How to Transition from Employee to Entrepreneur

Have you always dreamed of leaving your job to start your own business? You’re not alone. The U.S. had over 27 million entrepreneurs in 2015, a number that’s expected to rise as more and more people pursue passion projects and flexible work schedules. So, how do you transition from an employee to an entrepreneur? We’ve compiled a few steps to get you started:

Define your mission statement:

First things first, you’ll need to establish your company’s mission and purpose in order to even think about launching your small business. What are you passionate about? What do you want to accomplish? Lay out your short term and long term goals and determine what steps are necessary to reach these benchmarks. Once you lay the foundation for your small business, you can begin filling in the gaps.

Design your marketing strategy:

There’s no point in creating a small business if you aren’t planning on marketing it to your audience. First, define your audience. Who are they? What do they already like to buy? Once you have a firm grasp on your market’s demographics and psychographics, you can begin marketing to them in a way that is personalized and effective. It’s vitally important for your small business to utilize a desktop and mobile optimized website as well as social media accounts to reach customers.

Assemble your team:

No small business is ready to launch without a team backing it up. You’ll need more than great employees; you’ll also need help from professionals in financial advising, bookkeeping, and marketing. Especially if you have a small warehouse or office space, consider how you will fulfill orders in such a cramped area. To avoid this problem, outsource to a trusted third party like the Ohio Valley Goodwill Industrial Services Division. We’re the area experts in handling the packaging, assembly, and fulfillment needs for small business. Give us a call and take a tour of our facilities.

Adjust for changes:

Insanity has been defined as doing the same thing over and over again and expecting different results. If you’re serious about improving the success of your small business, you’ll learn from your mistakes and adapt your strategies until you discover what works. Try not to get frustrated by minor setbacks, but remember the goals that you created when you first started!

Monitor your time:

Now that you are your own boss, you get to set your own hours. Unfortunately, this often means entrepreneurs are often working more not less. Make sure you are monitoring your time to ensure you maintain a healthy work-life balance and avoid burnout. Avoid bringing work home with you and set a time to stop checking email for the night. Your social and personal life will benefit as a result!