The Reality of Branching out on Your Own

Have you at some point thought about branching out on your own? Let me tell you right from the start that it isn’t for everyone. The sense of security that you feel from having a job and a stable income will quickly be replaced by risk and uncertainty. You’ll be investing blood, sweat, tears, and resources into creating a business. You need to ask yourself if this is for you. What are your strengths, and can you thrive in an environment that involves constant learning and adapting across various areas?

A good friend of mine studied medicine and became a doctor, but realised it wasn’t fulfilling him. He loved helping people, but wanted to do it in a more effective way, which got him excited to work each morning. He created his own platform that deals with health and preventive medicine, and is now building his brand through public speaking, TV appearances and a book. For some people, branching out is a way to diversify their learning, to express their different strengths, and to explore their passion. Does this sound like you?

When you branch out on your own, you’re steering the ship – for yourself, as well as for your employees and clients. It is a huge exercise in personal growth. On your journey, you’ll need to confront your fears of failing, your feelings, your issues around money, power, and competition. You will have to question who you have become and what you are learning from this. The decision to branch out will force you to step up, be confident and be resilient through it all. If you’re thinking of branching out or just wondering if it’s right for you, then you need to ask yourself some vital questions before you take the plunge.

Why Are You Doing This?

Branching out involves a great deal of investment: time, energy, effort, and resources. You’ll have to give a lot to your business, especially in the initial stages, which will impact those who are closest to you. You might even find yourself sacrificing time with your loved ones as you work longer hours. Finances at home might be strained.

Unless you’re clear about your ‘why’ and are able to share it with the people closest to you, you will find yourself being pressured both at work and at home. For example, I spoke to a woman who runs a rescue centre for victims of child trafficking in Cambodia. Her ‘why’ for starting the centre is clear: she was a victim herself and believes that she is in a position to understand the children’s needs and connect with them in a way that others cannot. For her, helping the children gives her life a sense of meaning; it’s her mission. And so when she encounters challenges, the questions she asks are not “is this worth it?” or “should I keep going?”, but rather “How do I overcome this challenge and what do I learn from it?” Is your ‘why’ strong enough to keep you going in the face of adversity, or is it based on factors like money or status, in which case you are more likely to walk away if faced with big challenges? To help narrow down on your ‘why’, you can start by looking at who you are.

Who Are You?

Before you start your business, be very honest about who you are and what works for you. If you’re making decisions solely on the basis of financial gain, you might find yourself unhappy in the long run as what you’re doing isn’t aligned with who you are.

Ask yourself, “Can I be who I am in that environment?” For example, I know I couldn’t be myself in a big law firm environment. In this entrepreneurial space, I can be myself even when things aren’t going well. However, for other people, they don’t want to stress about other aspects of a business, like overheads and payrolls. The reality about branching out and starting your own thing is that you’ll end up having to wear many hats and solve problems across various areas of your business – marketing, sales, HR – on a daily basis. As CEO, you’ll also have to spend a lot of your time at work. Your state of mind will have an impact on your team and in turn how you do business. If you’re miserable, you’re not only stressing yourself out, but also adversely impacting your employees and business. You can avoid all of this by being clear about what works for you from the get-go.