How To Turn Your Job Into Your Own Business
You can make more money with your own business than you can make anywhere else.
Better than a great salary or investing in stocks or real estate, a successful business has the potential to make a lot of money. If it’s your business, you’re the one making that money.
Types Of Jobs You Can Turn Into A Business
Most jobs can be rolled into a business if you’ve got the creativity and the drive to find a suitable business model. Even if all you do is wash cars, you can start your own detailing business. You just have to figure out how, where, and how much it’s going to cost you to get going.
Here are some types of jobs that are easier than others to turn into a business:
- Technical jobs. This could anything from drafting to engineering to writing quality control documentation.
- Creative jobs. Everything from web design to hair stylist.
- Trades. Plumber, electrician, painter, tilesetter … the list goes on.
- Sales positions. If you’re a sales wiz, your customers care more about the service they get from you than the company you work for.
The Advantages Of Turning Your Job Into A Business
There are three main advantages, and they’re big ones:
- Money. You can make more money if you cut out the middleman (your employer). As a small entrepreneur with low overhead expenses you can often offer clients a better deal and still make more money. You can also write off your expenses; like part of your mortgage and utility bills if you have a home office.
- Be Your Own Boss. You have to be a tough boss (to yourself) if you want to succeed, but you’re in the drivers seat. You control how fast the business moves forward, in what direction, who you work with … everything.
- Cashing Out. After a few or many years of building up a successful business, you can sell it and retire. If you have a true entrepreneurial spirit, you probably won’t sell it unless you really want to start a new business venture, but the option (and the equity) is always there.
There are some things to consider before jumping in. Think about these things carefully:
- Managing People. The hardest thing to do is to manage people. It’s starts with finding good team players but that’s just the beginning. Are you an effective communicator? Can you lead people?
- Competition. Who’s you competition? Your current employer? Do you have an anti-competition contract with them? What can you do between now and the time it expires?
- Failure. Can you handle it? How do you pick up the pieces if you try to make a go of it and don’t succeed? How much is it going to cost you financially?
Tips To Help You Succeed
Alright, you’ve looked at the advantages and some of the caveats and you’ve decided to go ahead and start your own business. It’s time to create some zoom! Here are some things you should know to increase your chances of success:
- Sell. A job is easy because most companies have experienced and connected salespeople out making the sales that pay your wages. Without sales there is no business. Job one for you as a business owner is not washing cars, it’s getting customers into your car wash. And you have to actively pursue sales. “If you build it, they will come” is not a good business strategy. You have to network. You have to go out and pound on doors and talk to people. Lack of sales is the number one killer of new businesses.
- Start Small. And suffer through the growing pains. Too many people bite off more than they can chew because they believe they need to be bigger to compete or because they want to plan too far ahead. Keep your costs under strict control. You need a bucket and a rag to wash cars. You don’t need a $20,000 lighted sign that says “Joe’s Car Wash” … not yet. Starting too big is the second biggest killer of new businesses.
Even a complicated business is about nothing more than buying and selling. If you can focus on going out and getting sales first and then focus on keeping your costs under control, you’re going to have a better shot at success than a lot of people do.