Upon closer examination, how can you truly know what you are best suited for and also explode the myths around business ownership? Some people imagine it to be an escape from a workplace they dislike while others dream of an enterprise they can nurture, lead and grow into something monetizable while filling a gap in the marketplace.
Is your business idea a lifestyle one or is it scalable?
Part-time or full-time?
Can you develop your business while working elsewhere?
How committed are you to dedicating significant time to growing it?
Consider the financials? Is there a “family” buy-in? Other resources?
How comfortable are you with risk?
Advances in technology have enabled many people to launch successful businesses without making a significant financial investment and grow them before leaving a full-time job. By starting small you can judge the viability of an endeavor and test the marketplace. What better time than now to play with ideas, gather information, speak to potential clients and identify resources. Disruption also brings innovation and opportunity to test drive your ideas. More people are available to brainstorm and you may find suitable partners or investors who are also anxious to switch gears and test the entrepreneurial waters.
Other options might include:
Franchise opportunities train and prepare you to open locations devoted to auto repair, dining establishments, financial services, and more.
Engage a business broker in matching you with one that is for sale and meets your requirements
Partner with a colleague whose skill set is complementary to yours
Another interesting approach is as an intrapreneur, an underutilized alternative. These are internal employees who use entrepreneurial skills and thinking to seek out initiatives that could benefit the organization financially. In such a position, you can develop and road test your business mettle and add qualifications to your resume while gaining the real time experience of advancing and implementing new ideas minus the financial risks of ownership.
To make your entrepreneurial dream a reality, begin here:
Informational interviewing– who’s doing what you would like to do and ask for some time to talk about their work
Job shadowing– preferable in person when businesses reopen
Research- is there a need for your business/product?
Credentials- what training or specific education does this role require?
“If you can’t stop thinking about it, don’t stop working on it.” – Michael Jordan
As you examine your options more closely, strategizing next steps is key. Determination is admirable and may have worked with smaller changes in the past. For career transitions, engaging the support of an experienced career coach helps professionals achieve results better and faster. At KICKSTART Your Transition we can help as we offer a broad range of services to fit your needs