Why You Shouldn’t Be Afraid Of Going It Alone In Business

Posted November 11, 2020

The thought of waving goodbye to your lucrative wage, awesome promotion prospects, and office colleagues may fill you with dread. However, there may still be a yearning to begin your own venture. It doesn’t matter whether you want to stick to what you know and move into the financial services realm from your accountancy firm or whether you want to do something totally different and explore your love for wildlife photography, you should never be afraid of going it alone. Starting your own business can be life-affirming and can give you the opportunity to flex your creative and entrepreneurial muscles.

Business Plan

If you are prepared and you have a well-written business plan, you have every chance of success with your venture. A business plan isn’t just a piece of paperwork that you file away never to be seen again. This should be a document that you continually utilize. It should become your bible. Going it alone in business can be terrifying but a well thought through business plan can help you to overcome the largest hurdles. With a business plan that details your financial forecasting and risk mitigation, you can head to an angel investor to pitch for funding. Know your gross from your net, get suited and booted, and be ready for an onslaught of questions. If you have a profitable idea, investors will be flocking to your business to invest.

Legalities

The paperwork and legalities of starting your own business can be overwhelming. However, by adhering to these legal frameworks, you can ensure that your venture can trade freely. Think about sourcing professional liability insurance to cover your business and protect you should any legal action occur against you. Take a look at your business model and consider how you will set up your entity such as a limited company or a partnership. Check out your tax obligations and work out ways that you can be more monetarily efficient. If you aren’t financially minded, employ the services of an accountant to ensure that your business is as ready to trade as possible.

Satisfaction

Your job satisfaction is crucial in these uncertain times. You might have begun the year in a full time role that you tolerated. However, after the emergence of Covid-19, you are now reconsidering your professional options. You might have fallen into your career and cannot bear your overbearing boss. Fast forward to today and you are keen to make a change. Setting up a business can be terrifying but it can also be massively exciting. Follow a passion and explore how you can turn what you love into a profitable enterprise. Job satisfaction is more important than ever, so enjoy what you do and do what you enjoy.

Fear of going it alone can prevent an incredible business idea from coming to fruition. You shouldn’t ever assume that your venture will fail. You should give your idea a chance. Follow this guide and you can launch a business venture that will empower you to seek more job satisfaction.

business investing, Starting a Business, startup advice, Why You Shouldn't Be Afraid Of Going It Alone In Business

Bert Martinez

Bert Martinez is a Direct Response Marketing and Sales Jedi. He's worked with companies like Google and Chase, as well as over 1000 small businesses to solve their marketing challenges. Bert helps businesses uncover lost and hidden opportunities that could be worth millions. He's known for creating growth strategies for businesses in a single session.