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Often when people lose their jobs, it’s through no fault of their own. Maybe it’s because the industry they’ve chosen to work in has become less popular over time. Maybe it’s because a new rival business has come and taken business away from your previous employers. Maybe it’s because management ran the company poorly and it had to shut down.

One way you can take the “maybes” out of your next career is to make all the decisions yourself. Often the best way to make sure your job is secure is to become your own boss. If you’re considering setting up your own company, here’s how to turn your dream into a reality.

Develop Your USP

The very first thing you should consider when setting up your company is what is going to make you stand out from your competitors. There’s no point just copying what someone else is doing and hoping people prefer your brand to theirs. It either must be a better product, better value for money or maybe simply just better marketed. This is called a “Unique Selling Proposition” (or USP). [Read more…] about How to Turn Losing a Job Into Gaining Your Own Business

Starting a business is a popular dream among those who wish to break from the day to day drudgery their current job. If you’ve reached a point in life where you’re interested in taking a chance on your entrepreneurial dreams, there are many factors to consider. Here are some things to think about before you quit your day job.

Ideas are “a Dime a Dozen”

Only 1-in-60 people who dream of starting their own business actually follow through. Many of the other 59 ideas are good but good ideas aren’t the only key to starting a successful business. More important than a good idea is dedication and “follow-through-ability” i.e. persistence. Starting a business is hard work. Do you have the persistence and dedication necessary to get it done… no matter what? Your “million-dollar idea” isn’t worth anything until it actually makes a million dollars. A good idea with mediocre execution won’t get anywhere… BUT a mediocre idea with great execution will still yield a viable business. Execution is everything.

Start Slow

No matter how profitable your business may eventually be, it pays to start slow. Trying to get big too quickly can result in problems. Start small and use that time to work out processes and systems that are scalable. Although early months or years with little cash flow can make things tough, they are a time for learning when the consequences of mistakes are small as well.

A safe route is to start slowly in your spare time. This way you can learn the ropes, build clientele, and you still have your income to fall back on. Once you are earning as much part-time as you are full-time you can easily tell your old boss good-bye.

Be Honest with Yourself

Many people attempt to start a business without carefully considering their strengths and weaknesses. Their friends encourage them but don’t honestly believe in the idea. They tell you “Yeah, I’d buy that but then when the time comes they have nothing but excuses. Like ideas, opinions are worthless unless they are willing to put their money where their mouth is. Get advice from unbiased parties before committing money to the project. That is why programs like Kickstarter and GoFundMe are so valuable. They show how many people are really willing to buy your product because they have committed real money.

Is There a Market?

Before any business can succeed, it must have [Read more…] about Things to Consider Before Starting Your Own Business