre-startup negotiations
- Fees for CPA to set up a bookkeeping system
- Local business licenses and permits
- Insurance deposits
There may be other costs you didn't expect, so include a comfortable amount as a buffer for any other miscellaneous expenses that might come up.
– Putting it All Together:
Calculate the subtotals for each section above and create a grand total start-up costs statement. If you are contributing equipment, vehicles or other startup items to the business, itemize your contributions and deduct these from the total amount needed. The new total is the amount you will need to get financed for your startup.
Finally, remember that you can deduct startup costs from your first-year business taxes, so save all of your receipts.
Tip 4: Do It as a side hustle first
You've finally put up a realistic business master plan and you can wait to implement it.
So what do you do?
Do it as a side hustle first:
To minimize the risk of failure, most people break into solopreneurship by moonlighting on the side while still employed at their full-time 9-5 job. This allows you to try your hand at hustling and landing clients, while not having to totally commit.
it will help you see if you can actualize the business in reality
Be warned, though, this doesn’t always give you a true picture. If you have the luxury of guaranteed income from your job to fall back on, are you really going to give it your all.
Laziness and procrastination can kill your drive even before you get started.
Also, as a side hustle, you’re may want to be responsible for administrative tasks, paperwork, billing and invoicing, as well as managing sales or projects – something that may be new to you. This can be a huge time suck when you only have limited time.
With these new roles, you may end up learning. Knowing exactly what you want to do, or you may learn it’s too overwhelming to be responsible for every aspect of running a business.
For many people, however, side hustling helps them get started with the nitty-gritty of the business.
This makes the leap into full-time easier and be the boss of your own.
Tip 5: Make The Jump
You’re now juggling your full-time work and your side hustle. The time you originally set to achieve your big goal is fast approaching.
Before you hand in your resignation, here are a few things to make sure you have in order before cutting ties with your employer and taking your business full-time status.
Secure enough clients beforehand
How many gigs or projects do you need to feel safe enough to quit your job for good? You’ve saved enough income for slow periods, so now you need to look at whether or not the clients you have will allow you to cover your expenses – and then some – every month.
Have a plan to land more clients
Being a solopreneur also means being a hustler. Just because you have steady gigs or are making regular sales from your products or services, it doesn’t mean everything can’t change next month.
It’s important to have a strategy in place for when a client cuts down your work or they end the collaboration.
Typically, you want to work on reducing or eliminating lower-paying clients as you start to replace them with higher-paying clients. This will free up some time and move you up the pay scale.
Similarly, you also want to get your name out there so that prospects start approaching you. This may be done by having a website for your services.