6 Tips for Successfully Shifting from Employee to Business Owner-Part 1

While it is important to have an original idea and many connections, becoming a successful business owner requires a lot more. For most people, making the shift from the structured world of being a full-time employee to the unpredictable life of a business owner can be difficult. You might be surprised to learn that many of your work habits that made you a good employee do not work as well as a business owner.

The Small Business Administration reports that only 50% of start-up businesses make it to the five-year mark, while only 25% celebrate their 15 year anniversary. Below are the first three tips for how to successfully make the adjustment to the world of entrepreneurship and help ensure that your business is around for the duration:

• Set boundaries. As an employee, you probably agreed to all requests that were made by you. However, being a “yes-man” is usually not a good idea as a business owner. This approach will soon overwhelm you. Additionally, it is important for an entrepreneur to set the schedule, be a leader and not follow everyone else’s requests. This doesn’t mean you have to be hard-core and say “no” to everything, but be selective and keep your energy focused on accomplishing your goals.
• Be ready to work hard. If you think owning your own business translates to you working only a few hours per week, you are in for a shock. This may be possible once your business is established and successful, but until then, you will likely have to work with some extremely long days (and nights!). This is why it is vital that your business is something that you love.
• Be flexible. It is important for a start-up company to realize that with limited time and resources, perfection is not going to be possible. If you get bogged down with details, your business will stall. Focus on your high-priority matters and don’t fret over the small stuff. Also, be prepared to handle a wide variety of tasks. As the owner of a start-up, you will likely be called to provide services in numerous different roles, including sales, marketing, tech support, accounting, and even janitorial services. Whatever has to be done, realize that you’re the guy or gal to do it!

For a few more important tips, please read our next blog titled “6 Tips for Successfully Shifting from Employee to Business Owner-Part 2.”

Contact a knowledgeable business attorney at Nielsen Law Group for advice on starting a new business, including business formation matters. You can schedule your initial consultation by calling (480) 888-7111 or submitting a web request here.