From Employee to Entrepreneur: How Do I Do It?

Everybody’s getting into the action these days. People are starting to look for ways to become more financially independent – a 9 to 5 job just isn’t enough anymore. If you’re one of those people, you may start wondering about a small home business as a way to make more money. You either do it for more income or if you want to pursue a hobby seriously and make money from your interests.

If you are scared to start out fresh, you may still tinker with your business ideas while keeping your day job. But eventually there will come a time when you will decide to work on your own small business full time. How do you make that transition from employee to entrepreneur?

First things first, you must be ready for anything and answer the following questions.

Source: Startup USA . biz 

1. Do I know what I’m getting into?

This means two things: understanding the nature of the business and knowing the necessary skills and work that needs to be done to understand your target market. Doing enough research and market testing is crucial. This will help you get a good ‘feel’ of what really sells and what the market needs right now.
 
2. Do I have a clear and sound business plan?

After you’ve done your research you will have to make a plan about your direction 
and vision for your business. Start planning details for the initial year. Where will the business be in 6 months? What should it accomplish in a year? Setting goals and milestones is good for tracking your results and progress.
  
3. Do I have the resources to make my business work?

Opportunities appear at every turn and you need to have the proper leverage to make them work for you. The next thing you need is capital. After you’ve done your market research, calculate how much you will spend on materials, equipment and labor. Make a checklist of all the things you will need and scope out the best deal. Have a file on potential investors and advisers to help you get through what you need to know. Starting out can be scary but if you’ve covered all your bases, you can get your business up and running in no time.