The economy is getting tougher. Organizations are still firing. Just earlier this week, another Nigerian bank fired over 100 of their staff. This is the time to begin to take transitioning from being employed to becoming a business owner.
It is common knowledge that transitioning from the employee status to being a business owner is not easy. After all the economy is harsh. But having a good plan in place definitely makes it easier. I have identified 10 easy steps towards that.
The 10 steps process of transitioning is as follows;
- Make the Decision & Identify Your Areas of Interest
- Develop Yourself on the Job
- Be a wow factor staff
- Put something aside every month
- Entrepreneurial Training
- Identify executors and start with a partner
- Actually start something on your own
- Money Money Money
- Network Network Network
- Monitor Ratio of Business Earning to Job Earning
You will be tempted to stop reading right now. But don’t! Go through the notes I have made for each step to transitioning from employee to boss.
Transitioning Step 1: Make the Decision & Identify Your Areas of Interest
The first step to making any kind of progress is moving from wishful thinking to making a decision. You will never understand the power of a deliberate decision until you make one. For example, since the day I decided to become a billionaire, the kind of thoughts I attract changed. The kind of magazines I read changed. The kind of TV programmes I watch changed. The kind of business ideas I attract changed!
Do you need to make a transitioning from being an employee to being a boss? The owner of your own business? Deliberately make the decision today. Then start looking out for areas of business that will interest you. Maybe I will do a detailed post on how to spot business opportunities soon. Just watch out!
Transitioning Step 2: Develop Yourself on the Job
Many organizations have staff developmental programmes that interested employees can take advantage of. If the firm you work for has such, take advantage of it to the fullest. Do not downplay on any opportunity for training. Some firms have paid for their staff to have free pass to take courses on online learning platforms like Udemy.
Another way to develop yourself on the job is to learn as much as you can about your job. Become a student of your present boss. Olajide is an interesting guy who used to be my staff. He asked me all kinds of questions then to the point that I actually got annoyed sometimes. Fast-forward – he got married to a lady who had just started a part time business in our industry. To avoid conflict of interest, I asked him to quit and join his wife to build her company. He called me yesterday and said he can’t believe that he learnt so much from me because of the way he has been handling the deals they get.
Transitioning Step 3: Be a Wow Factor Staff
A wow-factor staff is one whose loyalty to his employers is unrivalled as a result of a proper understanding (of) and alignment (with) his job, his boss and his customer (I should add Copyright Kingsley Aigbona, right?). Become the best person who has ever occupied the position you are occupying at your employers firm now. You can only understand the rate at which this will positively affect your entrepreneurial quest after you have started your own business. If you do your job well, the habits you will develop will “follow” you to your business when you start. If you do your job half-heartedly, you are forming habits as well. The habits will remain yours! You won’t change overnight because you are now a businessperson.
What is the way out? Become a wow-factor staff. It is good for your health! Yes, I wrote that. Imagine being on top of your job – hitting targets, making customers happy and being on the good books of many people. Imagine being happy because of your productivity. Imagine the confidence you will develop. Imagine you being truly happy about your job! Take very serious what my friend, Vishen Lakhiani said – “Happiness is the New Productivity.”
Transitioning Step 4: Put Something Aside Every Month
If you still have a job in these climes, you should put something aside every time you get paid. You can adjust your lifestyle if you want to. All you need is the discipline and will power to make it happen. Make up your mind to live within a particular percentage of your income and put the balance aside as savings towards your business. I once opened an account to which I didn’t have a cheque book or ATM card for. I still do not have any means of withdrawing from that account. Trust me, it is not easy. But you can do it.
You do not want to get to the point of starting a business and not having money to start. I have been there many times as a serial entrepreneur. You don’t want to feel the way I felt. It is not good for your confidence. So, please quit being a dummy (lolllllls!!!!) and start saving.
Transitioning Step 5: Entrepreneurial Training
Start “secretly” taking entrepreneurial classes. I am serious with “secretly”. Apart from the fact that some bosses may not like it if they know you are developing your entrepreneurial muscles, think about the excitement of doing something secretly. The point here is to start going for workshops and programmes that promote entrepreneurship in your community. It will help you to learn from likeminded individuals.
Learn about business plan writing. Learn about business loans, business capital, financial accounting for small businesses and other important stuff. If you cannot find time to go for a physical location event, find something good online. There are many free ones on sites like Allison. But please, not on your employers time and wifi!
Transitioning Step 6: Identify Executors and Start with a Partner
I once presented a workshop on How to Convert Ideas Business. In that workshop, I pointed out that there are 2 main routes to take when converting business ideas to money making ventures. One of them is to step out and start pushing the idea yourself. The second one is to identify executors and partner with them.
At this stage, find friends and acquintances who are already doing serious business and partner with them. Whether or not the person is already a millionaire is not the point. Just ensure that they are making money and see how the input of a little of your money can impact on the results. This will give you an opportunity to actually come to terms with the realities of the entrepreneurial world without risking too much. You will however need to learn how to deal with partners in business. Click the links below to read about that. Very crucial!!!
Transitioning Step 7: Actually Start Something on your Own
After the experience of working with a partner, start a business of your own. The challenge of starting a business while you are still employed is the fact that it is difficult to find staff who can handle the business for you in your absence. There are many ways of going around this. A web or mobile collaborating application can help to an extent. Handling your own online marketing push on the internet every evening when you get home will also help.
The “who” is the factor that will make everything else you are doing worthwhile. If your spouse is not doing a serious job and has the capacity, you can train them to handle things. That has its own disadvantages. Employing someone you are not paying too much can also help. That again has its disadvantages. But be patient. Experiment until something works out. The solution however is to get a business partner who can handle things as their own. But that too needs to be done well. Read my post in which I wrote about business partnering. I have experience on this and it was not funny at all.
Transitioning Step 8: Money Money Money
When you start something, do not spend too much money on the business from the onset. Give it only what it needs. One of my Event Entrepreneur Programme student once complained to me that she has not been able to break even since she started her business. I was alarmed because she has been calling to tell me that she was making money and I was always very pleased at the figures she was quoting. She was one of my best success stories. So, I asked her how much she spent to start her business. I got alarmed by the figure she mentioned. Her husband gave her a very handsome amount of cash as capital. And she spent it all on the business. Office rent, expensive furniture, expensive branding, experience staff … just name it. Most of the expenses was not necessary.
Don’t ever spend money on a new business because the money is available. Assuming you have a two year old child and at the same time, there is five million dollars in your account. Will you use all the money to take care of the child the first year? No!!! You plan the child’s life. Put something aside for the future. The child only eats what quantity he or she can eat today and not what quantity your money can buy. Apply same to your business. Little money here, a little there.
Transitioning Step 9: Network Network Network
You need to network like crazy. Meet people as much as you can. Make friends as they come. Customers, your boss’ friends, your coworkers, friends of your coworkers, and the list is endless. I have done some posts on networking before. Find time to read them.
ALSO READ: Enriching Network: How to Develop One
Transitioning Step 10: Monitor Ratio of Business Earning to Job Earning
When you start your business, everything (income and expenditure) must be recorded. In that way, you will be able to know what is happening in the business financially. The business MUST be making money, no matter how small it is. If it is not making money, it is not worth your time. Don’t ever fall in love with a business. It is either viable or its not. You do not want to transition into a business that does not have money making potentials! By “making money” I mean there should be income. If there is no income, it might simply mean that people do not like what you are doing.
Next, start monitoring the ratio of your profits to your present remuneration. My pastor, Dr. Isaiah Wealth says the best time to quit your job is when your business starts paying you more than the job is paying you. Watch out for this perfect timing. It is crucial in the transitioning process.
So, there they are – the 10 steps to transitioning from being an employee to being a business owner.
So, when is the best time to start this transitioning process?
Make a plan today and put a timeline on it.
If you’d like to be assisted, simply send me an email on info [@] kingsleyaigbona.com or leave your question on the space below.
Don’t hesitate to leave a comment below.