How to Start Your Own Business Right
July 30, 2012
If you are one of the countless company slaves out there (read: private or gov’t employees, OFW’s, etc.) who want to break free from the rat race and become financially free then this article on how to start your own business might just be for you. If you are a seasoned entrepreneur please read on as you might still pick up a new thing or two.
Starting your own business is one of the BEST ways to achieve financial freedom because as an entrepreneur, you are your own boss and the proverbial glass ceiling does NOT exist. So if you are seriously contemplating on “doing your own thing” please consider the suggestions below on how to start your business right. In no time, you’ll be on your way to making your entrepreneurial journey both emotionally and financially rewarding.
Don’t quit your day time job just yet.
Starting your own business is VERY RISKY. There are a lot of variables in play and being a newbie businessman doesn’t help at all in the swaying the odds to your favor. So if you currently hold a secure job with a steady paycheck don’t knock it just yet. Think of this source of income as INSURANCE just in case your award-winning business idea won’t click.
When do you quit your daytime job?
Well, this is a very personal matter and the answer will vary according to your situation. I have known people who have started their own businesses on the side and when they felt that they could no longer render equitable service to their employers, it’s when they quit. RJ David of sulit.com.ph was working for an IT company when he started his highly successful classified ads website. He quit his daytime job when he felt he can no longer concentrate on his work due to his side project at home.
I also have a friend who works for a multinational pharmaceutical distribution company (Merck, Sharpe and Dohme) who is now 2 years into building his own local pharma distribution outfit. When I asked him when he will resign, his answer was “2M”. The moment his business earns 2 Million per month he will call it quits. Right now, his team is doing about 1M (Gross sales) per month. So one way to know when to quit your job is to set an income goal that you are comfortable with in the absence of a steady pay check.
For some, you may not have to quit your job at all! I know of a VERY successful top-level executive who supplies the water requirement of the cannery he is working for down south. He has set up a pipeline from his well directly to their company’s water tanks and all he has to do is collect the monthly checks. Although the income from his business is 3-4 times MORE than his salary there’s no need for him to part ways with this employer and as a matter of fact, I think he really SHOULD NOT!
The point is when starting out , KEEP your job. Don’t be in too much of a hurry to kill the goose that lays the golden eggs while your own goose is still but a duckling.
For more tips on how to start your own business right, do check out our book at Amazon.com where we have laid out practical rules of thumb every start-up entrepreneur should know. The book is available as a Kindle download and you only need to grab the FREE kindle app and install it on your device and you’re good to go!
About the Author
+Javier is a graduate of business administration from the University of the Philippines Diliman and is currently engaged in helping start-up businesses build sustainable online presence.
* This is a sponsored post. Click here to advertise on PinoyMoneyTalk.com.
Click for more interesting, useful and related posts:
- how to start up an online trading business in the philippines
- pinoy businesses