There are many different reasons why you might consider starting a business after spending a long time in the corporate world as an employee. You might lose your job, for example, or just fancy trying your luck and doing something that fills a glaring gap in the market. And it’s happening a lot these days, too – while the regular paycheck is still the norm, more people than ever before are starting to embrace entrepreneurialism.
With this in mind, we thought we would spend some time discussing how to make the switch from the safety net of corporate work to the thrills and spills of running your own business. The reality is that both experiences are worlds apart from each other, and much needs to be taken into consideration. Let’s take a closer look.
The big decision
Leaving the security of a corporate job is a big step – particularly when there are no guarantees of success. You have to consider what you are leaving behind. That regular paycheck is critical, of course, but there is also a lot more to think about. Benefits – such as pensions, health insurance, sick pay, and vacation leave – are incredibly important, and many new small business owners struggle to get by without them.
The fact that you might hate your job is not a good enough strategy for starting a business yourself. There has to be a reason or vision behind the move. Perhaps you have spotted a gap in the market which you feel you can fill. Maybe you have found something that actually ignites your passions – but also has potential in the marketplace.
The importance of learning
As a successful corporate worker, it is likely that you are used to the concept of learning to improve your career. However, it’s even more important when you start running a business. There are many pitfalls on the path to success for startup companies, and it’s important to put aside valuable time for education. Doing so will give you a stronger chance of achievement and will keep your business on track for a long time to come.
It’s never too late
Worried about making the switch from corporate worker to entrepreneur after spending years as an employee? Don’t be. Take Nicolas Livsit, for example. When you learn about Nicolas and his career so far, you’ll find out that spending years in the corporate world is no barrier to trying your hand at running your own business. It’s never too late to give new adventures a try, and in many ways, you might be better off leaving it a while anyway. You will have more money behind you, for a start, and plenty of network contacts and experiences to draw upon.
Understand the big difference
When you start a business, it can often be tempting to run it in the same manner as the corporate company you left behind. However, doing this could be a vital mistake for your ideas. You won’t be able to afford to hire employees for some time, for example, and you won’t have any customers yet – unlike your previous employer. There is a world of difference between the corporate and entrepreneurial worlds – and knowing those differences will be key to your success.