If you want to survive, you need to earn a living. You can’t have your needs met if you don’t work. Whilst not working at all isn’t really an option, you can decide what you should do for a living and whether you want to work for someone else or not.
Before we proceed, we want you to ask yourself a question – would you still continue your job if you stopped getting paid for it? The answer will more than likely be a resounding, no.
When you’re employed by a boss, you dedicate your skills, time, effort, and ideas to help someone else earn money – a lot of it too. Why not turn the tables around by using your time and skills for your own benefit?
The idea of quitting your job and taking a risk by becoming an entrepreneur requires a massive amount of courage, but as the saying goes – all’s well that ends well. You don’t know what awaits you at the end of the journey if you don’t take the first step.
We created this guide to help you figure out what other options you have when it comes to earning a living.
What Should I Do For a Living?
It’s not as if everyone hates their jobs. There are many people out there who adore what they do for a living. It’s not just about the nature of the work either. Other factors that affect job satisfaction include the type of boss you have, the workplace environment, and how well you get along with your colleagues. While all these factors do play a role in whether or not you love or hate your job, the primary consideration is your passion. If what you’re doing isn’t aligned with your passion, you’re bound to dislike your job.
If your job doesn’t have you jumping out of bed in the mornings, it probably isn’t right for you.
We all think about quitting our jobs and becoming entrepreneurs, but only a few of us actually do it. Instead of getting paid for doing what they’re told, many people are courageous enough to bid farewell to their current employers and become self-employed. Ever since the economic recession of 2008, there has been a significant increase in the number of people who’ve taken up freelance work.
The market is full of business opportunities. More and more people have started quitting their jobs and pursuing their passions. If they can do it, why can’t you? It’s alright if you don’t feel connected to your job. It is never too late to do what you love. If you’re done with your current job and are looking for some motivation to start fresh as an entrepreneur, you’ve come to the right place.
Tips for First-Time Entrepreneurs
There are several lucrative career paths that you can choose from if you want to enter the world of entrepreneurship. What’s more, you can do whatever you think you’re good at. If you’re good at graphic design, you can start offering your services to different businesses. If you believe you are good at making presentations, you can start making them for clients. If you’re good at speaking, you can become a trainer. If you’re a good marketer, you can help start-ups with their strategies. The options are endless!
Here are a few tips to help you get you started:
1. Follow Your Passion
As we’ve already mentioned, you’ll only love what you do if you’re passionate about it. When you’re starting out as an entrepreneur, make sure that your start-up is in line with your passion. Starting a business isn’t easy. It requires a lot of time, hard work, and effort, and you might even have to accept a few sleepless nights. The force that will keep you going is your passion. Therefore, make sure you follow your passion because that’s what will make you a successful entrepreneur.
2. Do Lots of Research
You can’t dive into a new business just like that. You need to do a lot of research to understand who your target audience will be, who your competitors are, the scope of your idea, where you will get your supplies from, and what the various processes will be like. Once you’ve figured everything out, creating a more solid plan will be much easier.
3. Develop a Solid Business Plan
Once you’re sure that your idea has a good chance in the market, you will need to create a business plan, which is nothing less than a blueprint for the success of your business. It lays out your business concept, how you plan to position yourself in the marketplace, and most importantly, how you will manage your finances. It is like putting all the information you’ve gathered from your research on paper.
4. Plan for One Year
The first year is the most crucial for any business. It is the time during which you’re still trying to understand the dynamics of the marketplace, streamlining processes, and learning to deal with challenges. Not everything that you do will be a success. The first year is usually the trial phase where you’re experimenting with things and figuring out what works best for your business.
5. Make a 5-Year and 10-Year Plan
If you manage to survive the first year, you might think this is it! However, this is where it all actually starts. Once you’ve laid the foundation for your business, you need to work on a 5-year and 10-year plan. You can’t stick to the same techniques that you’re currently using forever. Markets are ever-evolving, with new trends appearing every day. Also, you can’t run a business in a predictable manner. You need to make sure you’re giving your competitors a hard time.
6. Manage Time
When you’re running an online business, make sure you manage your time efficiently – time is money. Just because you’re working from home doesn’t mean you can sleep the day away. You have to work tirelessly, day-in and day-out to become a successful entrepreneur. Moreover, you just can’t forget the fact that you’ve got a family. It is natural to be so engrossed in the newly-established business that you start neglecting your family and friends. If you don’t manage your time efficiently, you’ll get fed up with everything much quicker than you think.
7. Manage Finances
From initial budgeting to managing profits, management of finances is critical for any business. You can’t take unreasonable risks. Make smart investments and keep the profits in steady circulation. Reckless investments or poor management of finances can leave you bankrupt.
I started my online business whilst i still had a full time job. If you are interested in doing the same you might enjoy the video below.
Entrepreneurship – Options for Getting Started
The route you decide to take depends completely on your passions. However, you may not be skilled enough to make your passion a commercial venture. Polishing your skills to excel at something you’re passionate about is a practical and wise thing to do. You can take relevant online courses or start training to make sure you’re equipped with the right tools to make your business a success.
Let’s take a closer look at some of the routes you can take to entrepreneurship:
Build an Online Store
Out of the numerous online business options, eCommerce has seen the steepest increase. Ecommerce is a massive arena that is growing at an unprecedented rate. People of all ages, from teenagers to older people, love to shop online. Online shopping is a lot more convenient and fun, which is why many people are taking advantage of this medium to start their own businesses. It is expected that in the coming years, eCommerce will see growth like never before.
If you wish to start something of your own, becoming part of the mainstream eCommerce world is a surefire way to make some good money.
The first step to starting an online business is setting up an online store, which has been made extremely simple thanks to a number of online tools. Even if you aren’t equipped with any knowledge about building websites and eCommerce stores, there are many easy-to-use tools that can help you get set up.
Let’s have a look at some of the most popular website builders that have been helping people set up successful websites without any hassle.
Shopify is an online platform that allows users to easily set up an online store. The availability of numerous templates, a user-friendly and non-technical interface and quick processes all make Shopify one of the best web applications for creating an online store. Shopify gives the user complete control over how their website looks, which makes it one of the most preferred website building applications.
It really is easy to set up! Don’t believe me? Watch me build a store from scratch in around 10 minutes.
Wix allows everyone to make amazing websites on their own without any coding knowledge. You don’t need to be a tech-wizard to be able to build an online store on Wix. It is an easy-to-use and highly intuitive platform that offers excellent value for money. Wix is one of the most-recommended website builder available today.
WooCommerce is a WordPress plugin that converts your website into a powerful and lucrative online store. The best thing about WooCommerce is that it is free for commercial and personal use. All you have to do it is install it on your WordPress site and start using it right away. It is a handy solution for building an online store even if you lack any technical knowledge.
Recommended Read: Shopify vs WordPress – Which Platform to Choose
Become a Dropshipper
If you think managing an online store, end-to-end, is too much work for you, there is always the option of becoming a dropshipper. It can help you make a great deal of money without actually having to do too much of the logistical work.
Instead purchasing thousands of units in bulk, you work as a middle-man. Dropshipping is a supply-chain management system that allows you to link buyers and suppliers through your own online store. You don’t have to worry about inventory management or shipping procedures. Once the buyer places an order, the supplier takes care of everything in terms of processing the order.
If you’re wondering how dropshipping allows you to make money, let me give you a quick overview.
- You create your own online store on something like Shopify.
- Link it to AliExpress and choose the products you want to promote.
- You start driving traffic to your online store.
- When someone purchases a product, Aliexpress ships out the item.
- You take a percentage of every order that comes through
It’s a very simple, effective business model.
Anyway, let’s move onto the next idea.
Recommended Read: Is AliExpress Safe for Dropshipping?
Start Your Own Amazon Business
Amazon is another one of the biggest eCommerce platforms around today. Not only is it a shopper’s paradise, but it also holds excellent opportunities for you as an entrepreneur. Thanks to Amazon FBA (Fulfillment by Amazon) and Merch by Amazon, you can make some extra money alongside your usual job or pursue it full-time.
By leveraging Amazon’s powerful distribution channels, utilizing their warehouse and order fulfillment services you can build a serious business.
Amazon FBA makes eCommerce easy, all you need to do is find and source winning product ideas. From that point Amazon will store your goods and send each one out as orders come in.
Let’s have a brief look at how you can go about setting up this sort of business.
- Create an Amazon Seller Account
- Pick your niche
- Research the products you want to sell
- Work on product sourcing
- Establish your brand
- Create product listings
- Use social media channels to market your products
The Amazon FBA business model is one of the best ways to establish a steady stream of passive income. You can always make it a full-time commitment if you find this model works well for you.
Offer Consulting Services
If you feel that selling products is not your forte, you can always offer consulting services instead. If you’re an HR professional, you can set up an HR consultancy. If you’re a teacher, you can provide career consultations. Depending on your field, you can set up a consultation agency and become your own boss.
You might even decide to create an online course, this way the income you produce would still be very passive. If you have knowledge or expertise in a particular area this can be a hugely profitable income stream.
Play to your strengths, if you are more introverted the online course option may be more suitable.
Buy a Franchise
If you’ve got reasonable capital that you’re willing to put into a business, buying a franchise can be a smart business decision.
It comes with numerous benefits too. You don’t have to work on establishing the brand or developing a strategy since the brand is already fully operational. Moreover, it has an established customer base (If you pick the right opportunity).
Your success when running a franchise will usually depend on your operational skills and capabilities. More often that not you’ll also need to be comfortable managing people, unless you are buying a small franchise that you can operate yourself.
If a typical 9 to 5 job doesn’t intrigue or excite you and you enjoy feeling empowered and successful, you should consider starting your own business, either online or offline.
By integrating your passion and skills, you’re sure to make a significant mark in your respective industry. There are endless routes to entrepreneurship out there for you to try. From setting up an online store to establishing a consultancy service, you can opt for anything you think will suit your temperament and interests best.
I started my first online business over five years ago and I’ve never looked back since.