If you’re thinking of joining the 1 in 18 people worldwide who are already their own boss, then preparation begins well before you open your business. As Benjamin Franklin once said, “By failing to prepare, you are preparing to fail”, and when it comes to investing a significant amount of time and money into a new opportunity, it has never been more important to lay the groundwork now.
So what steps do you need to take to be your own boss? Here’s our advice on how to prepare yourself for taking the leap into entrepreneurship.
Evaluate your goals and aspirations
What is it that you want to get out of your venture into entrepreneurship? The five most common reasons are; money, flexibility, control, choosing your team and creating a legacy. These may all apply to you, but don’t forget to consider goals and aspirations more personal to you. Ultimately, it’s the passion you have for your new business that will help it fly.
Go beyond the basic research
Researching every facet of a business opportunity is a given, but what about taking your knowledge up a notch? Learning on the job is necessary for everyone, but to give you that confidence and guidance for the initial stages of entrepreneurship, consider finding out more about tax and employer requirements, so you know what your responsibilities will be as you grow your business.
Reach out to those who you can learn from
Speaking to people who you could learn valuable lessons from will do wonders for your preparation. Not only are you making connections which could later become helpful, but by asking questions you’re able to gain a better insight into the industry from somebody who knows it inside out. At énergie, we actively encourage our prospective business owners to visit one or more of our gyms and speak to existing franchisees about the benefits – and the challenges – of running their business.
Consider getting a mentor
Who better to learn from than somebody who dedicates their life to helping people succeed? Paired with research, training and conversations with those already in the industry, working with a mentor could be the key to turning your new business into a booming success.
Attend key networking events
Scouting out local networking events is a fantastic way to make connections and discover more about the industry you’re looking to invest in. Even if you leave an event feeling as though you haven’t necessarily gained anything, you never know what business opportunities you could be enabling for the future.
Don’t be afraid to take risks
In business you’ll need to take action, be resourceful, embrace change and think ahead on a daily basis. What counts is that you stay focused and make wise choices to better your chances of success. This will absolutely involve taking risks, but it often pays to be fearless. You need to think like an entrepreneur to be an entrepreneur.
Prepare yourself for failure
Nobody wants to think about the possibility of a failed business, but as with most career changes, you’re not guaranteed success, happiness or wealth. It could be anything from the way you operate your business to the competitive nature of the industry, you simply can’t predict the outcome. Preparing for failure doesn’t make an entrepreneur weak, it makes them wise.
Be prepared to create your own success
If you were born with a strong and fiery work ethic, then this may come naturally to you, but don’t underestimate the sheer amount of work that you’ll need to put into your business from day one. Luck can play a part, but ultimately you have to make your own success in what you do. Remember that every successful entrepreneur will have their own unique journey, and while that may be a good source of inspiration, your success as an individual is personal to you.