Getting Into Business

startupMost people find security by having a stable job as an employee. I mean you get to have salary increase yearly, get company leave and health benefits. There are even companies who give housing and car benefits. However, haven’t you ask yourselves how much is the company getting that they can afford to give you the said benefits? Haven’t you ask yourself what if I run my own company? How much would I be getting especially if you already know the dynamics of running the said business entity you are currently employed.

It has been written in many of the business and entrepreneurial books and publications I have read, that a job should only really be a stepping stone, something that would pay the bills while you learn about how the business is run. It is when you start questioning about the things above that shows that the time for you to move on is approaching, and that it is time to save up on money and gather resources and connections.

Of course it might not be possible for you to pursue the same business your company does, given that most of the time companies will make you sign a NCC or no compete clause that last about five years (more on that at a later time). But remember that your aim is not to compete, but utilize what you have learned and the connections you have made to build your own business, which does not necessarily mean the same one as your employer’s.

 

Mastery: A Sign To Move On To New Challenges

In the olden times, you look for an apprenticeship with the one who has the skill, like a blacksmith or cook, this apprenticeship may or may not have a salary but the reason for one to seek for a position like this is to be able to learn from the masters of the arts and skills. The time will come when you have either surpassed your master or learned enough to be able to stand on your own. This is called mastery, though you have much to learn on your own it is time to set off and make a name for yourself!

Today we are mostly trapped by the enticing salary and benefits, it is understandable for us to seek security, but it also keeps you from reaching your true potential. Though climbing the corporate ladder will allow you a bigger salary and better benefits, you will remain employed and one day retire without ever building anything, wasting the skills you have mastered and the connections you have gained.

 

Capital and Partnership

If you are now convinced, you might be now thinking on how to get the capital for your business. Nowadays, we are very much privilege of having a lot of possible ways to get business loans. There are a lot of banks, financing institutions and cooperatives who might be able to give you the amount of money you need to start up your very own business. However, I do recommend that you study your options. Asks accounting experts in terms of the best loan you could get.

You also have the option get into partnerships, if you know someone who is willing to trust you with their money. This is time we can call you an industrial partner.  Industrial partner by definition according to business dictionary is a business association in which one or more of the associates offers their expertise to the company as an investment instead of money. Of course, you should be ready with your business plan so as to convince your partner. A business plan is essential not only for your partner but for you as well. This would guide you on the right course you are taking.

A business plan should have a concept where you show what are you selling, who are you target market and how will you compete with the current business world.  It should also have financial flow highlighting your profitability, cash flows and return on investments. Last but not the least, you should also have a time table to guide you and your partners in this endeavor.

So if your currently employed right now and think that you are ready, maybe it’s time to plan this out.