Connect with us

Entrepreneurs

4 Tips for Making the Leap From Employee to Entrepreneur

Published

on

Image Credit: Unsplash

There’s one sentence I say a lot. It’s “The definition of an expert is someone who knows the most about a particular subject in an average sized room.” Just an averaged sized room, 30 people or so.

I say it most often when people approach me and say they want to leave the corporate world and start their own business. They want to create a recurring revenue stream. This is often swiftly followed by “But I just don’t know what I would do. I don’t know enough about anything.” 

This happened more and more frequently over the last year or so as the pandemic made people re-evaluate. People were furloughed, earning money but not able to work. Would they have a job in a year’s time? And did they really want to still do that job? 

It was a perfect opportunity to pivot, to re-shape an existing business or create a new one that perhaps utilised some hitherto undiscovered or overlooked skills. 

So we head back to the expert in the average sized room. The first thing I say to my bereft of ideas, yet enthusiastic potential clients is “What do you know? What do you like? What are your interests?” And that doesn’t just mean “What have you done for a living for the last ten years?”

I worked with a Human Resources director who initially planned to set up a membership for fellow HR professionals. She didn’t want the 9 to 5 any more, she wanted more time, more freedom, more creativity. After chatting for a few hours, it became very clear that her heart wasn’t in this venture! But because it was what she had always done, she had almost chosen this route by default.

Once we got talking a bit more, her love of aromatherapy came up in conversation. She knew all about its history, what essential oils to put together to treat specific issues, she was explaining the difference between diffusers and aromatic spritzers all with an enthusiasm that had never shown its face while we were talking all things HR! 

Long story short, her business plans took a dramatic shift and she created an online course for aromatherapy novices who wanted to learn more and start using essential oils to improve their own mental, physical and spiritual wellbeing.

Her zeal, her passion was what ignited the idea and we set out about creating a business plan to move her ideas forward.

“The most powerful weapon on earth is the human soul on fire.” – Ferdinand Foch

And the steps she took next represent the major part of giving your new career the best possible chance of success. Because she planned to grow an audience, she started to increase her visibility. For a while there was tumbleweed but remember everyone starts with zero followers.

Consistency is key and her audience started to gather momentum, resulting in an engaged and involved group who were excited to join her membership when she launched it.

So, preparation and strategy are key, but what other tips should you bear in mind if you are looking to make a major change in your career.

  1. Don’t leave your 9 to 5 before you start your business. Grow your business as a side hustle while still working. Yes, it will mean more hours to begin with but it will also mean that if things don’t work out perfectly in your first incarnation as an entrepreneur, you will still be able to pay your mortgage. 
  2. Do something you genuinely have an interest in. The enthusiasm you feel, will see you through the challenging days with far more energy and optimism than any pay cheque can.
  3. Create a business that will work with the lifestyle you aspire to. My first business was as a wedding planner. I was very successful but the main reason for working for myself when I started out was that I wanted to see my family more and travel more. So I created a business when I worked every weekend during the Spring and Summer. Not very well thought out! Needless to say it didn’t take long until I started looking at creating a different business.
  4. Bear in mind, if you find a business idea that no one has done before, the chances are it is not going to be successful! Don’t worry if your idea has been done before, it hasn’t been done by you. Your personality is what will make your idea stand out – remember, people buy from people so make sure you show the real you throughout everything you do.

Making the decision to change your career can be intimidating and should not be taken lightly, but it should also be acknowledged that it is often the most inspiring and rewarding experience. 

We have all learnt over the last year that nothing is truly predictable, there are no guarantees, so if you have a yearning to “do that thing you always wanted to do” then go ahead and do it.

But – do it with a plan and a strategy that will provide you with the best chance of long term sustainability, profitability and peace of mind.

Lisa Johnson is a multi 7-figure business strategist who helps her clients to create passive and semi-passive income streams. Her signature programme One to Many launched in 2020 making over $2m at the peak of the pandemic. Over 90% of her income comes from recurring revenue streams and she specialises in creating business models that are sustainable and profitable but do not mean working crazy hours. Lisa lives in Bedfordshire, UK, with her husband and 9 year old twin sons. Connect with Lisa here.

Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Entrepreneurs

The Many Faces of Benjamin Franklin: A Masterclass in Versatile Leadership

Versatile leadership involves the ability to adapt communication as per the needs of others.

Published

on

benjamin franklin leadership

Versatile leadership involves the ability to adapt communication as per the needs of others.  It is different from situational leadership where the leaders have to adopt the strategies as per the situation.   (more…)

Continue Reading

Entrepreneurs

10 Lucrative Buy and Sell Businesses to Start in 2024

The buy-and-sell business model provides opportunities across many niches

Published

on

Businesses to start in 2024

In the dynamic landscape of 2024, starting a business that capitalizes on buy-and-sell models can be incredibly lucrative. This article explores ten different models that entrepreneurs can consider. These ventures range from real estate flipping to trading in domains and luxury items, providing a broad spectrum of opportunities regardless of your initial capital or interest area.

1. Car Flipping

Flipping cars can be a very lucrative business venture for an individual with business acumen, an eye for value, and mechanically adept at cars. It involves buying under-priced cars, restoring, and selling them for a profit. For deeper insights and opportunities in this market, refer to sca.auction.

2. Real Estate Flipping

Flipping real estate—be it houses, condos, or even commercial properties—remains pretty solid business, especially in markets where real estate values are on the way up. Investors buy properties relatively low, do rehab or renovation, then sell at a profit.

The success of the area is endowed with a huge potential spotlight, the ability to juggle various elements such as local real estate market knowledge, and efficient management of renovations.

3. Vintage E-commerce

With the advent of technology, it became easy to sell vintage or retro items over the online selling platform. Be it clothes, furniture, or even collectibles, consumers these days prefer something unique that is eco-friendly and which may have a nostalgia quotient in it. Hence, it brings the opportunity to open an e-commerce shop effectively.

4. Domain Flipping

If you have the skill to predict catchy phrases or business names that would be popular in the future, then buying and selling domain names would be a very profitable business. Register prices are available to purchase domains, which later can be sold at high prices to interested parties or businesses that wish to get an early online identity.

5. Luxury Items

One of the most promising buy-and-sell businesses is the luxury market, and what makes it very attractive is its less sensitivity towards economic downturns. Some of the common items in the luxury market include high-end watches, jewelry, and art, rare cars, all with high yields. Most times, items do appreciate, especially when they are limited editions.

6. Sports Memorabilia

While the sports memorabilia trading business can at times seem lucrative, especially when one focuses on big personae or big events, authenticity and rarity can definitely help items fetch top dollar. Provenance and limited supply both go towards inflating their values.

7. Sneaker Reselling

In recent years, the sneaker resale market has exploded, fueled by a commodity of scarce releases and athletic brand collaborations with a list of celebrities. Today, with operations such as StockX and GOAT, it’s really that easy to break into the worldwide market. It’s pretty easy to find your buyers and make a very good profit if you’re targeting the right trend and releases.

8. Book Flipping

Flipping rare and first editions can become a really meaningful, and yes, one more profitable, business for a book lover. Sometimes the signed ones, rare manuscripts, or those early editions of famous novels could sell for thousands of dollars, usually done by collectors or academic institutions.

9. Furniture Upcycling

Upcycling furniture consists of restoring and using second-hand furniture to sell it at a higher price. For the environmentally aware consumer, this business model has great appeal. It could be pretty profitable if done with good taste and talent in design and restoration.

10. Electronics Flipping

Smartphones, tablets, and laptops resell at values significantly high; hence, business ensues. Buy, refurbish, and sell in better condition to appeal to budget-minded consumers looking for technology at more affordable price points. 

Overall, The buy-and-sell business model provides opportunities across many niches. Be it real estate flipping or vintage item upcycling, you can succeed in both models with market understanding and trend application. That, with careful planning and strategic investment, will throw huge financial returns for these business models in 2024.

Continue Reading

Entrepreneurs

How Your Business Can Outmaneuver Your Competitors by 85%

Did you know that companies that master big data can outmaneuver competitors by 85% in sales

Published

on

big data strategy

Did you know that companies that master big data can outmaneuver competitors by 85% in sales and more than 25% in gross margins? Sounds inspiring, right? But the thing is that data alone isn’t enough. Rather, it’s the strategy behind it that unlocks these enviable boosts. So, this article explores how to make the most out of your big data and build a strategy that’s functional and competitive. (more…)

Continue Reading

Entrepreneurs

Most Entrepreneurs Fail to Do This and It’s Killing Their Success

Celebrating progress also provides entrepreneurs with the psychological sustenance needed to endure the marathon of building a business

Published

on

celebrate your milestones

The journey from a mere concept to a tangible reality is one of the most exhilarating yet challenging paths an entrepreneur can navigate. This odyssey is punctuated by milestones that stand as testaments to perseverance, innovation, and relentless hard work.  (more…)

Continue Reading

Trending