Making the transition from employee to business owner can be very challenging, sometimes impossible
and always unpredictable. Skills in accurate fortune telling may be a desired talent for almost everyone
considering self-employment.
A home-based business can make self-employment happen sooner than if you opt to invest in an office or
other commercial alternatives like industrial park or executive suite. Virtual office space offers backup
and support for home-based business ventures but can be expensive. A tremendous amount of thought and
preparation must go into planning to go out, successfully on your own. Whether you decide on a home-based
business or a business that is operated outside of the business owner's home, you need a business plan.
Too many business owners fail to plan or prepare for contingencies they never knew existed. Prudent
planning and thoughtful preparation is required if your business is to be successful.
While making the transition from employee to employer, consider the following information:
- Make sure you are on good terms with your current employer. New business owners even home-based
business owners need references. If your business fails you will need a reference even if you are not
planning to return to your old job.
- Don't ever leave a job for self-employment opportunities without giving adequate notice in writing
to the proper person.
- Building your client base for your new business venture should never include taking customers from
your current employer.
- In life there are exceptions to every rule like not taking clients from your current employer. If
you are a hair stylist, manicurist or barber, the clients of the business establishment belong to the
person who is providing the service. Make sure you have the contact information for each client and they
can contact you if you leave the salon where you are working.
- Do not talk about your plan to open your own business at work or with people you work with.
- Home-based business alternatives involve less expense and risk of failure.
- Home-based business ventures are viable alternatives to commercial office space.
- Never operate a business without a business license and a business banking account.
Whether you will operate a home-based business or a business located in commercial location, protect
your investment. Planning to leave your job to become your own boss should involve having a business plan
prepared. Long range planning beyond five years is advisable for any business venture.
