Growing Your Business

7 Tips to Consider When Trading in Your Desk Job for Full-Time Entrepreneurship

7/11/2016

Day in and day out, your job is good enough, but starting your own business could be life changing. It could give you a reason to smile when Monday rolls around instead of dreading those long, boring Monday morning meetings. Do you have what it takes to make it on your own? Should you quit your day job to live your dream?

The University of Phoenix conducted a survey and found that 63 percent of people who were in their 20s wanted to own their business now or later. And, of those over the age of 60, 26 percent want to run their own business. But starting your business comes with risks to income, personal time and overall quality of life. Is it right for you? Consider these aspects before you make the decision to tell your boss you will not be coming back.

#1: Can you give it the time it needs?

Putting aside costs, consider the time commitment new businesses require. At a job, you can put in eight hours and turn it off for the rest of the day. With a business, you'll likely work longer hours, and even when you are away from the business, you'll be thinking about it, meeting with investors, and answering phone calls.

Those who are passionate will be able to balance the time commitment between family and the startup. Even more importantly, can you give it 100 percent of your focus? If anything is limiting you, find out why.

#2: Why do you want to?

That passion has to come from someplace. Why do you want to start your own business? Your "why" needs to be a powerful reason since this will ultimately define how committed you are to the process. You may be passionate about your skill or talent. You may wish to help people. On the other hand, you may be really interested in making your idea come to life. Define your "why."

#3: Can you handle the pressure?

Running your own business can be exhilarating. It provides numerous opportunities for success and, when you make a client smile, it can be all worth it. Nevertheless, you'll have to balance those successes with stress and even failure. You may have to pivot your business and make changes that drastically change your original plans or desires. Can you handle that kind of up-and-down stress? Be sure you have not only an outlet but also family who's supportive.

#4: Are you willing to put it all on the line?

Entrepreneurs bet on their business. In other words, even after you do all of your homework and make key decisions that you know are financially sound, it's still a gamble. Have you thought about how much savings you need to have to remain in operation for a year even if you do not make a penny during that time? And, do you have the startup costs or a plan to get them?

#5: Are you willing to learn and grow?

You'll need to learn a great deal, including how to legally protect the business. For example, you'll need to invest the time into learning how to create a business that's separate from your personal assets to protect them. Business formation is critical to your success.

#6: Who will help you succeed?

It may be a nice thought to hire your friends, but realistically, you may be unable to have a great deal of in-house staff. Look for ways to reduce costs such as using freelancers to meet business objectives but without having to pay out a salary and benefits and pay for office space.

#7: What's your exit plan?

How will you leave? When will you leave? Working with a tax and business startup professional can help you create a business plan that outlines what your initial startup costs will be, as well as costs to maintain your business for a year or more.

Most companies are not profitable right away. Your exit plan should give you a goal for starting your business, but also a way out if it doesn't work. How will you leave your new business without as much financial loss?

Focus on everything it takes to be successful as an entrepreneur. That includes the emotional, financial and lifestyle choices that you'll make in this new world of business ownership. When it comes down to it, taking that plunge may be exactly what you need to do to improve your life in the long term if you can handle the short-term stresses.

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Jorge Gomez

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As an economist, management accountant, and certified tax planner, I draw on over 20 years of experience supporting small businesses with their tax and accounting needs. I’ve made it my mission to help my clients have access to financial capital while building and maintaining healthy accounting systems to achieve tax compliance and savings. I specialize in working with distribution, wholesale, franchise, and manufacturing businesses while offering a focused approach to saving them money while

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