Five Ways To Go From Employee To Business Owner
So, you have a job, but you really want to be your own boss? How do you do that while trying to juggle a 9-to-5 work schedule. You can’t afford to just quit your day job, but you know you could be a great entrepreneur. I did just that a little over a year ago, but my transition started much earlier. Here are the steps you can follow that led me to occupational freedom.
Gathering the Necessities.
The first thing you have to consider when you are looking to move from employee to entrepreneur is that your finances are in order. I am talking beyond the weekly salary, but also your investments and your insurance. Will you and your family have health insurance if you quit your job? Can you afford COBRA or private insurance? For me, this was an easy decision. I got married. My wife had excellent insurance and I switched over to her policy about 2 years before I moved on. I made sure that we had a nest egg to fall back on should disaster strike. When you make the decision to work for yourself, your focus really changes. It just isn’t a hobby you like to do. There are factors like accounting, payments and receivables, and customer service. Of all of the businesses that start each year, it is the extra jobs that cause most of them to fail. Read. Hire someone if you can’t do it yourself. Just know what you are getting into.
Have a business plan.
Every self-help guru will tell you this step and they are right. It is extremely important to follow through with a business plan. How will you be making your money? Where will your streams of income appear? If these items are written down, you have a better chance at succeeding. This will also give you a clear understanding of what structure your business will have and how it will grow. Creating benchmarks in business plan will help you identify the strengths and pitfalls of your business.
Knowing that you can work from home.
Working from home can be very difficult to entrepreneur. We are trained from a very young age that you get up, get dressed and arrive at your place of work on time. On the weekends, we relax, do stuff around the house and enjoy our families. This schedule is thrown out the window when you are working from home. For some reason, people think when you are working from home, you aren’t working. They like to call and talk since you are at home. It is just another distraction that you will have to overcome if you wish to be successful. Make sure you get the discipline to work on your own down before making the move to independence.
Building clients/customers and your reputation.
In the months prior to removing the safety net, you need to proactively build up your clientele. There are a number of ways you can do this and most of it depends upon your business plan you completed in step three. One way of building a list of customers is through word-of-mouth. This method works across all types of business. People gravitate towards reviews given by others and you will find that no matter what your way of gathering customers,
Taking the step.
When you have all of your ducks in a row, it is then time to make the big step to occupational independence. This was the hardest step for me to take. Typically, I am not a perfectionist, but moving from a weekly paycheck to the hope that I can pay off my house and provide for my family terrified me to death. I probably could have left my job a year prior to when I actually left, but the fear completely paralyzed me. I would think that you may have similar thoughts. The bad news is that fear never goes away. You will always second guess yourself and worry if you are making the right decisions. The good news is that it manifests into something that you can control. If you are going to be successful, you gain an edge that allows you to push forward. I am now in my fourteenth month of working for myself. I picked the worst time in my life to start a business. The country plunged into a deep recession three months after I left the security of a full time job and seeing banks and corporations like General Motors fail, I thought, “What type of chance do I have?” Well, over a year later, I will attest that it was the best move I ever made. I enjoy every day of my new life and I can tell you I would never look back.