Things You Can Do Before You Quit Your Day Job and Start A Business

Many people who are employed secretly desire to be in their own business. In their minds, there is no better heaven than being your own boss. I am not sure what the statistics are, but I am willing to bet that the majority of employed people have at one point in the work career secretly harbored the thought of starting up their own business. In this article we reflect on some practical business start up things that you can do whilst you are still working in your day job.
When you do decide to quit your day job and become an entrepreneur, you will find it less painful and less stressful if you do a few simple things while working for someone else. The simple truth is that while you are working you have certain powerful resources at your disposal such as the internet. DO NOT ABUSE your employer’s trust though as it is never a good thing to leave your employer on a bad note. It is a very small world ! Here are some practical things that you can do before quitting employment and becoming an entrepreneur.
· Write or have a proper business plan written up for your intended business. This is pretty obvious, but writing a business plan while you are still employed allows you time to ponder the consequences of going it alone.
· Choose a name for your business and ensure that you do everything necessary to retain that name for when you start your business.
· Collect and understand all statutory forms that you will require for your business – Income tax, PAYE, VAT, company registration etc. If possible get copies of all the legal acts that affect your business such as health and safety, zoning etc and read them at your own leisure. You do not have to study them, but just have a basic understanding of what you can or you cannot do from a legal perspective.
· Register a domain name in line with your business. Again this will save you the hassle of trying to figure out your online prescence in the future and you can also check whether your intended domain name is available so that it is in line with your intended company name
· Design or have a logo designed for your business. This will save you the effort and time at a later stage when you start running your own business. You may not have time for such “niceties” once you are in your own business
· Write job descriptions for key staff if you are going to employ staff. This will assist you in determining your staff needs and when you want to advertise for a position in the future you can just pull out a ready made job description
· Investigate accounting software and compare prices. Even go to the extent of trying out demo versions. (Most good accounting packages have try before you buy trial software)
· Collect as much free information about starting a business, while you are employed and get to understand spreadsheets, financial statements, invoicing etc. This is invaluable as again, you may not have the time or the desire when you start your business
· Attend as many business courses as you can before leaving your workplace
· Try to reduce the amount of leave that you take in the year that you will be quitting your job. Increased Leave pay will definitely be a blessing when you start running your own business.
Doing the above should not cost you too much money and anyway you should consider it as part of your investment into the business

Facing Tough Times In Your Business ?

In South Africa and the world in general, it is estimated that 80 % of emerging (small) businesses will fail in their first year of operation. Only those that have the ability to weather the tough times have any chances of being in the 20 % that survive the first year. I used to cringe when faced with tough times in any business that I was involved in. Lately though I have learned to be strong, and I say to myself that as long as the sun will rise tomorrow, I will have an opportunity to address my challenges and as long as I have done what it takes to create new opportunities for my business, a situation will soon arise that will help me through the tough times. In other words do not QUIT. Keep pushing your agenda, if you do not, someone else will and eventually make a success of it.

Have you ever noticed that some people confront tough times head-on and continue to pursue their goals? They won't quit. Quitting is not an option for them. They get up every morning, lick their wounds, dress for battle and fight the good fight. These tough timers share common characteristics that serve as an example for the rest of us. These characteristics are:
Have courage.
Success is derived from your willingness to face adversity head-on. Start every day by tackling the hard issues first and do not procrastinate.
Narrow your focus.
In tough times learn to limit the magnitude and the scope of your problem. Focus on the immediate impact area of the adversity. Learn to separate issues to help you focus narrowly on a workable solution.
Perceived control.
View your challenges from a position of control. You need to understand life in terms of things that you control and things you cannot control. Ask yourself, "What can I control in this situation?"
Problem ownership.
You need to take ownership of the problems besetting your business and take action regardless of the cause of the adversity or whose problem it is. You need to say to yourself, "I can do something about this." They would rather fix the problem than fix the blame.
Creativity. You need to always see a way out of difficulty. You need to be creative and to become more creative you must learn how to think out of the box. Approach the problem differently.
Perseverance. You need to persist until they win. You need to know, inside, that there is a time limit on tough times. Every downturn in the economy or your particular industry is always followed by a period of expansion.
Optimism. You have to be a positive thinker, but your optimism cuts deeper than happy thoughts. You have to have a deep belief in your right and ability to live a positive life. This belief gains traction in positive behaviors.
Support group.
John Donne, a 17th century English poet and cleric wrote, "No man is an island, entire of itself; every man is a piece of the Continent, a part of the main ..." Who is as strong individually as we are collectively? No one. You may be able to do it on your own, but why?

Personal Development Tips

Here are some personal development tips for you
- Never avoid difficult decisions: take them as early as you can.

- Don't burn bridges with whoever it may be: you may just need them one day.

- If you don't enjoy what you do, stop doing it: everyone will notice you and they will stop supporting you.

- If you are not going forward, you are going backwards.

- Never rely on important information unless you have confirmed it yourself
- Never show your whole hand when bargaining: only show enough to win.
- If you don't know the answer to a question, say so: contrary to popular belief, this IS a sign of leadership.
- Try to work with people you personally know to be successful at what they do.
- Keep fit (at least, eat well), maintain family links and take at least one holiday a year.
- Stress reduces your effectiveness below that of working a three-day week.