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For people looking for a sustainable income, especially in light of market fluctuation, a nine-to-five job is often seen as the way to go. People who have lost jobs in the past may rightfully consider themselves lucky to have the stability of full-time employment. But what if your best option in the present was to create your own living?
The past decade has been characterized by increasingly blurred lines between creators and consumers. The internet has allowed entrepreneurs and artists alike to build brands from their bedrooms. Such is the current situation that absolute stability may be better secured through self-employment rather than a traditional day job. That was the judgment made by Greg Marchese back in 2013. Now the owner of Prestige Real Estate Group, he experienced an employment-to-entrepreneur growth that is beginning to attract a rising number of people. Here are the steps to start your journey to becoming a business owner against the odds:
Prepare for a short-term hit
Moving from a guaranteed full-time income to self-sufficiency is rarely straightforward. Most cannot build a profitable business to pay themselves a salary while fulfilling their nine-to-five obligations. It creates an ultimatum: either falls back to conventional employment to pay the bills or pursue your dream.
“When leaving your job, you are almost guaranteed to go through some lean periods,” Marchese said. “It’s difficult to build up your company when you are bound by a nine-to-five schedule.“
Eventually, part-time entrepreneurs become full-time ones after a key breakthrough. For example, in the real estate sector, this could be a substantial commission that finally puts your agency in the green. From there, your earnings potential could rise exponentially beyond what was possible in traditional employment.
Disrupt your industry
The chances are, if you have taken the initiative to leave your job and start your own business, you’re an outside-the-box thinker. But, as mentioned earlier, new developments have given everybody the means to start a business alone. Therefore, your mindset should consider more than just paying your own wages if you are to stand out in an industry like property.
“Learn everything you can behind the scenes,” Marchese explained. “That will enable you to come out of the gate with your business idea faster. To truly make an impact, your opposition must see you as a ram battering down the industry’s door.”
Every market has its upstarts and its veterans. In real estate, the best brokers coordinate luxury property deals with hefty commissions at stake. Beyond years of experience, doing things differently is the fastest way to reach that revenue.
Build your reputation
It’s a journey that every business owner, regardless of their time in the industry, goes through. Brands can arrive on the scene with a revolutionary new approach and image but will not generate interest without credibility. Entrepreneurs can build trust through public relations and consistent positive consumer experiences.
“As your company grows and breaks into new markets, it may feel like you are starting over,” Marchese outlined. “You not only need to appear reliable and competent through marketing efforts but also to have built up a trustworthy reputation. Doing so can be particularly difficult if you have only just shifted from traditional employment.”
This final step points to a more fundamental business ethic: sticking with it. Your new business venture is unlikely to be as profitable at first as your former career. But sticking with it has the two-fold benefit of building experience and increasing credibility. Commit to your business through the lows, and your income could become high.