Fairly often, when going through a career transition, people may think they would like to become a Business Owner. Unfortunately, there are several new businesses who are not successful. With this in mind, I have approached some banks to see if they would use me to provide an educational workshop to inform individuals what is involved in being a “business owner”. We have provided some large companies with such services when many displaced employees have an interest in this. With all the data and resources we share, it definitely helps people to make better and more informed decisions. Our goal is to have people enter this career path with their eyes wide open.
Many people say, they “think they want to be a business owner”! (Or others say, “I’m thinking of Many people say, they “think they want to be a business owner”! (Or others say, “I’m thinking of being a consultant”.) I respect all persons’ dreams, so my response is, “OK, what do you know about that?” Some have done some homework, while others have done very little. As a Career Coach, I have provided information and some facts of this career choice. Before entering unchartered waters, map your voyage, using credible resources! (FACT: It has been stated that only 1 out of 10 businesses survive.)
Some potential owners are advised to have one year’s salary in the bank to use as they begin their businesses. However, as a business owner of 23+ years, my experience has been to encourage 2-3 years’ salary saved, as it may take longer to get your business up and running. Too often the expectation of friends and acquaintances using your services can fall through.
Even if you do have a client or two to begin, as you are servicing them, how do you plan to market your business while busy servicing another? Another fact is many, who want a business, really don’t like to market. This happens more times than not. A person should do lots of research on what business would be a good fit for them. Also, do not expect or assume that family members will want to work for you. It may be your dream, but not theirs.
You also need to determine what legal entity is best for you. Therefore, you would be wise to locate an experienced and trustworthy business attorney. There are also accounting aspects to prepare, and you should consider hiring a CPA to make sure all finances are handled appropriately. You do NOT want problems with the IRS.
If you sincerely believe that you want to be a business owner, Compass Career Management Solutions does provide a program in educating you on those initial decisions and includes a manual to use in organizing your first steps. This is one of the biggest “transitions” a person can make. We can provide individual Self-Employment Coaching, which includes private instruction, as well as sharing information of some credible resources and vendors to consider. Or you can tap into one of our group sessions. The charge for Individual Coaching is $125; our Group Sessions are $85. Follow your dream – just do your homework ahead. Compass Career Management can help you “navigate your ‘career path’”. Call now: 704-849-2500.