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Too many have an all-or-nothing approach to entrepreneurship. They think you have to jump with no parachute if you want to make it happen. But in reality, you have more chances of falling flat on your face if you do that.
You want the transition to go smoothly. Otherwise, you’ll have to deal with the additional and unnecessary stress of not knowing when your next paycheck will come. The safety of a job is something you will miss once you lose it.
Let’s take a look at a few tips that will allow for a smoother transition from the nine-to-five lifestyle to a career of entrepreneurship.
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Approach Entrepreneurship by the Numbers
This is the most important part. You have to approach entrepreneurship like a real business and look at your market. Therefore, you want to know not only how much starting your own company costs, but also how much it costs to run it.
So run a true market analysis to see if there is a need in the market. Take a look at who you’re up against and investigate things like marketing budgets. Learn enough either to reassure yourself that you’re making the right decision or bring you back to earth.
Interview Potential Clients
This is a part of researching entrepreneurship a lot of people skip but that should be a central part of your market research. Speak with potential clients in your space and ask them about their needs.
Let them know about the service or product you have in mind. At the same time, assure them that you’re not trying to sell them anything but just get their opinions. You will then be able to get concrete evidence of any unmet needs. This will allow you to modify your ideas appropriately.
Consider Switching to Part-Time
The best way to know if you’re cut out for the entrepreneurial life is to switch to a part-time schedule if you can. If your current employer allows for it, this will give you something to fall back on and will relieve some of the stress. Also, try to arrange to get back to your old schedule if you need to.
Like we mentioned earlier, you might not realize how much you liked having a paycheck every month. The uncertainty might be too much for you. Having guaranteed income will help you cover the bills and make sure you don’t run your business out of a sense of desperation.
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Shadow Your Entrepreneurial Competition
In business, there are two things you can do to separate yourself from the competition. You can either come up with something completely different or improve on whatever the top players are doing.
Improving an existing service or product is not only easier but more efficient. You know there is a demand for a product. Therefore, you just have to know what your competitors do best and improve on it. Look at what people have to say about them online. Check out their main features. We also suggest you follow them on social media and use spying tools to see what their SEO and online marketing strategies look like.
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Enjoy a Smoother Transition into Entrepreneurship
If you follow these few simple tips, you should be able to make your transition from worker to entrepreneur more easily. The goal here is preparation. So don’t scoff at the idea of having a plan B to fall back on if it doesn’t work out the way you wanted.