Have an Entrepreneurial
Streak?
he
services provided by a corporation, your current employer for instance, may be
similar to those of a small business, but the methods of providing them differ
greatly.
Many Hats
While the former generally has defined job descriptions that divide the duties among multiple employees, small business owners must address all aspects of the operation themselves, especially during the start-up phase. Effectively,
the boss will have been replaced with a much tougher standard that requires
wearing many hats.
Additionally, the lack of an external support
system will most certainly not result in an ability to slack off, rather there
will be more of everything to do and more often as well. The advantage is the
future proceeds from those increased efforts will not be shared with another
entity - other than the employees required as your endeavor grows.
Expansion
Speaking of employees, a time will come when you're not quite ready to hire
full-time help, but can't get everything done in as timely a manner as you'd
like - from both an income and business reputation point of view. At that point,
the services of a variety of temporary firms such as Manpower and Kelly.
Discipline
If you think you have the discipline and wherewithal to consider making this move, be aware that past estimates from the Small Business Administration have
less than half of new businesses remaining open after four years. The other side of the coin is represented by fast growing companies on lists such as the
NJ Fast
50, with the success of your own start-up likely to fall somewhere between
these two extremes.
Downside Evaluation
Assuming, other than wanting to be your own boss, that you're relatively satisfied with your current position or field of work, your first consideration is to compare your likely upward progress if you stay, to your reentry opportunities four or five years from now if your business is unsuccessful. If this evaluation determines that you have nothing to lose but the interim salary, your next consideration is deciding what kind of business you want to be in.
Consideration
You don't necessarily have to jump in with both feet immediately, it's possible, perhaps even advisable, to consider a business that would benefit from, or be a benefit to, your current employer while allowing you to apply similar skill sets in both endeavors. Even if retaining your current position is not feasible, it's never a good idea burn bridges behind you. For example, leaving an employer in a bind by walking out at a particularly crucial time wouldn't make smart business sense if a future business relationship with that firm, or their competitors is desirable.
Skill Sharing
An example of this "skill sharing" while still employed could be as simple as starting an equipment repair service while working in the maintenance department at your current firm. A more complicated scenario might be leaving your tax preparation job in favor of your own shop in October and contracting to work with clients of,
and for, your former employer during the busy season the following April. Whether similar approaches would work for you depends entirely on your current relationship or the terms of your departure.
Efficiency
Whether you make the break completely or have a dual life at the outset
(especially then), you'll need to stay connected with your business and have the
proper computing equipment to work efficiently.
