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3 important things to consider before you transition from employee to entrepreneur

Thinking about transitioning from employee to entrepreneur?  Here are 3 important things to consider  (Muse)
  • Being employed usually comes with job security, a steady income, and additional benefits.
  • This is why making the switch from employee to the uncertain world of entrepreneurship can seem scary. 
  • Below are three helpful tips to help you transition smoothly.

Social media has made entrepreneurship seem alluring now more than ever. There is barely a day that goes by without a motivational speaker telling you all the reasons why you should leave the 9-5 life and start your own business.

However, this can not be the reason why you are making the switch. You can not just decide to leave a stable job because you idealize the idea of working for yourself. You have to leave for the right reasons, reasons strong enough to keep you going when things get hard.

Once you figure out your why, you should do the following:

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  • Start slowly with a side hustle

To make the transition easier, try turning your business idea into a side hustle before you quit your full-time job.

This will help you better understand your business and prepare for the challenges that can come with it.

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  • Save a huge chunk of your salary and do your research

According to a 2017 report, cash flow is the reason why 82% of businesses fail. This is why you need to put a huge portion of your money aside for at least six months before you make the jump. This should be enough to serve as the capital for your business and keep you afloat until you start making money.

While you save your money and work on your side hustle, make sure you are also doing your homework. To increase your chances to succeed, you need to figure out also need to decide what your business structure will be, a budget, some short and long term goals.

  • Get ready for longer work hours 
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The thing with being an employee is that you have a steady work schedule. Depending on your job, you work from 9-5 every day and get to enjoy work-free weekends and holidays.

This goes out the window when you become an entrepreneur. Building and maintaining a successful business means more work and longer hours.

If you are still up for the challenge after reading this, then you are likely ready to make the switch. Good luck.

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