Everybody wants to own their own business, or at least be utilized and appreciated to their fullest extent within their company and during their subsequent career. This is not a cutting edge idea.
However, before you just quit and give up a paycheck and health insurance benefits, you must have a game plan. You must have a good game plan. Not liking your boss is a very bad reason to quit a job and start your own business.
In this series of articles, we’ll list some reasons both to open and not open your own business. Don’t fret if you are an aspiring entrepreneur and your reasons don’t match the below arguments.
Nothing in the world of entrepreneurship is ever absolute, and everyone finds their niche eventually. Think of it in these terms. In baseball, it’s very rare that somebody goes from high school to starting on a Major League Team.
Don’t put too much pressure on yourself, keep reading articles like these from many different authors, and you’ll figure it out.
Reasons which should prompt you to open your own business:
You have a strong passion for your hobby or the job you do on the side
When I see articles which discuss opening a franchise as a way to be an entrepreneur, I immediately question their credentials. Unless you are opening a business which is a very, very niche vertical in which you are passionate about, skip the franchise route.
Plus, there is a very good chance you can’t afford one. I don’t see this as a problem though, mainly due to the fact that selling meatball hoagies is not something you love. It was to the person who began the franchise, but it is probably not your passion.
Many reasons which prompt somebody to open a franchise are either they have the money and don’t want to invest it all in the stock market, or they dislike their job (I will speak about this further in the next articles).
You strongly feel that your company can be run better, and you want to compete with them
To provide risk management for yourself, when opening a business, base your model on something which already exists, but a business model which you could do better at it.
I opened up a recruiting firm because the business model has been tried out before and I knew that if I worked hard enough and smart enough, my business plan within the particular industry would work.
Take a close look at your company, the way it operates, and its products or services, and analyze it from the point of view of a consumer. You are going to find some weaknesses.
The million dollar question is whether you can exploit those weaknesses. If you can, perfect! You may be on to something. Be careful though.
If you had to sign a non-compete, go over the contract with an attorney and see if you can carry out your plan without being sued. It wouldn’t be much fun to open your own business only to spend a lot of time and even more money in the court room.
You have had a feeling for a long time now that at your company, you are not going to get ahead
When I was in the corporate world (a whopping 5 months), I knew I would never get rich. There were 14 other sales people in my position all of whom were under one manager.
I do things my own way, and I knew that if my boss left or got promoted (both of which were unlikely scenarios), I would be last in line for a promotion.
I actually began to get depressed about this and, since it was an outside sales role, I sat on my couch and watched TiVo all day.
You will know when you are at that point. Not liking your job is one thing, being terribly depressed about your situation is another. Each person is different, though the latter is a surefire sign you should go at it alone.
In next week’s installment, we will continue with additional reasons why you should start your own business. Stay tuned. In the meantime, did you leave the corporate world to start a business? Tell us about it in the comments!