Thursday, 19 April 2018

Information and commentary for the small business banking industry

Going from employed to self-employed

13 Oct

When people have an idea for a business, one of the biggest risks they’ll take is quitting their day job for it. Everyone dreams of being their own boss, especially if they’re in a job they don’t like, but they’re still risking a steady paycheck for an uncertain future, revenue-wise.

So there are some things that should be considered first, and one of the most important is determining if there’s enough demand for this brilliant idea to warrant giving up a job.

There are many different ways to test demand in an existing market. Focus groups, surveys, polls, Facebook chats and just talking to people are all good methods. Another is using the weekends and vacations to take the idea to the public. Weekend markets, trade shows and community events are all good places to show off a new product or service and get an idea of how popular it could be.

Even if the results are discouraging, it’s worth figuring out why. It could be that the product or service just needs a bit of tweaking before it can be taken to market.

What is certain, however, is that it’s worth taking the time to test ideas in before handing in notice at the current job.

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