If you’re fed up with your job, it may seem like there are only two steps to becoming an entrepreneur…

Source: 12 Steps to Go From Employee to Entrepreneur

Many may argue that quitting your nine to five and starting your own company is the American Dream. You know the saying, one house, two cars, 2-1/2 kids. Yup. White picket fence and the whole nine yards.

But before you jump off the hamster wheel with wide open eyes and start raking in those ‘dolla dolla bills yo,’ check out these twelve steps written by entrepreneur Sujan Patel by clicking the article below.

Here’s a summary of the 12 steps and my own advice, based on my experience as a business owner and over 17 years leadership experience.

1. Determine what you’d like to do.

Often one of the biggest decisions you have to make is identifying your passion, and determine whether you have the skills, abilities and experience to accomplish it. If you do not, are there ways you can obtain these skills?

2. Think about what others will pay for.

Ideally, unless you’re looking to start a nonprofit, you’re going to sell a service or product. As such, you need to think about what your customers would pay for it. Does this sweet spot (or bitter, depending on what the numbers tell you) leave enough room for you to operate successfully? Also note, nonprofit businesses have to make financial sense, otherwise you risk closing up your doors for good.

3. Interview ideal customers.

As you conduct research to further identify your product or service, ask potential ideal clients about their biggest needs, and identify exactly how you can help fill that need. Do not focus on you and what YOU can do, but rather concentrate on listening to your clients, the words they use, the way they describe their needs, both explicit and implied.

4. Design your marketing and business plans.

If you fail to plan, you are essentially planning to fail. There are numerous benefits to writing a business plan, which includes a marketing plan. Creating a business plan enables business owners and entrepreneurs to visualize and take into account often overlooked parts of their aspiring business ventures. If you’re seeking investor support and lending, lenders may often request a business plan to help identify risk. Business plans aren’t the end-all, be-all to a successful startup; however, having a plan (which is a living document you can routinely update as your business grows and change direction) can help you duplicate effective strategies.

Marketing includes several P’s. Some examples are Product, Price, Promotion, Place. Can you imagine establishing a business without a clear price model?

5. Set up your business on a small scale.

Don’t bite more than you can chew. If possible, test your idea and plan by launching on a small scale, while still working your regular nine to five. There’s no need to take the risk of losing your job and primary source of income until your new venture is proven and profitable. Secure a few clients, launch a few products, and if business goes as planned, take the leap and make the calculated jump. But before you do, lets talk about step

6. Assess feedback and adjust.

It is often easier to keep your finger on the pulse, pivot and work out kinks when you’re working to a smaller scale. Pay attention to your clients, their needs, your satisfaction of said needs, and once you feel comfortable with the feedback you’re receiving, begin scaling up.

7. Assemble a team.

In Step 1 we told you to evaluate your skills and experience. Do you have an area you are weak on? This may be a good time to identify key players that are savvier than you at a specific area. Consider your biggest commodity, and whether your time is worth the tasks you can delegate to another strategic partner. There are numerous options such as virtual assistants, freelance writers, even social media content managers.

8. Secure financing.

How much money and resources does your new business require? Depending on the size of your operations you may choose to finance the startup with your savings, or seek out investors to help fund the idea. Want to learn what goes on behind the scenes of a startup, from vision into reality? Checkout this podcast by Gimlet media, called Startup. (http://gimletmedia.com/show/startup/

9. Set up the structure of your company.

At the same time, you’ll also want to decide what kind of company structure to register. Do you want to incorporate, form an LLC or create a partnership? Get this taken care of legally and carefully define the roles and investment of each of your leadership team members.

10. Leave your job.

Here’s the exciting and maybe scary time, time to leave your day job. Although you might be beaming with optimism and positivity, do NOT burn any bridges on your way out. As the old saying goes, “you never know when you’ll encounter former bosses and coworkers again.” Additionally, these same coworkers may be future clients or offer referrals.

11. Set up a working budget.

Set up a budget for your company. You will now have numerous expenses, both fixed and variable, and planning for a rainy day (or month/quarter/year) can mean the difference between a successful business and an unsuccessful one.

12. Scale up your business according to your marketing plan.

Launching was only part of the equation, now you have to continue to sharpen the saw (metaphorically) and help your business grow. Remember that business plan that includes a marketing plan? Let’s update it, continue to explore opportunities and appreciate the journey. Congrats, you’re an entrepreneur!

Have you dreamed of leaving your job to be an entrepreneur? Share your plans for making the transition in the comments section below.