Client Question: “I really want to start my own business, but I am uncomfortable walking away from a steady paycheck.”
The world of how we do work is definitely changing. People used to find a good company to work for and stay there until they retired. It is now far more common for people to move around every 2-5 years. Owning your own business is another option. Many people just want to be their own boss, so they are now pursuing entrepreneurship and working for themselves. This is a workforce trend that is growing quickly and continue to expand over the next 5-10 years.
There are many things to consider, before pursuing this type of change. Here are some top line questions you need to ask yourself before you walk away from your job.
- What type of business do you want to have?
- Does it have growth potential?
- Do you need help to get things started?
- Are you passionate about having your own business?
- Do you have the financial means to sustain yourself and your family while you get it started?
- Is there a way you could start it on a part-time basis while you are still working?
The reason I included the question around passion, is because starting a business requires a lot of time. If this is something that you truly love doing, it won’t feel like work. Starting it on the side while you are still working allows you to see if it is viable full time business and also determine if it is something that you want to do.
It requires far more self-motivation and focus than you realize, but you get to make all the decisions. You get to decide what you do, how you do it, who you work with and when you do it. An added benefit is that you can work from anywhere as long as it has an internet connection. The freedom and flexibility are definitely big benefits for those who want to pursue this type of role.
Do your research before you make the final decision. Talk with others who have done it recently and to those who have done it for a long time. Ask your financial planner, accountant and lawyer for advice as well. There is risk in pursuing this option and you need to understand all of those risks to make a good decision. If you have weighed out the risks, done your research and still believe it is right for you, then you should go for it.
Are you navigating a transition right now? How are you managing it? What if you and your team could get faster at managing transitions? Reach out to me and let’s discuss how to put a system in place to ensure you and your team are focusing on the right things to make your transition a success!