Career Shift: Tips from Being an Employee to Becoming Your Own Boss
The quantum leap from being employed to becoming self-employed can be rewarding and exhilarating. However, major life changes do not always come easy. Some entrepreneurs get side-tracked with challenges and overwhelmed with decisions to make which can lead to failure. But with preparation, hard work and determination, it’s not impossible to succeed.
Here are points to remember before becoming self-employed from being a salaried employee:
Do not resign unless you have a solid business plan.
Handing your letter of resignation simply because you have a great business idea is not a smart thing to do. If you want to be an entrepreneur and open your own company, make sure that you have a business plan ready. You can ask someone who know how to write one or if you have the skills to write your own, do so. The internet offers a lot of resources you can use.
Come up with a capital.
Whether you will be renting an office and hiring employees or starting a business at home, you need money to cover the license fees, office set-up and working capital. You can take out a loan from the bank, your family or perhaps you have saved your own money intended for this. Insufficient funds can lead to problems in the long run.
Save up for your personal expenses for at least 6-8 months.
Since you will not be expecting your monthly salary and your business will not be starting to make money right away, it is best to have spending money for your bills, personal needs and the like. You should be prepared for this to avoid spending money intended for your business. What you do is separate your personal finances from your business finances as much as possible.
Have the resolve.
Bear in mind that you will be on top of everything and there will be tough and rough times. Don’t let these situations push you to the edge of giving up without trying your options. Besides, if you have planned and prepared for this, you already know that although there will be challenges, you can overcome them as long as you have taken the right steps.