It is always important to sit down and mark out the plus and minus before each new challenge or opportunity is taken. How exactly do you transition from being an employee to being in business? Here are points tick off your list before you leave your current job and start your own business.
Find out how you work
First, you need to decide what kind of person you are. Do you like to just dive into things, take a big risk, just go for it and put all your attention on it at once, or do you like to just wade in slowly? Simply asking this of yourself will come into play when choosing whether to start a business (or not).
When you’re starting out in business, it’s crucial that you take care of cash flow. There is no point in jumping in and running hard only to find out you’ve run out of cash two months in. Instead, it’s super important to make sure you have money coming in so you can give your business the chance it deserves. Don’t lose your income. You can lower it, yes, but don’t lose it.
Start your business part-time
Whether you’re in a business that you think is not doing well and you want to get out of that business and into a new one, or if you are in a job and you want to get into a business that you love, you should keep your current situation and start your new situation part-time. Of course, this would mean working overtime, late at night, and on weekends. This is important – if this is unappealing to you, you shouldn’t start a business. Because if you want to be successful in business, you will have to work on weekends and you will have to work at night.
The truth is, when you own your own business, in the beginning, you will have to work your very hard with 1,000% attention and 1,000% focus. That’s how it works. It’s just the way it is.
If you’re not going to stay in your job, while working nights and weekends on a part-time basis and earning some income with your new business (until it’s stable enough for you to fully transition), then the humble advice to you is to forget about starting a business altogether.
Get educated in your field
This is a big one so pay close attention. If your new business situation is in your current field, and it’s very similar to what you’re already doing, then you’ve got a nice head start! But if you want to jump into something new and different than you’re doing right now, what do you have to do? You need to get hands-on experience in the trenches. Even if it seems like a downgrade at first, it’s really an investment in yourself, your knowledge, your skill — and the assurance that your business will succeed instead of thinking short-term.
If you get a job in the field you want to run your business in, then you learn the ropes… on someone else’s dime. You do this at the same time as building your business on nights and weekends. Think of it as an investment in your business – and your future success.
Source; 4residualinc
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