As you prepare to start your business, keep these things in mind so you—and your loved ones—can more easily transition into the brave new world of entrepreneurship.
1. Income might be unpredictable at first. Without a steady paycheck coming from an employer, you might find it challenging to keep up with expenses both professionally and personally. When you’re starting out, revenue from your business will take time to ramp up. Remember it takes time to build a network of connections and clients.
2. You may need to forego some luxury. Prepare to make some personal sacrifices when self-employed. All weekend hang out with the ladies and impulse purchases of designer handbags and shoes probably won’t be in the budget for a while. No pain, no gain.
3. Working from home requires discipline. If you decide to run your business from an office in your home, you’ll face a whole new set of distractions that can threaten your productivity. Tuning out the personal to-do list and spontaneous requests from friends to meet up for chitchat during the workday demand concentration—and the strength to say “no.”
4. Expect to work really hard. Starting a small business requires a significant amount of time and effort. Many new entrepreneurs find themselves working harder and for longer hours than when they worked for an employer. Finding ways to maintain a comfortable work/life balance might be challenging in the beginning, but it’s necessary for the wellbeing of you, your family, and your business.
Deciding to start your own business requires alot courage and willingness to take the bold step, but it’s worth it after all.