Starting an entrepreneur's journey

SIMONE FRANCOIS-WHITTIER

Dear AFETT,

I’m a 35-year-old woman, in the middle of what some would call a very successful professional career.

In the past, I generally enjoyed my job and got along with most of my colleagues, but now things are different. Over the last couple of years, especially since the pandemic, I have grown very fed up with my job, I have been asking myself if there is more to life.

I have always wanted to open my own business but I’m not certain that it would be the right move for me at this time. I don’t have any entrepreneurial experience and I am a bit scared about the potential loss of steady income.

Can you help me? I don’t know what to do.

Dear Inez,

I can empathise with your situation. Within the last couple of years, a lot of professional women have found themselves in your situation. Rest assured, you are not alone.

When anyone, especially a mid-career professional like yourself, is faced with such an important decision, several factors should be considered.

Have an honest conversation with yourself. Ask yourself what you want to do and why you want to do it.

Sit with these first two questions, get a pen and paper, or open a note-taking app on your phone, and write out your thoughts. List your wants, your purpose and your goals, then deeply consider and go through your "why."

Why do you want to achieve these things? Keep asking yourself why until you get down to the very fundamentals.

But before you leave your job. ask yourself some questions:

– Does your job encourage your growth?

Examine whether there are any new ways for you to craft or rethink your job or look for growth opportunities with your current employer. Ask yourself whether you have achieved all the goals you set out to achieve when you first started your job.

Do you need to come up with some new goals or career objectives?

– Consider whether your current job has been having a negative effect on you.

Are you actively looking for ways to avoid your job? Are you always burnt out, or do you dread or fear going to work, or doing certain parts of your job?

Does your job make you into someone you do not want to be, or has it made you develop bad habits? Does your job consistently make you engage in activities which go against your values, morals and ethics?

Has it been negatively affecting your health?

– Is your workplace a healthy environment? Is it an environment where colleagues are respectful, and where employees' contributions are recognised and rewarded? Is there an opportunity for advancement?

Or is your workplace one with problematic leadership, toxic people and worse yet toxic practices?

Once you’ve answered these questions and confirmed that you do want to leave your current job, you should develop not just an exit strategy, but a plan of action for what you want to do next.

This plan should be consistent with your why and the purpose and goals you identified earlier.

If your introspection does lead you to consider an entrepreneurial path, there are a few more things you need to consider before making this life-altering change.

I would encourage anyone considering entrepreneurship as their next step to begin by doing some research and a business plan.

This doesn’t have to be anything complicated, but it certainly does have to be detailed enough to allow you to determine if your intended business is viable.

Speak to people who are already in business in the field that you are in, and identify among them a mentor who would be willing to take some time and expose you to the business.

If this does not work, then your next best step would be to join a professional organisation like AFETT, in order to meet experienced people who would be willing to advise and guide you.

Additional training and certification are always beneficial and in some cases a necessity, so if you don’t already have the skills needed for the business you want to start, then invest some time and money to learn these skills.

A detailed financial plan is also a necessity: prepare a budget for your business, and contemplate your overheads like rent, raw materials, utility bills, employees etc. This willgive you an idea of what running the business will cost.

Getting professional financial guidance is vital – have a conversation with your preferred financial institution on the availability of financing for your business.

You should also gather information on the statutory and regulatory requirements.

You should save for your next step. As far as any entrepreneurial move is concerned, I recommend speaking to people in your intended business and asking how long it took them to start seeing a profit. Begin saving with this timeframe in mind and have sufficient savings before you make any permanent moves.

Another option is to start your business while you’re still employed. This may not be an option for many people, depending on the terms of their employment, but it may be an option for you if your employer would allow it and your job is not in direct conflict with your chosen area of business.

I know that this is a lot to take in, but believe me, planning and forethought will go a long way towards making your next step the right one.

This article was submitted by the Association of Female Executives of TT (AFETT).

AFETT is a non-profit organisation formed in 2002 with the goal of bringing together professional women and engaging in networking opportunities, training and business development.