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on’t give up your current job if you are in gainful employment, because there are a number of ways to make a successful leap into the unfamiliar. It helps to start planning, building networks and seeking advantageous contacts whilst you’re employed. That way you’re better prepared for when you do take that intimidating step.
Now that your focus is on your venture, you‘ll see a range of opportunities that you wouldn’t have seen before. Your contacts may be on alert for any potential businesses of interest to you or a niche where your product or service may be best received. You might possibly take a change in occupation which may or may not be beneficial to you take that big step into unfamiliar territory. If nothing else, you’ll continue to receive a regular wage while you are learning about your specific area of business.
Begin developing your business plan, as soon as you’re in a position to do so. Your business plan will aid you in working out which type of financing you’ll require when you begin your long standing venture, in addition to giving you the ‘financial backup’ that you’ll have need of when making your application.
Having a well structured business plan can and will help you to avoid making business mistakes, like chasing the wrong prospect. For example, ‘Anton sank a vast majority of his savings into an area of business that was already heavily dominated by a company selling a similar product at a fractional cost that he could manufacture it for. If he’d not done his homework, he wouldn’t have learned about his competitors until it was far too late’.
On the other hand, when you have a first class business plan it will give you confidence, as Tammy, a personal assistant discovered. ‘Her business plan filled her with so much confidence that at times she found herself in doubt. Yet her plan demonstrated to her that there was something quite unique about offering her services of website designing and public relations to smaller, lesser known companies’. It was until that moment ‘that she realised that she could make a living doing what she loved’.
‘So you need to do what you can to build up your ‘pre-launch’ revenue’. It will be during that time that you can start to get things going for a business type savings account. Before that it is advisable to seek and secure the support and consent of your spouse. Discuss your plans and goals with them, so that when you are ‘ready to roll’, and can see your laying-off on the ‘company’s horizon’, everything will be set in place. Meaning that you will start to receive your unemployment benefit and the possibility of financing from some of those self-employment benefits programs being run by the Australian government.
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