5 Things You Need To Make The Switch From Employee To Employer
Many people dream of opening up their own business, and becoming the boss, rather than being bossed around. While it’s true that there are many benefits of being self-employed, or of owning your own business, the harsh reality is that it is also a lot of work. Without proper preparation, you can enter the world of business feeling like a chicken running around with your head cut off. In order to help ease the jump into the frozen cold water of starting your own business, here are 5 things that will help you make the switch.
Get Your Head In The Game
In a recent article by Entrepreneur, Maite Baron suggests 9 different mindsets you need to adopt as you transition from employee to entrepreneur. The overall theme is you need to adopt a mindset of responsibility and a “go get ‘em, tiger” attitude. When you start your own business, you have no one to blame for failure, but yourself. Additionally, you don’t have anyone to hold your hand through the process. The responsibility relies mainly on you to be successful, so you have to take responsibility for your choices, work hard, light a fire under yourself, be comfortable with the uncomfortable, and get your hands dirty.
You Need Money
Another thing you need before you quit your 9-5 is money. Not only will you need income in order to support you and your family, but also chances are you will need money to start your business. Consider determining exactly how much money you need to be successful, and then you can either seek out investors, business loans, or help from friends and family. If you don’t have a reliable income to count on, or savings, then consider moonlighting as you make the transition.
You Need Health Insurance
Health insurance is one of the biggest factors in whether or not you should quit your benefit-providing job, and go it alone. Remember that under the Affordable Care Act, you are legally required to have insurance, and neither private insurance nor Obamacare are exactly cheap, especially if you have a pre-existing condition. Before you quit your job, research all of the health care alternatives and determine whether or not it is worth it.
How Will The Transition Affect Your Family?
It’s true that one of the best times to start a business is when you are young, but that is not always the reality. Most of the time, entrepreneurs have family to care for, and it’s great to have a support group. However, it’s important to consider how the transition will affect your family. Starting a business is stressful and it’s hard to make money right off the bat. Make sure you make preparations in advance, so your family doesn’t suffer.
You Can Do It
While there are a few obstacles and things to consider, the most important thing to remember is that you can do it. If you are truly passionate about following your dreams, then go for it! You won’t regret it in the end.
- Business Loans for CoronaVirus Affected Small Businesses - March 21, 2020
- Top Business Resources for Women Veteran Owned Businesses - March 5, 2020
- Small Business Borrowing Success Stories - February 5, 2020