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Salary Comfort vs. Ownership:  10 Considerations To Jumping to the Entrepreneur World

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November 25, 2019

The great business philosopher, Jim Rohn said it best, “Profits are better than wages. Wages make you a living. Profits make you a fortune.”

These words resonate with some and others it’s just too risky.   When was the last time you thought about your career and life’s work deeply?  For many of my entrepreneur clients, they follow a similar theme.  They begin in a specific industry such as engineering, finance, skilled labor trades, medicine, mental health, real estate, and technology and built strong resumes over years of working for someone else. Ideas creep into their minds and the what-if question begins.

 

As the thoughts creep into the mind, the main question they ask their subconscious is why would I leave a cushy paycheck and job for the risk of going on my own. Being an employee may have worked in the past, but now you want to take the leap and have a sense of purpose, impact and most important autonomy and freedom.

So many times, the negative influencers will creep into the conversation when you tell them that you are going to launch your own business. Disengage them and think through the following 10 Considerations of moving to the Entrepreneur world.

1.    Listen to your friends and families for inputs, but if they cause you to have limiting beliefs in yourself, leave them behind. 

2.    Focus on servicing first not just selling. 

3.    Ask yourself this question, do my services solve a current or new problem and what value can I offer to these problems.

4.    If you are in a service business, it’s far easier to sell high-priced packages than to sell low priced hourly rates.

5.    Get over the mindset of - I hate sales so much.  You must change your thinking that your specialization, talents, expertise, and leadership will help to enhance your sales. 

6.    You must learn to change your limiting beliefs and most important is that you are not always selling but always serving.   That simple change to serving will make you care more and charge appropriately for your services or products.

7.    Always stay true to who you are.   If you feel you have to give up your true self to be profitable with your business then you are better off staying at your salary job. One of the main reasons individuals decide to go on their own is to provide great work for clients with an impact without big corporate BS.

8.    Always tell the truth. Simple concept but so many go off track with fabrications just to make a sale or profit.

9.    Learn how to truly connect with your clients and not just communicate. It’s a big difference.  This begins with building a great customer relationship management system.

10. Most important build a mindset and mantra of Never Ever Giving Up.  When you learn how to suffer by covering payroll or expenses when there is nothing in the business checking account, you become a real owner.   

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Being your own boss is surely not for everyone, but the lifetime rewards of building out your business team and value to customers are so rewarding.  I look back over 30 years ago when I had an idea to acquire an accounting firm in another State while currently employed at a Big 6 Accounting firm and it was the best decision I ever made other than marrying my wife!    It’s hard no question to run your own business without a guaranteed salary. YES, you might face 100-hour workweeks (I surely can relate!) but personally, the journey is unmatched from the salary world.

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Tags: business, business adviser, business analysis, business coaching, business planning, goal setting, mentoring, success, career, success ideas, business tips

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