Are you wondering how to transition from employee to business owner? If so, how do you do it?
Moving from being an employee to a business owner used to be a big decision. At least it used to be harder to make when the overwhelming status quo and wisdom on achieving financial security was to go off to a good college and work in a big company or for the government in a steady, salary paying job. It is still going to take some courage and a mindset shift for some, but it is more attractive than ever.
Here’s how to make the transition…
Hello New World!
We’ve been increasingly trending towards a more entrepreneurial economy for quite a few years now. COVID-19 certainly helped speed this up. Now the vast majority are entrepreneurs in some sense. If you are working remotely you are really a form of an entrepreneur, you just may not be the business owner. If you can work remotely, you can run a business remotely. Others are building multi-billion dollar companies virtually.
This recent big change in the world of work and business makes it one of the easiest times to start your own business. It’s one of the most compelling times if you want to stand up and do something meaningful and help others.
Plus, of course, those who had forgotten have had a big fresh reminder than you simply cannot rely on anyone else for your finances and future.
Should You Make The Transition?
If you want to control your own destiny, live to your full potential, or even just be confident in your finances, there’s not much choice other than to transition from being an employee to a business owner.
I’ve never met anyone who has regretted becoming an entrepreneur. No one ever wants to stop once they’ve started.
Compare that with those who have procrastinated or routinely justified not pursuing their dreams and opportunities. Find one who doesn’t regret having stayed an employee instead of seizing on it.
Calculating The Crossing
There are real considerations to make when crossing this chasm and figuring out how to transition from employee to business owner. Fortunately, if you are good at your job and don’t burn bridges, it is highly likely that you can go back to if you decide it isn’t for you. Or you can go back to school and finish your degree.
If you’ve been used to a steady paycheck and a robust benefits package, then prepare. You will have to pay for your own health insurance and retirement plan. At least until your company creates its own benefits.
Ideally, you’ll be able to put a few months of emergency money in the bank so that you don’t have to make rash decisions or counterproductive short term shortcuts just to keep your phone on and food on the table.
You will really benefit from getting your family to buy-in. You’ll need their support. They will be the ones who are still there after you scale and exit this company and are on to the next one.
What’s The Big Idea?
Once you are clear as to how to transition from employee to business owner, the next step is to decide on what is business idea you’ll start with?
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