Employment is a safe path and could be a training ground before jumping to full time entrepreneurship or starting your Start-Up journey. It's not easy to start from scratch but there are safe path or strategies to avoid the stress of worries and fears by being prepared and ready to take the challenge.
We need to transition smoothly especially if you are a breadwinner and provider of family. We can jump by taking a calculated risk, here are the 3 tips that could help you in deciding to jump:
Tip #1 - Building Financial Safety Net
Yes, finances is an issue why we cannot jump to a start-up journey because we will be losing the perks of having a full time job that can cover your rent, healthcare, kids education and retirement funds. It's safe to say to save at least 6 to 12 months of financial safety net aside from the capital needed in your business. Being free from financial worries for 1 year will help you in focusing on building your start-up, always remember that income is not guaranteed in first months of business.
Tip #2 - Test your product first
Yes not having a product or service is a disaster, start-up founders focus on logo and design, websites, business cards, etc. etc. without beta testing the product or services. It will help you understand if there is a potential customers for your product unless you test it first. You can start with your families and friends to test it and ask for a feedback for improvement.
"Testing a product is a learning process." – Brian Marick
Tip #3 - Setting an Intention Date
Yes, you should be particular in making the Timeline of your start-up journey. The stages of each development, business registration, bank opening, VAT registration, product launching, etc. etc. You should know the important milestones so you can gauge the life of your start-up business.
Those 3 strategies will definitely help you in making a plan for your first start-up business, it's not an easy journey because you will be working alone and you can be attached too much on your start-up project so better to look at the possibilities of partnering with someone.
If you need any help, you can set an appointment for a discovery call with one of our freelance finance controller, whatsapp 050 376 04 36 or send an email to freelancefinancecontroller@gmail.com .
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