What To Expect When You Take the Leap From Employee to Entrepreneur!
Full-Time employment has its perks. After some time in the workforce, you enjoy job security, a guaranteed paycheck, employee benefits, and overall good prospects for the future. There might be times when you feel like you want more out of your life, explore something big, and make a difference. However, starting a business cannot be an impulsive decision like taking up a hobby class. No doubt that it would seem like a refreshing possibility for cash flow. But there are a few challenges, which you can overcome only if you have the skillset and the capital. Still, you have to know a little bit about how to leap. Here we are to help you understand what to expect from the transition from employee to entrepreneur!
Being the Decision Maker
When you’re an employee, you’re on the receiving end of the instructions and the decision making. You’re used to having management make the decisions and you simply enforce what’s been decided on. You don’t question the decisions or try to reason with it. As a business owner, the tables turn, and you now have control over the decisions as well as the responsibility. Hopefully, you’ve learned enough from your days as an employee on the importance and impact of business decisions. Of course, its all about learning and there is room for error, if in small amounts!
Working Longer Hours and More Workload
If managing your workload as an employee was challenging, brace yourself for the rollercoaster. It just gets tougher when you’re your boss! Perhaps this is the time to reconsider if this is the case for you! Many people think that as an entrepreneur, you’d be better off than being an employee in terms of workload and working hours since you’re the boss. However, the fact is that as an employee you get weekends, sick leave, and even a few paid days off. As an entrepreneur, you’re constantly in charge of your business and you will have to be available. That’s because your business demands and customers do not take the time off, requiring you to work round the clock! It doesn’t end and there is no such thing as clocking out!
As an employee, it’s alright to get by just being able to do what you know, because there’s someone else in charge of the other things. The only event you generally learn anything new is if you’re climbing the ladder. However, as a business owner, things are different and you have to learn a little about every facet of the business. Be ready to get in elbow deep in all sorts of things you aren’t used to – preparation, accounting, shipping, customer support, and more! This is especially true if you have a fund crunch and don’t want to end up spending all your capital on hiring resources.
There’s never enough time when you are an entrepreneur. It suddenly starts seeming like there just isn’t enough in a day to finish everything on your plate. Even if you work additional hours, it might seem like you’ve got a lot to finish. So, it’s time to say goodbye to that checklist of yours as an employee – the one that made you smile at the end of the workday, knowing you’ve completed all your tasks. That just doesn’t happen as a business owner!
Making Financial Changes
It can take a lot longer than you expect to for your business to break even. While luck may favor you, one cannot be sure that it always will. More so, if you are a start-up the amount of time it would take for your business to monetize cannot be predicted. For this reason, you need to have a pool of funds to dip into, in case of a financial emergency. It is important to keep your business afloat, so have a backup source ready always! So basically, you can expect your budget and your savings portfolio to change a great deal from your days as an employee!
It is important to make the transition from the workforce to business a smooth one. This will ensure you do not add new troubles to your pre-existing worries that come with starting a new business. It is important to understand where you come from, where you want to go, and how to get there. In short, it is important to have a plan! Think of all the possible challenges you might encounter in this transition and prepare for it. This will help you handle the change better! Best of luck!
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