The road from employee to employer can be a treacherous path. Of the thousands of businesses that are started every year, only a fraction manages to make it far enough to break even and start profiting. So what are the few business owners doing correctly that help them succeed in their chosen ventures? Here are five ways to leave the nine-to-five grind behind and start taking your professional and financial life in your hands.
Don't Quit Your Day Job
While the thought of working for yourself is an admirable idea, you have to be realistic to keep food on the table and a bed to sleep at night. Quitting your day job before you have enough cash to start your business idea and, at the same time, pay the bills can lead to a very stressful lifestyle. You'll want to hold off on giving your two-week notice until you've actually got the cash flow to support both your business and your personal life. In most cases, new businesses don't start making money until after two years. Ask yourself, can you live comfortably for two years without cutting yourself a paycheck? The answer is often always a hard NO.
Work With Others
It's faster and more enjoyable if you work with other like-minded entrepreneurs. You can feed off of each other's drive, passion, and technical expertise. A support system can also alleviate the stress and pressure that comes with starting a business. Instead of relying on yourself to fix every problem that comes your way, you can ask family members, friends, or business partners to help you. Even better than a support system is a mentor, someone who's been in your shoes before and has experience dealing with a business crisis.
Consider Buying a Franchise
Businesses don't necessarily have to be started from the ground up. If you have the budget, consider buying and opening franchise businesses for sale in Cleveland. While the initial costs can set you back for $100,000 to $200,000, a franchise eliminates many of the challenges that new businesses face including having to build your own trustworthy brand and finding your own target audience. Study the market and look at how profitable a brand is before buying their franchise.
Prove That You Have a Market
Customers are key to surviving any type of business. If no one is willing to pay for your product/service, then you're not going to make any money. Before you even do any concrete steps, prove that you have a product that someone is willing to pay money for. Do some diligent research and networking. Make some calls and attend trade shows to talk about your product and see how people react to it. You can get valuable feedback on what features to keep and what to refine from your current prototype. Business with similar products will also be attending these events, so it's a good place to find ideas that you can reuse for your company.
There are various companies that offer dynamic, fast, and low-cost solutions for performing certain tasks including clerical work and market research. You can also outsource menial and repetitive tasks to freelancers who charge a lower rate for perfectly decent output. Outsourcing, however, can be a hit or miss, so you'll have to be patient with dealing with different contractors until you find one who fits your needs and demands.
People weren't merely born to work for someone else's vision. Given the right guidance and a lot of hard work, you can free yourself from the reigns of your nine-to-five day job and finally take control of your life. Use the five tips above as a primer for starting your own business or franchise.