Now that the ‘new year’ is well and truly underway and life and business have resumed their regular routine, you might be wondering what’s next for you. Not in the where is my career going, what are my goals kind of way – that’s so January.
Rather, if you’re of a certain age or stage, you might be wondering what’s next for you in terms of your business.
Maybe you’ve started a side business and it’s coming along nicely and you’re wondering if it’s time to make it a full-time thing. Or maybe you’re about to enter retirement, but the thought of endless rounds of golf or bowls, leaves you very uninspired and you’re thinking maybe this is the time for you get serious about that business you’ve dreamed about for a while.
Well, let’s tackle those two subjects separately.
Side-Hustlers – Is It Time to Quit The Day Job and Pour All Your Energy Into Your Business?
The short answer is maybe. Helpful, I know, but stay with me here. Here are some questions to answer. If your;
- business is currently making 50%+ of your regular salary (as a part-time endeavour)
- business is set up legally, financially and has a good marketing/sales structures in place
- margins/prices have room for upward movement (ie: you take home a greater percentage of the revenue less expenses)
- revenue is growing month on month
- revenue and expenses are relatively stable or at least predictable if you’re exposed to seasonal adjustments
- level of risk tolerance can take it
- access to finance line of credit, emergency savings or
Then, you’re looking pretty good. People have started businesses on much, much less and been very successful.
If however, you can’t answer yes to all the questions above, it’s not a “no, no you shouldn’t” – as I said, people have built successful businesses completely from scratch. So think of it as more of a “maybe you need a bit more time to get your ducks in a row”.
That having been said, I remember when I started my business, it looked so much scarier before I made the jump to really going out on my own than it was in reality. There’s something about no safety net that’s pretty motivating – you just get done whatever’s required. And despite all your planning, things you’d never have expected in million years will crop up. And you’ll deal with them as required too. Running a business is a constant learning environment – that’s part of what makes it so great.
And what if you’re at that stage to jettison your old self for something entirely new anyway?
You’re Getting Serious About That ‘Next Phase’ Business
If you’re a boomer or an early gen X-er who’s about to hit retirement age, but you’ve spent your life building your career, you might consider yourself too young to ‘retire’ to your verandah to watch the grandchildren.
Whilst the media is littered with stories of 20-somethings flipping tech companies worth billions and let’s face it, there are only a few handfuls of those worldwide, it’s never too late to start a business. In fact, studies show that boomers are rather leading the way in entrepreneurship. With around 60% of all small business owners now over the age of 50.
Why has that happened? If you’re part of that group, you’ll most likely hold a degree and/or diploma in your area of expertise, have corporate (or significant business) experience, you’ve got established networks, some cash behind you and you’ve also got a somewhat seasoned stomach for taking a risk.
So really, by starting a business, you’re joining a rather distinguished group! And you’re definitely not alone.
Setting Yourself Up for Success
Regardless of where you find yourself on the business continuum, if you’re serious about what’s next for you and your business, the trick is you want to have yourself set up in such a way that you’re not hamstrung by things that ‘other people’ usually take care of – that get in the way of you being able to focus on your real priorities – finding customers, servicing those customers and delivering on your product/service promise.
And that’s where we might be able to help.
If you’d like to know more about how you can focus on the things that are critical to your business and let us take care of the rest with phone answering, admin, meeting spaces, even flexible office space, we’d love to talk to you. You can call us on 1300 318 680 or drop us a note.