Your hours – or worse, your job – have been cut. You have been thinking about going on your own for a while. Perhaps it has been your lifelong dream to be your own boss? Now could be the time to do it.
Before the Coronavirus pandemic, Australians were about half as likely as Americans to be in the process of starting a business, less likely to know someone who has started a business in the last two years, less likely to see business opportunities and when a profitable opportunity is spotted, Australians were less likely to act on it than Americans.
Things have changed dramatically. Over one million Australians have just lost their jobs or businesses. An entrepreneurial mindset is now crucial to overcoming the impact of the pandemic on the economy.
In the past, the stability your job provided probably kept you there. The familiarity of the people and the routine were good too. If that is gone, what is keeping you?
Right now, it’s a job. It is a means to an end. But it is not a lifestyle. So, why not make the change you always wanted dreamed of?
A lot of decisions we make are driven by emotion rather than logic. The fear of the unknown, fear of failure, the loss of feeling of permanence and stability, concerns about money can be emotionally paralyzing and prevent you from thinking logically. You can break this paralysis and step beyond fear by preparing to succeed – not fail. Starting your own business could be one of the most enriching and rewarding experiences of your life. Be prepared for that!
After realizing her job was not a life, author and branding consultant, Annie Franceschi quit her “dream” job to pursue her dream to start her business, Greatest Story Creative, in 2013. It was a leap of faith that she would never have taken if she had been scared to dream. She says, “No matter what the fears or uncertainties may be, the greatest story we can change for the better is always our own”.
Her first book, Permission to Try, tells her story in what she describes as a “behind the scenes pep talk for anyone who is thinking about changing their life”. Read her book for 11 things you need to hear when you are scared to change your life.
Much of your fear is linked with the unknown. Overcoming fear therefore has its beginning in arming yourself with knowledge. The more you know about the process of starting a business, about your industry and the business you want to have, the less daunting the leap to go on your own will feel. Empower yourself by reading books on entrepreneurship, investigating the steps to starting a business and researching your market. If you need capital to start your business, you will need to explore options such as loans, investors, and other financing options.
Write down your goals for your business. Start the process by identifying things like your company’s mission and target market. What is your specialty? Who are your customers? What are their needs? How can you address these needs better than your nearest competitor? Writing these down is the first step towards making it official and making it real. As you set your goals and describe your plan for achieving them, your developing business plan will become the blueprint that will map your business from the start up phase through to establishing and operating it. Know what you want to achieve, have a plan and don’t be afraid to take controlled risks.
A common mistake made by aspiring entrepreneurs is not choosing the right business from the very beginning. The business you start should inspire you and be in a field in which you have an interest or experience. You don’t need to be an expert straight of the bat, but leveraging skills and experience you already have will increase your chances of success. Importantly, choose a business with lower risks, especially if your resources are limited.
Business coaching for instance is regarded as a low risk, recession-proof profession and is one of the fastest growing industries in the world. Qualified business coaches are in demand as companies and small business owners are increasingly guidance for navigating the challenges of doing business in a constrained and challenging market.
A franchise can be considered a more secure investment than new businesses because you will have the support of an established company which has a structure and models that have been tested. You can also expect support with marketing, sales and admin. Franchises often assist with lead generation and referrals which can help you get business lined up. It seems somewhat less risky than starting from scratch.
Assemble your support team and don’t be shy to lean on them. You will need people to bounce around ideas with and discuss your concerns, whether it is a mentor, a business coach or another small business
owner who has treaded the path of entrepreneurship before you. You will appreciate the advice, reassurance and motivation as you navigate your way through the early setup stages.
Believe in your business and believe in yourself! This may sound like a cliché but it is absolutely necessary if you want to become a business owner. Click here to book a strategy session!