While the term entrepreneurship sounds interesting and exciting, it is not a piece of cake. Quitting my 9 to 5 job seemed like a relief just to realize that working for yourself needs you to put in double the amount of hard work and time. Let alone the challenges and failures you need to face throughout the path.
Leaving office work to gain mental health sounds fancy, but in reality, this depends on the person who has taken this step. If you do not venture into the right career choice, you may become more stressed than ever.
Here are a few things I did to prepare myself to become an entrepreneur.
1. Create a Financial Plan:
First things first, finance is the most stressful part of working independently. If you are a freelancer, you need finance to sustain. If you are starting a business, you will need capital to invest in the business. This is why sorting out your finances should be the first step in the process. If you work a 9 to 5 job, do not quit till you make enough money to create savings and investments. Try to get investors to fund your business or else apply for a loan.
Do not use your savings to start your business. You should also set aside a sum of money for investing in equity such as mutual funds or stocks. Investing in stocks can get risky, and if you are inexperienced, it will be gambling with money. Educate yourself by reading material tradingguide.co.uk to prepare yourself to make good investment decisions.
Remember, there is a business failure probability you should account for and make a wise financial plan.
2. Get Health Coverage:
When you work for an organization, their health insurance will cover you. As soon as you quit, that insurance does not stay valid. When working for yourself, you need to buy insurance for yourself, and the premium is quite expensive. But it is inevitable as you need to protect yourself from paying doctor’s bills. Also, as you grow older, your insurance premium will get expensive as the probability of you falling sick increases, and the company will over-charge the premium. Hence getting health insurance as quickly as you can is your best bet as an entrepreneur.
3. Build a Strong Personal Brand:
Building value to your name goes a long way when you are doing a business. Your business may not be doing well but if you have created a personal brand, your employees and investors will have faith in you, which is important as an entrepreneur.
Even before you start your business, you should build strong relations with people in the same industry. If your current job and your business plans are related to the same work field, do not quit your job yet. Form strong bonds with important people in the network who can help your business grow. Creating a work network helps you to reach out to people when you need help with your business.
The Bottom Line:
Full-time entrepreneurship sounds exciting and can set you free, but it also comes along with a unique set of challenges you should be prepared to handle. You are set to take a tough path, and you should be mentally strong to accept all the ups and downs and work towards building a successful business.