Thinking about ditching your current job and starting a business? It may not be as easy as you think. Most people are not prepared for the amount of time, money, patience and research that starting a business entails. I recently started SupportPay, revealing the pros and cons of leaving the corporate world for entrepreneurship.
Here are a few tips to consider before jumping into the startup world:
Do your research
There is nothing worse than giving up your job for a business you thought was revolutionary — only to find out there are already 10 on the market or you are the only one with the problem. Determine how big your market is and how great the pain is you’re trying to solve.
Assess your financial needs and structure of the business. How will you get funding? What will your products and services be? Who are your competitors? How will you get customers?
Talk to people and share your ideas. Many people say they’re afraid that if they share their idea someone will steal it. It’s not the idea that makes the company, it’s the execution.
Have a good support system
Whether it’s friends in the industry or members of your family, make sure you have reliable contacts to bounce ideas off of. Starting a business is an incredibly lonely process; having a support system can really help.
Save double what you think you’ll need
Factor in your salary and the costs of getting up and running and then double it.
The biggest issue you will face is running out of money. There are millions of companies that could have been successful but the founders ran out money before the venture took off. You’ll be surprised how much it costs to start a business and how quickly you can blow through it.
Take advantage of available resources
Whether you still have access to resources at your current job or rely on the Internet for free tools, don’t overlook the huge wealth of resources available.
I have received months or years of free email infrastructure, productivity software, Web hosting, help desk software and more. Enter contests, join small business or startup groups or do Google searches — there are tons of free resources out there for companies just like yours. These will save you time, stress and money.
Take a vacation
Use your free time to clear your head and prepare yourself. Once you launch the business there’s no saying when the next time you’ll have a week or even a day off will be!
These tips should serve as a guide once you embark on entrepreneurship, but know you must be willing to work long and hard in order to successfully start a business. It will be expensive, time consuming, and will require a lot of energy and effort to create and maintain a successful startup.
Passion and determination isn’t something you can buy, but if you’re prepared before you jump in you can find being your own boss and building something from the ground up is an incredibly rewarding experience. ●
Sheri Atwood is founder of SupportPay by Ittavi, the first-ever automated child support payment platform. A successful marketing and product executive with Fortune 500 experience, Sheri was named a “Top 40 Under 40 Executive in Silicon Valley” in 2009.
Learn more about SupportPay by Ittavi at:
Facebook: www.facebook.com/supportpay
Twitter: @supportpayapp
How to reach: www.supportpay.com
