With a double dip recession and bleak economic forecasts, it has become tremendously difficult for individuals to secure employment; career progression therefore has taken a back seat for many and simply become ‘unattainable’.
For those of us who are averse to being ‘stuck in a rut’, the most viable option for solid career progression is to start your own business! This is not necessarily the easiest of options, and it is by no means something that every individual is capable of doing successfully, but it does prove to be the best way of managing your own career direction, even in tough economic climates.
The process of establishing your own business can be a minefield for those who are unfamiliar with business procedures and set up practices; however, provided you have a workable business idea that is in demand in the marketplace, then you can essentially have the makings of a profitable and recession proof business.
Here is a quick overview of the main steps to take when leaving your job to start your own business…
- Do thorough market research and planning to establish if your business idea will be welcomed into the market.
- Create a solid business plan to find out your target market, the costs involved and the funding you need.
- Before you quit your job, you will need to approach banks and investors for business funding. It is important that you have a foundation to begin your business before leaving your job.
- Get funding! This is one of the most important factors in setting up a company. Without capital, you will not be able to purchase the necessary materials, pay for attorney or accountant fees or even set up a company and obtain the relevant licensing.
- If this is your first business, you will need to have a good attorney and accountant to keep you on track and advise you on the best steps to take.
- You will need to decide on a business structure i.e. LLC, sole proprietorship, partnership, and find the most favorable location to register your company. You will need to take into consideration the tax implications and registration procedures applicable in each country.
- Licensing is essential for any new business. Depending on the products you are selling or services you want to offer you will need to obtain the correct type of business license from the relevant regulatory body.
By following the above steps, you will find it easier to establish a new business and succeed, even in a tough climate.