As more people quit their jobs for better benefits and work-life balance, 32% of Americans have turned to entrepreneurship. Many entrepreneurs started their businesses alongside their full-time jobs, consulting or providing services to friends or businesses in their professional network. If you're looking to take the leap in the next year, allow us to offer some valuable advice and lessons learned.
Quitting your job for a side hustle? Here's what you need to know to go full-time entrepreneur.
You Get to Create Your Own Schedule
If you're looking to have more autonomy over your schedule, starting your own business may be the way to go.
... Until it isn't.
It can be challenging to set boundaries with clients who prefer that you work on their schedules. Until you're aware of your preferred clientele and confident enough to put your foot down, you may be working longer hours than you'd prefer.
Learn more:
- Friendly but Firm: How to Set Boundaries with Clients
- 8 Questions to Qualify If a Client is Worth Your Time
You Determine How Much You Make
Depending on what you're offering, you'll need to determine what rates your clients are willing to pay. You may need to start off at a lower rate and then increase your prices later on. Also, be prepared and comfortable talking to your clients about money. It needs to be an ongoing conversation, including communicating regularly with the person who pays the bills.
Learn more:
You're Prepared for the Stress & Challenge
Trying to get a new business going is obviously stressful. You've decided that you're ready to take it on. You're adaptable and have a great support network. You're going to need it. The good news is that there are loads of valuable resources available to small business owners. Don't be afraid to reach out and ask for help.
Learn more:
You've Read Up on All the Best Practices
If there's a secret to owning and running a successful business, it's to always be learning. There are loads of stories and great advice. Try and try again. Keep the things that work; lose the things that don't. Here are more great articles to help:
- Best Practices for Organizing Small Business Accounting
- 5 Steps to Having a Successful First Year in Business
- Top 10 Qualities of Successful Small Business Leaders
- Ready to Launch and Grow Your Saas Startup? Here's a Checklist
At Enterprise Recovery, we help growing businesses recover payments from clients. Whether help is needed in accounts receivable, past due bad debt, or legal collections, our quality customer service is available to help bring accounts current so your business can keep growing. Let us know how we can help!
