There are a number of transitions we all have to make throughout the course of our lives. From high school graduation to getting married, new adventures present both exciting and challenging times. A similar transitional life event involves moving from working at a day job to running a small business full-time. Small business advisor Bert Seither offers the following pieces of advice on getting through this process successfully:
– Leave your day job at the right time
Just because an entrepreneur officially launches a new small business with the state does not mean this person can immediately bid farewell to an employer. In fact, you may have to keep your day job for some time before you fully commit to running a company. Find the right time that is appropriate for you in order to decide when it’s best to move on. A regular paycheck and benefits are hard to turn down, so use caution and be sure you are confident in your decision.
– Make sure you are financially stable
Due to the incredibly long list of expenses related to diving into a business venture, having a financial cushion is such a major part of this picture. The last thing you want to happen is for you to go bankrupt because you failed to plan your finances for the future. Take plenty of time to write down specific dollar amounts on expenses and potential income for your new enterprise. Don’t give up your day job until you have a solid financial backbone to fall back on in the event of a worst-case scenario in which you are scrambling to find gainful employment again.
– Make sure you have the time to commit to a business
Working 40 or 50 hours per week at a job is one thing, but keeping up with the constant demands of a business is a whole different ballgame. Map out your time commitment and availability so that you know you’ll have enough time to devote to the company once you are fully invested in it in terms of both time and money. Your time will obviously get freed up when you leave a day job, but you’ll be faced with a brand new set of challenges as far as managing your time is concerned. Bert Seither believes the best thing to do is to compile a potential schedule for yourself, taking into account every last detail of being a business owner.
– Be open-minded
While traditional employment often puts boundaries around what someone does every day, succeeding in the business world requires an open-minded thinker. There are so many responsibilities you may be totally unfamiliar with. With that said, you should dive into a business with your eyes and ears open to potential customers, investors, and those who can steer you in the right direction.
– Get assistance
You simply can’t run a business entirely on your own like you may be able to do at a day job. Seek advice and appropriate assistance on anything you don’t know how to do or where to turn. Countless services are available for small business owners, including organizations that can assist you specifically in your job-to-company transition. By getting this help, you’ll be in good hands moving forward with your decision.
– Ensure your business is viable
Finally, and perhaps most importantly, Bert Seither says having a viable business plan in place is absolutely necessary when choosing to fully dedicate your time to an entrepreneurial enterprise. Of course, many entrepreneurs already set up their businesses prior to leaving a job and begin to see income from it. This offers a great barometer to see some real success so you know you’re doing the right thing. However, no matter what stage in this process you may be at, having a viable plan that will work for you and make you enough money to sustain your life is what you should focus on the most. If you are all set and ready to roll, proceed cautiously, and enjoy the ride.