The transition from employment to self employment or business can be a daunting one. Many fail to manage it, hence failing at their attempt at business.
Being employed and being a business owner more so of a start up are two totally different experinces. This means once you make the swtich you have to do so mentally, socially, fanancially. What do I mean?
I mean you can’t live the same life you lived as an employee when you start a business. Remember you were lliving that life as an employee because some one laid a foundation that later enabled you to afford the life you were living thanks to your job.Now here you are, you have to build the foundation yourself from scratch and this process takes time.
Let’s say, thanks to your job you can get a salary loan and buy a car or house. Why!? The business you work for has built that credit worthiness you get to share in on thanks for associating with it as an employee. When you start your own business, you’ll realise you can’t even get a loan/credit to buy a phone using your start up’s credit worthiness because it has non as yet and will have to gain it over time say 5-10 years like the business you were working for did.

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.

Jaluum Herberts Luwizza is a Speaker,Writer, Columnist with the C.E.O Magazine and Contributor with the Nile Post.He is also a Business Consultant with YOUNG TREP East Africa’s No.1 Business Management and Consultancy firm that helps people start and grow profitable businesses.
0700155232 | 0787555919 | whatsapp 0716223986.