Transition from employment to self employment or business

As an employee you’ll expect a salary regardless of how the business peforms but as a business owner, now your pay is directly proportionate to what the business makes. If it doesn’t earn you also don’t earn. During the year long lock down for example, we had to keep paying our staff full pay even when there was literally no money coming in. The business’ earnings dwindled but the workers’ remained the same whilst doing no work.

It as this point that I love to remind start up owners that your nolonger employed, leave that life behind literally more so take it out of your head. Stop competing with your employed friends. Simply because John bought a new car doesn’t mean you too should. On the flip side you’ll find yourself having to sell the one you have and will have to do it if your to stay afloat and give yourself a chance of surviving. You’ll have your self living on half what you used to when you had a job. That adjustment is key if your going to build a succesfull business over time.

Its like starting a fresh from ground zero. If that’s a process your not ready to accept then don’t go for it. The good news is with time you’ll soon be in the same position or even better than you were if you can put in that time. It could be anywhere between 2 to 10 years but of course along the way things will be improving and you’ll start living a little more comfortably.

The key here is when you start a business don’t live like you did when you were employed if you are to give yourself and the business a chance. Most importantly note that not every one who has to succeed in life has to start a business, you can also be succeaful as a career (employed) person. Business should be a passion, you can make it in life as abusiness person or a career person but if you choose business then be ready to adapt and adopt.