Today’s graduates are often told the importance, and desirability, of creating a job rather than just getting one. The road to becoming your own boss, though, is more complicated than the decision to drop your nine-to-five and start working for yourself. If you’ve made that difficult decision and are on the path to transition from employee to entrepreneur, here’s some advice to help you survive the transition.
During the in-between time:
There’s going to be a period when you’re starting or growing your business but aren’t yet stable enough to quit your other job. Now is the time to balance your schedule carefully: you want to invest enough time in your fledgling business to get off to a good start without burning yourself out from working too much. Start reading up on writing a business plan and business strategy and check out blogs and online content from other entrepreneurs. Get advice from those who have already gone through the process so that you don’t have to make the same mistakes others have.
Create a learning plan for yourself. This can include everything from organizational skills to skills specific to the kind of business you want to start. Use this time while your day job is still paying your salary to learn everything you need to before you start your business. You’d be surprised by the amount of free educational content on the Internet for all kinds of topics, from doing your own accounting to using whatever software or internet platforms you’ll need.
Develop a network of mentors. Reading blog posts by people who have done this before will get you started, but nothing beats a face-to-face coffee meeting with someone who owns their own company. Ask around to friends and family or seek out an entrepreneur whose content you’ve read on the internet. You should also start seeking out individuals you’ll need when your business really gets going, like an accountant and a lawyer. You may also consider hiring a small business coach to help you jump through all the necessary hoops.
Develop a financial plan for yourself so that you’ll be on solid ground when it does come time for you to quit your job. Write, refine, and finalize a business plan, talking to some of the individuals you’ve networked with to get feedback and suggestions. Do the legwork now so that you’ll be organized and on top of things when it really counts.
Start building your business in earnest. Before you can quit your job, you have to build a client base and be making sales or doing business. All the planning in the world will only get you so far. Get your business going so that you can afford to do it full time.
After you quit your job:
Congratulations, you’re now a full-time entrepreneur! One of the first things you’ll need to do as an entrepreneur is learn how to say no. As an employee, you probably had to take just about any requests that were thrown your way. However, as a small business owner, you need to learn to prioritize your time and only invest time in whatever is worth it for you and your business.
Especially at the beginning, be aware that you may be logging longer hours than you did in the office. To get a small business off the ground, and sometimes even to keep it going, you’re going to have to put in a lot of time since you’re ultimately in charge of every detail. You may eventually bring your business to the point where you can scale back your hours, but don’t be afraid of the long nights to get things moving forward.
Create your own schedule. While working for yourself does mean that you don’t have to do things exactly the way the office says to, create a semblance of structure for yourself so that your work is efficient and you don’t end up doing less work than you intended to. Find out what time of day is most productive or creative for you and schedule your workdays accordingly.
Find ways to be social. When you’re used to working in an office situation, it can be hard to deal with working on your own all the time. To combat this, work in social places like coffee shops or shared office space. Attend networking events, stay in touch with old coworkers, and make time for lunch meetings with those mentors who helped you get this far. You may be running your business by yourself, but you’re not alone.
Survive The Transition From Employee To Entrepreneur
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