On November 20, 2008
Entrepreneur – 7 Tips Antes de Renunciar to his Work
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An entrepreneur at his 40 years commented to me another day about his increasing frustration feeling for “working for another person” and his wish of “doing my own company, to lead my own car”. Nevertheless, he said with consternation, “I have family that is provided with I and a standard of living that I do not want to sacrifice”.
Every person has to decide for himself what is the level of sacrifice and risk that is ready to tackle in order to enjoy the satisfactions of working independently. To know some strategies for the management of the risk of initiating a business will allow you to take a well informed decision.
Of seven ideas of financing to initiate a business next, the two first ones suggest ways of gradual transition of being employed to be independent. Two seconds are two ways of stretching the money and the last three ideas they refer to beginning non-stop.
photo credit: E.R.R
1. To start while it is continued by a limited salary.
To go out of his current employment in order to develop his new business can turn like the only option, based on the assumption of which you not to obtain the approval for the reduction of his working time. Although this can be the case, wonder why and how his company will benefit of rel="nofollow"""ing his skills and experience during a transitory period, this can serve as base to approach his employer. Insure of doing his task first of all, and being capable of demonstrating a solid justification to his request.
Also bear in mind the question of the time on having initiated a business. You want to put in a scales, inform his chief of his desire to leave the company, in spite of being prepared to resign if the answer to to his request is "not".
2. To develop another source of income.
If he needs to leave his current employment: is there a skill that it has that it could resuscitate and set to work without a big expense of time or energy? The work freelance or since independent professional is an option? I besiege some focused to the independent work (as eWork.com, Guru.com, and e-lance.com) they are worth while investigating for opportunities of short term of professional services.
For example, a community of workpeople of mental health in transition to the private practice, used his experience in the conflicts resolution to sell a training bundle to the public schools. A woman in transition of a society of brokerage of insurances created and sold seminars on care of long-term financing in local centers of retirement.
3. To reduce the expenses.
Another idea of financing to open a business is to see what it can save. Apart from the overheads – mortgage, taxes, insurances, etc - there are the optional expenses those that compose most of his budget. To do a careful analysis of these expenses and the election of what it is possible to resign in a time often can save thousands per year.
Carefully the analysis of secret expenses – credit card the money-market rates, bank charges, final fees, debits of the motorcar, phone plans – or “lost money” of the low interest rates on the saving can generate several thousands more per year.
4. To borrow.
It is not necessary to wait to borrow for expenses of starting of the business until it should have a business plan well documented for a business loan. The refinancing of a house or having a credit line there are relatively forms of low cost to generate capital on having initiated a business. Depending on his credit qualification, also it is possible to obtain in limited time loans to low interest of companies of credit cards.
If it chooses this idea of financing to initiate a business, to apply for the loans or bundles of refinancing while you are still working it is highly advisable. Your qualification as borrower diminishes quickly once you stop perceiving a salary.
You do not have to wait! Begin being employed at his new idea of business, while it is still used. Several of the first steps can begin at the same time that it is working or in his free time. It is a question of rising questions and of doing some investigations to obtain a clear idea of what he wants. This can take weeks of his current time of starting.
5. To identify his niche.
On having initiated a business, think about the services that you are qualified to provide, as well as those that more to be big enough enjoys. Be specific! Write them! Later, thinks what group of persons will benefit from the services and they have the aptitude to pay for them. Once again, to be a specific: the age, where they congregate, the habits and values, how to define the problem that his services they are going to solve.
If you do not know, ask. Look for someone who fits to the profile of his “ideal client” and formulate some questions to him. In general he loves being the people useful.
6. It creates your marketing plan.
Although his marketing plan will become more and more sophisticated while his business develops, for the time being simply he means to answer to the question: “How is my company going to gain money?”
What is the product or service that it is going to sell? How would you describe it quickly so that the people recognize the value? How is the bundle? (Cost for services? For the project?) what is the price? (What is recovering for comparable services?)
For most of the people, any thing for money implies a certain fear level. It is important to recognize himself and for others that you are taking a risk, and that it is decided that is a risk that he wants to take. Therefore, I thought the fear of initiating a natural business, and find the way of fighting with him.
To obtain the persons' rel="nofollow""" that they believe in you and in what it is initiating is the number one of the tactics of management of the fear. Do not assume that you will obtain rel="nofollow""" of the people nearest to you or that if you do not have it it must not proceed. They are most affected probably by his decision and they can be less ready to offer rel="nofollow""". His assent – a will to go together with his plans usefully, but to have the rel="nofollow""" can come later.
Also it is useful to establish a target (and a date for the conclusion), this is the key for his new company – organize the financing for a concrete, or firm date a rent contract – and to announce it at least to a person. You will think that to do this financial commitment to the idea of initiating a business, will generate more confidence and more I impel.
If it are interesting to him to determine the type of entrepreneur who is, realize this entrepreneurs' test.