Blog – Page 14 – Korsell Corporate Consult

UNDERSTANDING THE BUSINESS DIAGNOSIS MEETING

June 12, 2018 Published by kccadmin

Businesses strive for growth more than anything else. It is this strive that is interpreted as efficiency in the business. The rate of efficiency is required to be high for the simple reason that a business that doesn’t grow dies. With the death of any business come several implications that would be appropriately dealt with in a later post.

Startups are reported to have a 90% failure rate. This is translatable to different periods within the life of the organization. KCC ‘s startup support system develops a strategic and time tested invaluable solution to this challenge with its overall needs diagnosis analysis that presents a comprehensive outline of the deficits the startups may be experiencing.

Generally, businesses and startups fail because of low profits, inability to grow and the stress with dealing with a never ending demand. Low profit margins usually arise out of high operations cost and an inability to reconcile such costs with returns appropriately. When businesses fail to grow, they stagnate and soon get locked in an impasse. This deadlock stifles innovation and progress and could as well kill any business. The structural organization of the company suffers when it is absolutely unable to deal with increased demand. When a company has to produce more and offer more services than it is presently able to, it must make significant structural adjustments, implement unrealistic private policies and suffer the long term breakdown.

KCC’s business diagnosis session employs an assessment of the existing deficiencies in your company. This assessment typically defines the current situation in the company, the missing links and an estimation of what the future outlook of the company should represent. Consequently, the assessment identifies the causes and problems associated with your current performance and suggests what priorities should be pursued by your company. Instructively, KCC develops solutions and growth strategies that would complement internal growth strategies of your company.

Our methods vary, depending on the identified challenge with your company. Rest assured however, that we are definite and resolute in projecting time tested solutions for the explicit needs of your company.

Talk to us here, our team of consultants would be pleased to meet you at your convenience.

Photo Source: Bing Images

RAISING FUNDS, THE KCC WAY

June 11, 2018 Published by kccadmin

Korsell Corporate Consult has a commitment of ensuring businesses survive, even in the face of differing circumstances. We understand the challenge that arises with raising funds, due to the incensed disposition the economy hurls at startups and entrepreneurs. Nevertheless, KCC offers a scope and medium to reconcile these challenges with the prospects that are available, in sync with the mission that drives our existence. If there was ever any ease with which startups and existing businesses would raise capital, it has to be because KCC has a record niche with the ease and simplicity with which it offers this service.

Accessing funds is a herculean task, and rightly so, given the substantive advantage, wealth and worth it brings to a business. Nevertheless, KCC opens the Pandora’s Box a second time and lets you in on a leap into the hope and glaring prospects that subtly lie obscured and scathed from your eyes. We have a network of investors with a net worth that transcends the raw cash you would need to an emphasized premium on value and returns. Hence, we do not only help you with capital brokerage, we guide you into making the best financial decisions for the sustenance of your business and project.

Our equity investment plan keeps you alive in the long term and equips you to increase your revenue base significantly. Our fund brokerage process encircles an assessment of your eligibility, not necessarily to declare you unfit for the capital brokerage service, but summarily to present you with a needs diagnosis that would prove its utility in the administration of your business, when you are ready to grow.

It is necessary to note that the generally accepted eligibility requirements for accessing capital and funds are a 3-year audited financial report of your organization and a complete business plan. Nevertheless, different investors provide different requirements and our role in the brokerage process would ensure that your best interests are emphasized at all times and a regulated system that is applicable and specific to your organization.

It has never been a gentleman’s thing to leave you short and clueless on the road. While we commit to best practices, rest assured that KCC would guide you through to financial liberties and untold wealth. Living your dream is definitely possible, the KCC way.

Image source: Google Images

THE PROBLEM WITH RENT

June 8, 2018 Published by kccadmin

Business do not thrive in a vacuum. Whether you decide to operate from home or a specially designated office space, you are not absolved from the realities of the rent problem. Ghana has a rent policy that is as applicable with businesses as much as it is with domestic residence. Nevertheless, the truth is that rent charges would increase without regard to the success or otherwise of your business. It is important to forecast these potential increases and adopt best strategies to effectively handle them.

Rent hikes and underpricing are a result of a disequilibrium in the market demand and supply for housing. Substantively thence, it is necessary to understand that rising rent prices are an indication of high demand for same. At this rate, it is nearly impossible for real estate and home owners to consider reductions in the rent charges. This means extra costs for your business, one you may just not be ready for as a startup.

In this wake, consider a long term ‘Buy Your Building’ program. This is a bold agenda and comes with significant sacrifices and commitments. The net effect in the long run is however tremendous. It affords you the chance to recoup extra costs that may have been incurred in previous years and lets your business entrench its vision to be permanent. Given that you have committed such significant resources to purchasing your office space, chances are that you definitely would not want to fall out of business. Inadvertently, you kill two birds with a stone.

An alternative to the sole purchase of your rent space is to share the absolute cost with other businesses that occupy the space with you. This joint rent ownership is healthy only when the businesses involved produce dissimilar goods or services. The summary prospects are much the same as the ‘Buy your building’ program described above, except that it is relatively less expensive since the cost is shared with others.

Perhaps, the most important option you can consider is to rent out portions of your business space to other entities in order to increase your disposable income. Of course, this must only be done with the permission of the owner of the facility. The idea here is to ensure that no space is left vacant when it can fetch additional income. Rent out your conference facility to a group that needs it more than you probably do, sell your unused parking area to private entities that may request access to the facility you are located in etc.

At Korsell, we believe your business must thrive regardless of the circumstance you operate under. If there is a problem with rent such as undue rent charge increases and shock evictions, we recommend you talk to the Rent Control body in Ghana for the best redress. Nevertheless, adopt these strategies and keep your business operational. Remember it is important for your customers to identify you with a central location at all times.

Photo Credit: Bing Images

IN THE EYES OF A CUSTOMER

June 7, 2018 Published by kccadmin

This is a hypothetical interview conducted with a customer. It is intended to provide first-hand insight into the needs and basic expectations of a customer in order to guide the provision of services. This interview is structured in a generic sense and would prove useful for any startup.

P.S. It is assumed that the basic courtesies have already been exchanged. The interview commences with the main issues brought into perspective.

Interviewer: Why would you buy from a company?

Customer: I usually would buy the things I need from any company, depending on whether it is located close to me or not. In other words, I am more determined to prevent extra costs that may arise from having to transport the commodity or service across a long distance. Nevertheless, I am bound to remain loyal to a company if it affords me the best service, compared to many others who are selling the same thing.

Interviewer: What is the one thing that drives your loyalty?

Customer: I am bound to be loyal to a company that does not only sell to me, but meets my welfare needs. I don’t only need a place to buy from, I need a place that thinks about me as well.

Interviewer: For you, where does your interaction with a company begin and end?

Customer: I should expect a company to reach me through advertisements, by any means possible. If it is a company that does not offer me extra value other than what is sold across board, my interaction with them is as good as dead after I make the exit. If the opposite happens, my interaction with that company has no ends.

Interviewer: What would you call value addition?

Customer: I believe every company exists to solve a particular problem. For me, value addition arises in the Unique Sales Proposition the company adopts. This USP must have me as the focus and should make it impossible for me to not return

Interviewer: Would you consider it necessary for a company to know why you are buying their service or product?

Customer: Absolutely! It is the only condition upon which I would be sure the product or service is cut out to meet my specific need. Otherwise, I may just be fixing square pegs in round holes.

Interviewer: How do you suppose a company would know why you are buying the things you are purchasing at a particular time?

Customer: By communicating with me. The company should talk to me about my needs and communicate the value addition I am getting from their service. By this, they would be in the position to understand why I am making a particular purchase and would be better placed to tailor it to my demand.

Interviewer: Given that you are already buying from someone, what would you want the relationship between the two differing companies to be like?

Customer: Ordinarily, I would expect there should be some competition. It is the only way I would know they are striving to be the best at meeting my needs. In a more definite sense however, I expect they would know where I get my deepest satisfaction from.

Interviewer: is it necessary for a company to know how much money you have to spend?

Customer: In a strict view, yes. But in a stricter view, absolutely yes! The company must be able to predict my purchasing power and spending ability so that there is no embarrassment of the demand and supply chain. What better way to ensure utility of production and purchase than wield some knowledge of how much I can really spend on an item.

Interviewer: What drives your opinion of a company?

Customer: I don’t form an opinion of a company in isolation. It would always arise from a summary of whatever experiences I suffer at their hand.

Interviewer: What is the best gift you would give a company that treats you well?

Customer: My absolute loyalty. My loyalty means I not only buy from you but give people reason to buy from you as well. My recommendations and referrals to family would never cease when a company treats me right.

Interviewer: I thank you for your time.

Customer: It is a pleasure.

Photo Credit: Sustainable Farming Conference’ 17.

A BUSINESS LEADER’S NIGHTMARE

June 6, 2018 (updated June 6, 2018) Published by kccadmin

There is a very special reason for the existence of leadership in every business space. At top glance, leadership provides direction, motivation and guidance for the pursuit of stated objectives. There is a great tendency to lose the focus of the organization and business when there is leadership crisis within the organization. Undeniably, leadership provides a central symbolic figure within which the business organization may find its representation. The business leader has a responsibility of identifying what strategies are best applicable for the enterprise and applying the organization to the best procedures and protocols.

Essentially, the idea of a business leader arises in respect of an identified follower base. The follower base is the vehicle of implementation of the vision of the business leader, akin to the ideals and objectives of the organization. It provides support to the stated goals and in equal measure, steers the activities of the organization towards meeting its targets.

For any business leader, a disloyal staff could mean the end of the business. It frustrates productivity and wears off any incentive to encourage ingenuity, given the fear that it may lead to complete uneventful sabotage.

Shelter Adeti is Executive Secretary at Korsell Corporate Consult. She avers;

“I can deal with a system that does not make me a leader. I would however have a hard time dealing with a system that makes everyone a leader in his or her own right”.

When a business leader has to deal with a staff that is highly skilled and still very unyielding to authority and company structures, it is very necessary to be tactful, compromising when necessary and still unwavering in upholding the values of the organization.

By all means, communicate appropriately the lines and limits that exist in consistence with the company’s organogram. Depending on the form of rebellion you are dealing with, you may not have to compromise on your standards. A business leader has every need to acknowledge his own authority before he expects same from his staff. An assertive leader may come across as authoritative and domineering. Nevertheless, is this ruthlessness not what is needed to crush any rebellion? It is neither brutish nor Machiavellian any more than it is prudent and productive.

Note however that your customers are not your employees. See how to deal with different types of customers and their complaints.

A business leader has to focus attention on several other emerging challenges in the organization. Lay off disloyal staff if you have to, implement sanctions at any cost and make sure there is no room for sabotage and disloyalty. It is the greatest challenge any business leader would have to deal with, especially when it involves a very efficient and skilled staff. Nevertheless, it is important to emphasize a unity of authority from which coordination in the organization would emerge.

The long term effects of such emphatic and drastic resort is a righteous fear that provides peace and serenity within the workspace.

Photo Credit: Google Images

A BUSINESS RISK YOUR START UP NEEDS

June 5, 2018 Published by kccadmin

Ordinarily, before you establish a business, there is a stated statement of problem that exists to be solved. This statement of problem is derived from an assessment of a deficiency in society and a realization of what capabilities your startup has to solve those deficiencies. Essentially, the market value of this proposition becomes the trade off point for your business and that enables your profit making fortunes. As a general rule of thumb, you are required to conduct some market survey to establish the point of convergence between the problem and your solution. This survey is represented in various forms and for varying objectives. A successful market survey would inform the best market practice and product that is consistent with your objectives.

Time has a special way of changing market conditions in your favor and against you in unparalleled similitude. At one point of conducting the survey to determine your market niche, it is possible to realize some factors that would convincingly outline the objectives of your startup. You may discover that consumers are not able to commute in the desired way at particular periods and this could be the focus of your startup, stretching over a long term. Further feasibility studies may show that your preferred solution to the problem is viable and cost effective. After such convictions have been established, your startup may be established, as logical consequence of pursuing this time tested narrative.

In your line of operations however, you must realize that the factors that were initial guarantors of your product’s viability are not constant, relative to time. There is a real risk of being caught behind evolving problems on the same challenge you sought to deal with. If your startup is not better equipped to accommodate the new and emergent problems, you could well be out of business before you even started.

Your startup needs to understand this possibility of change even in the problems it sought to address. Your chances of success are deeply steeped in your startup’s ability to quickly adapt to the changes that emerge from time to time.

At Korsell, we believe in a holistic assessment of business solutions with a futuristic perspective. It is what drives market growth and regulates industrial sustainability

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SALES AND ANOTHER FIVE LETTER HEADACHE

June 4, 2018 (updated June 4, 2018) Published by kccadmin

Sales has come to represent the heart of any profit making enterprise. It is the embodiment of progress and in itself marks a significant tool for assessment of growth. It is also the tiresome part of business; given that it involves translating a product into the most sought after need of the consumer. It requires convincing another individual who may not have any immediate need for the product to realize a sudden need for the very same product. For most sales persons, it is not enough to be diligent in carrying the message across. It is everything to not despair at rejection, the twin company of sales. What would make a business survive is what problem the business exists to solve. That should be the defining moment for any sales person. From this board, trade can be launched, in spite of the seeming headache it is characteristically known for.

There are a number of resources that are viable and efficient in the way they address the headache that typically accompanies sales and trade. At Korsell, we list a five-point solution to making you most competent at the art and most fruitful at the end of your endeavors. There is no point in experiencing the characteristic headache that accompanies sales and trade. When you set goals, identify your prospects, guarantee your qualification, commit to the process and consistently follow up, you are sure bound to meet the full heights in your enterprise as an entrepreneur or a salesperson.

GOALS

Goals are the stated objectives that guide the transaction of any enterprise. It defines the limits you should go to and outlines what your intentions are for plying the particular trade. Most SMEs fault in setting goals for the flawed assumption that there is no measure to the strength of the SME. Contrarily, SMEs that are notably involved in meeting clients with products that translate into sales and establish trade have a heightened need of immediately identifying the goals they want to be associated with. This is to measure their progress. Usually, the goal is defined, relative to the problem that exists to be solved and its bounds extends to the means by which customer satisfaction would be established.

PROSPECTING

There is an important need for a salesperson to note the opportunities for success and failure and where they exist. This is necessary to avoid unfortunate risks that do not translate into assets for the salesperson in the long run. Prospecting opens up the company to identifying potential customers, what their specific needs are, what avenues exist for addressing their specific needs and the risks of failure that equally accompanies the endeavor.

QUALIFYING

Before you set out to commit to sales, be sure it is just what you want to do. Qualifying is an easily negligible resource in the society we are found, given the need to survive with any job offer that is presented, including sales. This is unhealthy and it can permanently leave you disgruntled for life, whenever the options arise for any such commitment in future. Be sure you have an unwavering passion for sales and make that passion a hobby. You would deny yourself the unimaginable headache that has left many frustrated at this very crucial part of a business life.

THE PROCESS

You may adopt different strategies for carrying out sales and trade. Only make it a system and process that works best for you and that identifies with your individual values, goals and aspirations. Having outlined the process you want to adopt, commit to it wholeheartedly and with religious might.

FOLLOW UP

Make sure your customers return to you. Be ruthless with desiring their referrals and continued trade with you. Follow up on the products you sell. Invite them to workshops that are based on the product you are identified with. Keep a calendric note of when they started trade with you and offer discounts on those days. Follow up on the services you sold and be willing to make adjustments when they identify a fault. Keep a golden plate for your customers from which you would serve your best service and refresh them with sustaining desserts.

We believe that sales and trade must not be a hard endeavor for anyone who identifies the passion. It is why we are convinced you can be a great KCC Agent. Contact us for more details and be on the lookout for our upcoming editions of The Executive Table where we share these time tested and foolproof resources with you on how to make your business grow. You would be pleased you did.

Photo: KCC Sustainable Farming Conference, 2017

Avoiding the Shiny Object Syndrome

May 31, 2018 Published by kccadmin

By the time he was 24, Kwao had developed the knack for creating ideas at every break in the office. He knew most than many his peers. It excited him to know he was the ‘idea-man’, the one-stop hub to generating solutions the office needed. He was the space within which new ideas emerged- from retail, to marketing and even to growth. The problem with Kwao was that his ever active mind never gave the chance to fully develop an idea that could work a specific solution in any given situation. Like the proverbial Jack of all trade, he was master of none. Before long, he had outlived his relevance, since there was nothing within his work environment that seemed perfect. Kwao’s Shiny Object Syndrome obstructed his goals by drawing him into new endeavors he was never prepared for. This did cost some capital, as his office was consistently pressured to experiment with new and untested ideas, following Kwao’s obsession with doing new things at every turn.

An entrepreneur must learn the value of developing focus and aligning all resources along that focus. While it is always beneficial to develop new ideas that are necessary for organizational development, you should be weary in committing to ideas that are not especially in sync with your original focus.

The danger with the Shiny Object Syndrome is in its ability to steer you off your target. It creates pleasantness with every prospect you see and ultimately blinds you against the real threats that lurk around the corner. Given time, it can completely ruin your treasures and eventually kick you out of business.

Develop ideas when you have to; only be sure the idea is what you really need at the time in your organization.

Ensuring Sustainability ~ Let Your Customers Return

May 30, 2018 Published by kccadmin

It is estimated that it costs a company five times more to acquire new customers than retain current ones. If you can get your customers to return for purchases every time, rest assured that you’re turning a one-time transaction into repeat business without having to work as hard or pay as much.

To lock in repeat transactions, you must focus on putting customers first. Strive to build personal relationships with them, and make any follow-up personal. While email can be convenient to let customers know what’s happening in your business, it’s a form of mass (not personal) communication. Keep a database of birthdays or anniversaries (whatever may be relevant to your business) and write a personal note for these special occasions. Considering offering a small, creative gift in celebration of these occasions that ties into your business or your customer’s recent purchase.

Business development is nothing without sustainability. Your sustainability is in the hands of your customers. Remind them of their worth to your company.

Talk to us today at in**@*********************lt.com

Should I Quit My Job to Start My Own Business? 9 Questions You Need to Ask

January 23, 2018 Published by kccadmin

For many, the hardest part of starting a business isn’t coming up with the idea or choosing the right name.

Deciding when the time is right to start a business is often the biggest challenge. How do you know when to take the plunge? Should you go all in, all at once—or take it more slowly?

This can be an extremely difficult question to answer, and doing so involves a careful assessment of your own strengths and weaknesses, your position in life, and (of course) your financial situation.

Generally speaking, it comes down to a decision between “jump right in,” and “slow and steady.” That is to say, some feel it’s better to quit your job and start your business right away, while others will advocate for a more measured approach, involving building up your new business on the side before transitioning into the role of full-time entrepreneurship.

So, you want to…

…quit your job and start your new business right away:

You have a plan, a passion, and you’re ready to do whatever it takes to make it happen.

That’s all great—but, the reality is that quitting your day job cold turkey to start a new business is definitely the riskiest path available.

That being said, there are huge advantages to quitting your day job and starting your new business right away. You’ll have the luxury of time and energy, and you’ll be able to throw yourself wholeheartedly into your new venture. You’ll also be doing what you love, and that alone is an important consideration. Plus, unless you have a substantial financial cushion to fall back on, you’ll likely have a bit of urgency to spur you toward success.

So, if you think this is the right choice for you, let’s look at some of the questions you should be asking yourself:

Do I have any savings? What about investments? Can I get a loan?

So, the obvious question—what’s your financial situation?

It’s not just about making sure you have enough money to start your business. You’ll need money to keep the lights on—not just in your new business, but at home, too.

Before you proceed, get as realistic a sense as possible of these three things:

How much startup capital you need to open your doors (whether real or virtual) and begin selling your product or offering your services
How long until you’re able to break even and actually make money
How much money you currently need to, you know, keep living

Once you have a sense of the first two points, compare them against the last point on that list. How long will it take you to break even? Is it 12 months after you open? Maybe 24, or more? It’ll be necessary here to do some type of financial forecast, or perhaps a business plan (we recommend you call us +233553919618).

Use that number (along with your calculation of your necessary living expenses) to determine how much additional cash you need saved up to sustain yourself while you’re not bringing in income. Then, add to it. Unforeseen expenses always creep up, and you don’t want to find yourself in a position where you can’t cover an unexpected bill or emergency expense. Also, starting a business is going to take longer than you think, so padding this number is pretty important.

Next, spend some time familiarizing yourself with your funding options. Depending on the type of business you’re starting, the types of funding available to you will vary greatly.

Do I have the motivation to make things happen quickly?

Quitting your job to start a business certainly has the potential to light a fire underneath you.

The important thing to note here is whether or not you are the type of person who is motivated by that spark, or if the prospect of make-or-break will be completely overwhelming to you.

Ask yourself questions like:

Do I thrive under pressure?
Am I good at self-imposed deadlines and schedules?
Do I have the kind of personality who likes to “hustle”?
Am I willing to do whatever it takes to make this happen?

Do I have people relying on my ability to bring in a certain income?

Maybe you’re a single person with plenty of savings, and you’re really only beholden to yourself.

If so—what are you waiting for? It’s all on you, and now might be the perfect time to quit your day job and pursue your dreams.

But wait, back up—that isn’t you? That’s understandable; realistically, it’s a fairly uncommon position to be in. Most of us have significant others, children, or family members who are impacted by our financial decisions.

Don’t despair; that doesn’t mean that you can’t still pursue this path. It just means you need to proceed with more caution, as you have more stakeholders invested in your decision.

Here are some questions to ask yourself:

What is my financial obligation to those in my life?
What will the impact be if my new business does not make what I expect it to make in the timeline I’ve drawn up?
Do we have a safety net (family who can provide assistance, investments, and so on)?
Can I go back to my old job (or career) if need be? Do I have a fallback plan, especially if people are relying on me?

Do I need to get out of my current job or career ASAP? What is the happiness cost-benefit?

Do you hate your job? If your current job is the proverbial soul-sucking, downright dreadful experience that many would-be entrepreneurs wish to break away from, you may determine that it’s worthwhile to just quit, light that fire, and make something better happen.

However, maybe your current job is really okay, all things considered. Actually, you don’t hate it at all; you just have a really great idea and know you’d like to start your own business. If that’s the case, the cost-benefit ratio might be lower. Sure, you might be happier, but the urgency of needing to start your business quickly (as opposed to starting it on the side) might be less so than that of someone who really feels deeply unhappy and unfulfilled in their current career.

To get a sense of the happiness cost-benefit, ask yourself these questions:

What is it about my current job that I dislike?
Will starting my own business make me appreciably happier? How?
Am I sure that starting my own business will eliminate the negative aspects of my current job or career?
Will my increased happiness level as a result of doing what I love be enough to outweigh how hard I will have to work?

Or, maybe you’d rather…

…save up, have a side hustle, and quit when the timing is perfect:

Well, no one can knock you for being reckless.

Choosing to keep your day job and start your business on the side is a solidly sensible approach. You’ll be able to build up your savings, you won’t be without income, and you’ll be able to chip away at the process of starting your business in stages. It’s less risky, and makes for a much smoother transition when the time is right.

That being said, the slow and steady approach (while sometimes realistically the best option) isn’t without flaws.

Here are some questions to ask yourself before choosing this path:

Can I function well under an extremely heavy workload?

The major downside of having your new business function first as a “side hustle” is that you’ll have limited time and energy to devote to it.

Let’s say, for the sake of argument, that you work a traditional nine to five. Working on your side business will, at best, take place during the evenings and weekends—and realistically will likely stretch into the wee hours of the night.

Do you have the temperament to withstand these long hours? Here are some questions to ask yourself:

Is my job relaxed enough to allow for this, or will I be completely stressed and overworked?
Will I be able to get enough work done outside of the time I spend at my day job?
Do I have many obligations outside of work (children and family in general, volunteer work, hobbies you won’t want to neglect, and so on)?
If so, can any of those responsibilities be put on hold?

Do I have the social and emotional availability to allow me to do this?

To expand upon the last few bullet points of the previous section, take some time to think about what your current obligations are, and how working both a day job and starting a new business will impact them.

The impact here will be different than that of simply quitting your day job, but it’s still worth considering.

Let’s say, for example, that you and your significant other both work full-time and have two young children. Both of those children need to be dropped off and picked up from school, taken to various activities in the evening, helped with their homework, and so on. If your evenings and weekends are now taken up with starting your business on the side, can your significant other, family, or friends help you pick up the slack? Is this a sacrifice you’re even interested in making?

Get a sense of your state by asking questions like:

To whom is my free time currently devoted?
Will it be alright if I temporarily devote less time to these people?
Do I have nearby family and friends who can help lend their time to me and my family?
Will this strain any relationships irreparably?
Have I discussed this choice with all impacted parties?

Is my new venture time-sensitive?

There is no doubt about it: Keeping your day job and starting a new business at the same time will prolong the amount of time it takes to get your new business off the ground.

It’s not hard to imagine why: You simply won’t have as much time to devote to it.

For some businesses, this won’t be a problem. Maybe your business isn’t an emerging industry or doesn’t experience seasonality. Or, maybe you’re at a settled enough position in your life that you can make this transition any time, and it’s more about finding the right moment.

If you’re worried about the time sensitivity of your new business, ask yourself these questions?

Am I entering a market where being first is important? Why or why not?
Do I need to start my new business quickly? Why—is it because of the industry, my financial position, or some other reason?
Are there trends that I am hoping to capitalize on?
Would I still want to open this business if it took me one, two, three, or more years to make the transition? Is there a window of time to start this business that may close?

Will I ever be able to execute?

Be brutally honest with yourself here:

Will the stability of your day job inhibit you from ever really taking the plunge and starting your own business?

Ultimately, it’s a study in personality types. Some folks thrive off of pressure; others drown in it. Some work well with a steady march toward a goal; others fail to get things done without the right amount of urgency.

Where do you fall on this spectrum? Here are some questions you can ask yourself:

Do I need the feeling of “crunch time” to motivate me to get things done, or am I good at setting my own deadlines and avoiding procrastination?
Do I operate well with long term goals?
Does “slow and steady wins the race” sound like a mindset I can adopt for this process?
Am I guilty of abandoning projects that take too long, or where there are no serious stakes?

Still unsure? Luckily, there’s no right or wrong answer

How you choose to proceed depends on so many unique factors. Your position in life, the state of your finances, your industry, your personality type, your relationships and family needs, and so many other facets of your life will all come into play when it comes to making this decision.

The good news is, there isn’t a right or wrong—only a right or wrong for you.

It’s also possible to combine the two; maybe this looks like keeping your day job for a short period of time while you build up a financial cushion, write your business plan, do your initial market research, and generate some initial buzz on social media sites. You can still save the heavy lifting for once you’ve quit your day job, but maybe it doesn’t need to be such an abrupt transition.

If you haven’t already done so, be sure to email us at in**@*********************lt.com, we will walk you through the entire process of becoming your own boss from ideation to opening day.

Which strategy do you think is best, and why? We’d love to hear from you.

Category: Blog