You may have a great opportunity to launch your own small business right where you work. If you’ve always dreamed about escaping to self-employed freedom, follow these suggestions to turn your job into a business:
§ Become a vendor. To save money on employee costs, big companies looking to downsize will typically let go or outsource certain internal functions. If your job may be cut in this process, you could act now to set yourself up as a supplier to your soon-to-be-former employer. Team up with some other outgoing co-workers, establish a company, get a contract and deliver your services back to the boss for more money than you earned as a worker.
§ Learn the industry. Use your remaining time as an employee to soak up plenty of industry knowledge and contacts if you plan to start a business in the same field. It’s like getting paid to do your small business research.
§ Take training. You’ll need a wide range of skills from bookkeeping to sales to management to run your future small business, so take advantage of company-paid training programs and courses. Or, volunteer for other positions within the company to acquire different work experiences.
§ Save your money. People who have a job now and plan to leave to start a business enjoy the advantage of time. Start saving your paycheque dollars because you may not see them again during the first few years of your new business. It’s also wise to secure credit facilities now (such as a credit card, line of credit or overdraft account) while you enjoy proven employment income.