Business Tip - Use Your Job Description
Your business model can be simple
One business idea that is right in front of your face is one based on what you already do every day.
You can turn your job description into a business model. I always say this is the easiest business to start.
That was my first solopreneur endeavour. I had been a designer at a startup. We got acquired and then the new parent company laid us all off a few months later.
Nice, huh? 😂
Ironically, I decided that I could create more stability in my professional life by becoming a design consultant (instead of leaving my fate in the hands of one employer).
I spun up the new business in about a day, landed a good client, and was able to immediately support my family with my new business income.
It seriously wasn't complex.
I was simply doing the same design work I had been performing as an employee, but now I was providing those services for my clients as an independent consultant.
Collaborating with the client’s development teams.
Interviewing users to understand their needs.
Designing concepts, wireframes, and product flows.
Building rapid prototypes to test our ideas.
Conducting usability testing.
Writing more detailed and refined design specifications.
Going into the field with marketing and sales teams to demo my prototype for potential customers.
Roadmap planning, applying for patents, etc.
The significant differences were:
I could choose who I worked with.
But, I had to do my own marketing and sales (of course).
I decided where and when I worked.
I controlled my income (e.g., number of clients, my rates).
But, I had to pay for my own laptop, software, health insurance, etc.
I decided how much I wanted to work.
I didn’t need permission to take vacations and time off! 😊
It depends on what you do for a living and who your employer is. But, in many cases, the exact work you’re doing for your employer could be done through your own business for your own clients. And, you’d be in control of your destiny, make more money, have more freedom, and be a lot happier.
The problem is most people don’t have a financial cushion to get through those first few months of slow revenue growth. People get nervous, give up, and go back to a 9-5 job.
The solution?
Carefully build your business on the side while you’re still employed and receiving a steady paycheck.
Build your client base and get some revenue flowing in.
Make sure you have a predictable and consistent income from your business.
Secure one or more significant clients and projects that provide enough income to meet your needs (budgeting helps).
Keep your marketing and sales pipeline flowing and full at all times!
Once you have that established, you’ll know that you can go all in on your business and make it grow even faster.
Larry Cornett is a leadership coach and business advisor. If you’re interested in starting your own business or side hustle someday (or accelerating an existing one), check out his “Employee to Solopreneur” course (launch soon).
Larry lives in Northern California near Lake Tahoe with his wife and a gigantic Great Dane. He does his best to share advice to help others take complete control of their work and life.
Really excellent, Larry. Don't forget one other tip -- create a memorable elevator speech.
Happy Thanksgiving.