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The Transition From Employee To Entrepreneur - 8 Ways To Success!
This article discusses the 8 most often issues facing those who decide to transition from corporate employee to entrepreneur. The 8 include the home office, the need for a schedule, networking for support, accountability partners, choices of what business to enter and benefits for the self-employed.
Over the past 10 years, more and more Americans have decided to stop working for another and work for themselves. And in the coming 10 years, it is estimated that 75 million more will make that choice! The reasons vary but generally follow the same vein: More financial and time freedom. Families and children play big roles in this decision as a work-at-home situation can give parents more flexibility for family and work. Significant numbers have also found that working for a big company no longer provides the security it once did. And did I also mention the gasoline savings in a 30 second walk to get to work instead of a 30 minute jaunt in the car?
Many find, however, that the transition from employee to home-based entrepreneur can be challenging and not just a change of venue and a shorter commute! It is possible to be a fabulous, talented employee and fail at being an entrepreneur.
What I have found over the last 3 years in my own experience and networking with others, is that there are 8 things you can do to insure your success, should you decide to make the change!
1. Take your time deciding what you want to do > Deciding to go out on your own should not be a quick decision. You should evaluate your options: How much cash will you need each month to maintain the status quo? Ask yourself, “Do I have sufficient cash on hand to start a business? How long can you maintain with the cash you have before “Plan B” will need to be implemented? Is your spouse on board with the change?
2. Millions of opportunities > The availability of “work from home” opportunities is ever-increasing with more products, compensation plans and gimmicks than you can even imagine. Unless you are already a professional who is simply deciding to strike out on your own when you leave “the firm”, this dizzying number of options can be paralyzing as you try to figure out which one is legitimate and for you! Actually, I believe most are legitimate, but in MLM particularly, the number of products offered through this channel can be overwhelming. So also consider direct sales and franchises.
3. Set up your home office to be just that and only that! > In my home office, I have everything I want and need to make my time as productive as possible. What I don’t have is the treadmill, a TV or anything else that doesn’t belong in there. Having a small CD player, that’s playing music I love, makes me more productive! Also, it will be far easier to claim “home office” deductions on your taxes if it is truly an office and not a part time gym!
4. Schedule > It is very important to establish a schedule when you will be focused on all things “business”. Go into your office and close the door! Make it known that you are not to be disturbed unless the house on fire!! You may say, “yes, but the reason I am doing this is to be there for my family!Without a work schedule, I have found that other interruptions and household chores will intervene until at the end of the day, you will realize you haven’t accomplished the tasks you needed to do!
5. Are you accountable? > When we work from home, it is easy to let our daily, weekly or monthly slide, thinking we will “catch up” later. Many people use business or lifestyle coaches for this purpose. When I am accountable to no one but myself, I find that I can let many things for my business slip to tomorrow that should get done today.
6. Realize you are not how you make your income. Find your passion! > Most Americans have their identity wrapped up in what they do for an income and can’t imagine doing anything else. A kind of “identity crisis” results. Work on understanding that how you make your income is not who you are. If you can separate the two, more possibilities open up and options as to how you can do what you love and love what you do! As the saying goes, “Do what you love and the money will follow!”
7. Look for the right benefit package > It is important to cover yourself with medical and life insurance even as a self employed person. While there is common belief that you can’t get medical insurance that is affordable, that simply is not true any more! Most of the major insurers have discovered that they can have a lucrative market in independent coverage, just in the sheer numbers of people jumping into the “self employed” pool every day! Don’t let this be a worry.
8. Make sure you have a support structure > Many people who take the leap to self-employment discover that it can be lonely working alone in a home office! Regardless of the type of business you are entering, this is true. Having a group or team you can interact with is important for personal productivity as well as my diet, since I look for the nearest chocolate bar when I am lonesome! Local networking groups, attended regularly, can provide the team and interaction with others you need.
Lastly, everyone of the 8 points should be seriously assessed prior to making the leap into self employment, so that you are not surprised later! All are solvable with just a few simple steps. Look for further information in future articles that details the 8 points more!