How to successfully move from being an employee to self employment

JALUUM HERBERTS

The journey from employment to self-employment is one many plan every day on taking or have taken being successful and others falling short of reaching their intended destination which is self-employment. 

Truth be told, the wish to be our own bosses some day is one most of us hold although few get to live to see this wish come to life.

If you’re out there on your nine to six and dreaming of starting your own business or working towards self-employment, don’t lose heart because you can actually achieve it with a good plan and hard work.

It all starts with a good plan and that good plan starts today. Don’t wait to lose your job for you to start planning how to go at it on your own finally or don’t wake up one morning out of frustration and write your resignation letter.

The reason most people fail to achieve self-employment is because most people just make knee jerk decisions fueled by emotions only for reality to set in later when the emotions settle.

This is where most people start questioning their decision a thing they should have done prior to making the decision.

Plan for life without your usual pay cheque. As an employee you’re used to getting a pay cheque at the end of every month, that’s every 30 days but as self-employed professional or business owner your pay may not be regular, consistent let  lone predictable. 

Truth is, in the beginning you may have no pay and yet life has to go on. You have to be able to meet the costs of life like rent, buying food, medical bills if and when you fall sick, communication and transportation to name but a few.

The stakes are even higher if you choose to go into business because poor planning can become literally fatal.

Your life could turn around in a way you had never envisaged or even prepared yourself for a thing that could push you right back to where you’re from never to attempt leaving ever again.

Most people who choose to leave their jobs for business always plan for the business they are getting into but forget to plan for themselves.

They end up investing all their savings into a business that’s likely to take some time before it starts making money and yet they need to meet their daily needs.

It’s good to plan for a period of at least eight months without a salary by saving an equivalent of your eight months’ salary so that even when you leave your monthly paying job you won’t fail to take care of yourself monthly as you wait for your business to pick up.

This money has to be separate from what you plan to invest in your start up business.

It’s also important to learn the skills that will help you succeed as a self-employed professional or business owner. Give yourself more responsibilities at your place of work.

Take advantage of your seniors including those in top management and learn as much as you can from them.

This will help you gain valuable experience and insight outside your professional field of practice experience that will help you succeed as a self-employed professional or business owner. It’s also very vital to get in financial shape before you hit the road as finances will be a big issue going forward.

If you have debts make sure you clear them and restructure your budget to be able to fit your new life style that will require you to live slightly below your means as most of your money will be going into setting up something that can become income generating over time.

Chances are so high in the beginning you will be spending more than you are earning so you can’t live like you did when you still had a full-time job with certain pay.

Last but not least make sure you make the transition as peaceful as possible. Don’t burn the bridges you have crossed.

You may need the people you have left behind in the future so don’t slam the doors after you. If you have had the opportunity of successfully moving from employment to self-employment or business please share your experience with us in the comments section below.

Share with us how you coped too as your experience could help many out there that want to take on the same journey. If you found this useful please leave a comment and share this article within your social circles.

Jaluum Herberts Luwizza is a Business Consultant, Writer and Public Speaker with YOUNG TREPS a business management and consulting firm that helps people start, run and grow profitable and sustainable businesses