According to recent studies, roughly 550,000 Americans each month quit their jobs in pursuit of entrepreneurship. And why not? With dreams of flexible schedules, working from home and an income boost, entrepreneurship sounds pretty nice! And it is. But that’s not to say that financial freedom occurs overnight. It takes a plan to make that plunge successfully, and we’ve got your first few steps here.
Step 1: Evaluate
Making the move from salaried employee to small business owner is not a decision that should be taken lightly. So before you quit your day job, think about what’s motivating your future business venture. Are you eager to start because you have a passion that could be the answers to peoples’ problems? Or, do you hate the monotony of a 9-5? If you related more to the latter, entrepreneurship may not be the right route for you.
Step 2: Set Goals
No parent would ever hand a child a baseball glove and a pack of sunflower seeds, and push him in the direction of a ball field if he had no prior knowledge as to what the game is. How would he know what to do? What’s the point of the game? The idea is similar in business. If you don’t have both long and short-term business goals set, you and your employees will never know what’s being worked toward or if progress is being made. Luckily, this usually comes in the form of a business plan.
Step 3: Network
Whether you prefer, “There’s no ‘I’ in ‘team’,” “It takes two to tango,” or, “Two are better than one;” there’s no shortage of clichés to drive home this point– venturing out on your own doesn’t mean that you have to be on your own. Foster your network of experts and potential customers to continue to grow your business, then start expanding that inner circle. From industry events to community organizations, there are never too many people in an entrepreneur’s network.
Step 4: Finance
Generally, experts everywhere agree that the number one reason new businesses fail is quite simple– they run out of money. Using your business plan established in step 2, combined with your growing network we discussed in step 3, determine the amount of startup capital you need to get on your feet. Then, the rest is simple– contact Arkansas Capital! With low down payments and over 6 decades of experience, we have several different types of loan products to fit your needs.
Step 5: Determine your Deadline
Now that you have a plan and you’ve secured financing, pull out your calendar because it’s time to set a resignation date! Though it may not be time to pack up your office just yet, having a plan in mind should help you be able to determine what is and is not feasible. And with Arkansas Capital on your side, you’ll have the lending expertise and support you need to promote yourself from employee to entrepreneur.