Here at TheEmployable we are keen advocates of all things that encourage career growth – be it, training, education, career progression, career change, or just all out refocus of the work / life balance. Of course, career growth can also include taking that leap into self employment and starting a business.
But apart from all the typical business questions you might be asked or ask yourself, here are a few handy pointers on the things you might want to consider, but probably haven’t as yet!
Before or after you quit!
Unless you are presently semi retired, recently redundant or currently unemployed, the chances are that you are thinking of starting your own business whilst still in employment. Consider this – will you start your self employment or own business (or at least test trade it) whilst still in a paid position or will you quit first and then give it a go. There are benefits to at least formalising your business whilst still employed. At least there is cash still coming in to pay the bills, however it can add pressure to you and the level of commitment you show to your current employer and any family / life commitments you have outside of work.
The cost of living
It would be great to live in a utopian world where the cost of living and where you live doesn’t specifically affect the career decisions you make. The hard facts are, you need to work out, if planning to start a business, what your living wage will need to be to make that move from the comfort of a full time and guaranteed wage. Take into account too that as house prices continue to go up (post recession), the cost of even keeping or buying a roof to go over one’shead will also need some consideration. This infographic from Freehold Sale also helps to visualise that where you live can also mean larger overheads and bigger mortgages. (Click here for the whole infographic)
If you are in the midst of starting your own business, you might be so busy that you don’t even take time to consider the real motivation for making that career leap. Take some time to consider why you are thinking of starting a business, and make sure you use that reasoning, be it frustration, career disappointment, or just all round ecstasy for your business eureka moment, to spur and motivate you on.
Can you commit to it?
Of course we’d imagine your answer will be “yes”, but before you get too carried away, understand that unlike full time paid employment, you have to give up more than just the guarantee of a full time wage. Expect (at least for the foreseeable) a lower wage, to have to work longer hours, have more of an emotional attachment to your job, and the need to multi-task in loads of areas and all at the same time! If the answer is still “yes” then brilliant, go for it! Best of luck!