Entrepreneurship can be wonderful, but you can also fail wonderfully if you don’t go about it the right way. Starting a business is not a walk in the park, and there’s usually an incubation period before you start earning income. The bottom line is that you need to be prepared. Here are 5 things that can help you with that:
1. Count the cost: “For who would begin construction of a building without first calculating the cost to see if there is enough money to finish it?” Jesus’s words in Luke 14:28 about counting the cost before building a house can also be applied to business. Do you know what it will cost you to start the business and keep it running until revenue starts rolling in? Will you need to employ staff and if yes, how much will you pay them? What about the cost of covering household expenses after letting go of your salary? Make sure you do your homework before you start your business.
2. Boost your savings: If you have a job, you may want to consider staying long enough to ensure that your savings account is healthy. If you spend less and save more at least a few months before you quit your job, you’ll be glad you did.
3. Clear your debts: This is another reason to linger at your job if you still have one. There’s no guarantee the cash will start flowing in immediately you start your business, so try to pay off at least your short-term debt so that you can use your savings for yourself and your business if things get tough. Of course, it goes without saying that you should beware of incurring more debt at this stage. It will affect your business negatively.
4. Learn from business owners: There’s a whole lot you can learn from entrepreneurs who have been at it for a while, especially those in your field. You need to know the challenges, the risks, the rewards and what kind of backup plan you should have. Connect Nigeria has tons of interviews with business owners, as well as lessons from established entrepreneurs, so start reading if you haven’t already!
5. Start it off as a side hustle: By giving your employer their due and then working on your own business after work hours, you can test the waters before going all in. If it works out, you can launch. If you find you’re not suited to being your own boss, you can simply remain at your job and give it your best.