As we continue the series covering the 5 most common lifestyle changes, we’ve reached the 2nd type of lifestyle change I’d like to share with you. This is the one where you start your own business. It can be also be considered an extension of the first type of lifestyle change (Professional Reconversion) covered in the previous article in this series.
People who make this lifestyle change generally a desire to be independent, to be their own boss, and to work under terms that they dictate themselves.
People who undertake this type of lifestyle change can fall into multiple categories:
- Entrepreneurs (people who have a new idea and want to bring their revolutionary product/service to a market that does not necessarily exist yet). These businesses are generally known as Start-Ups.
- Business creators in a market that exists already (Starting up a new bakery, new restaurant, etc).
- Taking over and running an existing business.
For this lifestyle change, I propose yet another video where our couple, Vincent and Julie work through the lifestyle change preparation together and where Vincent wants to investigate setting up a chocolate business. They use the financial simulation application, EFIYLM to support their reflections and to prepare their project.
In my previous article concerning the lifestyle change made via a Professional Reconversion, I wrote about a couple that really did set up a chocolate business. They both went through a professional reconversion for them (neither of them knew how to make chocolates beforehand and they needed to be trained). They decided to take their lifestyle change that extra step further and create their own business as well. A big change (lots of little change steps really), but for me demonstrate an excellent example of what can be achieved if you take the time and prepare (financially AND mentally) accordingly.
Taking a decision to start your own business should not be done lightly. You should build a business plan, conduct a market study, investigate all options for financing etc. The statistics (at least in France in any case) state that only 2 businesses created in 3 survives after 3 years. Of those new businesses that were ‘Start-Ups’ the failure rate climbs to between 60% and 90%.
On top of this, even if the idea of being your own boss is highly exciting and liberating, running your own business often means that you are not only the boss, but you are every function required in the company. That means taking care of the financial regulatory requirements 💰, doing the necessary marketing 🖥, being well-disciplined on the basic logistics and running of the company 🛠, and even making the coffee 🍮 😉. It’s not for everyone!
Instead of making a drastic lifestyle change by starting their own business in a one-shot change, there is a possibility is to do it over time. Some people start with a side hustle/activity, that over time becomes a fully flourishing activity and eventually leave their traditional 9-5 job. This is much less stressful as you remove a lot of the financial risk. This also brings it’s downsides, as it normally means managing your side hustle in your evenings or weekends. It all comes down to a personal choice on what you are willing to accept or not.
As for all big life changes, solid preparation is the key. The financial preparation is important, but preparing mentally in order to build confidence in your project is for me even more important. If you have confidence in what you are doing and where you are going, you are much more likely to get to where you want to go, and create what you want to create, and ultimately ensure a successful lifestyle change.
Are you considering starting your own business? What you are considering to do in the future? I’d love to get your feedback and experiences. Feel free to leave your comments below ⬇.
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