It may seem that once you are in formal employment there is no need to venture into the small business arena but really, when you start a business while in formal employment you have a better chance at making a success of it. Not convinced? Here are 5 reasons why
- You Know What You Like
Many a time people want to start a business, any business and end up with a fail because they ignore what they are truly passionate about. Passion we have been told is one of the most effective motivators when it comes to launching a business and by now you know what you enjoy doing and what you avoid like a disease.
As you know what you like this will be a major driver for your success. It’s very likely your business idea will not fizzle out as you have had time to develop an idea of what you are truly passionate about.
- You Have Options
Starting a business when you’re employed means you will probably have some money to invest in your business. As a financially secure, full time employee, you have more options when it comes to your path to entrepreneurship. Sure, you can start a new business from the ground, but that is not the only option on the table. You can form a partnership with a fellow entrepreneur and split the costs, workload and profits.
Also, you can become an investor yourself by providing capital for someone else’s business idea. In return you get a percentage of the business, leaving you to remain in full time employment.
- You Know About Goals Setting
By now you understand the power of smart goal-setting for getting things done and you know too that goal setting is an integral part of starting and running a business. Goal setting is necessary on a consistent basis during the life of the business and since you are familiar with the process of goal setting you will be able to quickly achieve or consider different paths you can take to reach your goals.
As you know about goal setting you can move forward in a more efficient, cost-effective and productive way in your side venture.
- You Know People
By now you have likely built a large and diverse network of people (from all the people you know at work, your peers and friends). You know people now that could share their advice or provide services to help you in your new venture. You know lawyers, accountants, real estate agents, contractors, designers, and entrepreneurs. And from among these people you know who can help you with the things you can’t do yourself.
This network can help you take each step in the business startup process one-by-one in order to give your business the best chance it has at success.
- You Have Work Experience.
The most obvious and undeniable benefit of starting a business now is that you now have a few years of life and work experience to pull from in your side venture. You now have a level of business acumen that you didn’t have when you first started your job and with this experience it is very likely that you understand the way a successful business works.
You have work experience now so are well placed to work towards making a success of your side venture.