For a long time I battled with the logistics and fears of transitioning from a full-time employee to a full-time entrepreneur. I have thought long and hard about this subject and have come up with helpful ideas and reasoning. Hopefully these ideas will steer you in the right direction. And guess what?... the truth hurts. If you can't handle your feelings getting hurt then PLEASE don't read this :)
If you can start to work 3/4 time it will give you a respectable amount of time to focus on more important things like your business passions. You can still get health insurance through your work, but just pay a little more for it. If you pay over $300 per month for it now,
I don't see paying more than $400 if you’re working 3/4 time. Obviously, your income would make less since you’re not full time but it’s not something a few new clients couldn’t cover. And regarding overtime, if you haven't had overtime in months then the transition is much smoother. And when I was doing overtime, I would only make a $100-200 more per month.
That really isn't anything if you compare it to what's possible by working for yourself. Cutting back your hours would be beneficial since it will help your current employer with you transitioning out instead of you just jumping ship all at once or after two weeks. It will also appear that you’re being considerate toward your employer, whether you like it or not. This way, your boss looks good to his bosses by offering an alternative solution that’s a win-win for your employer and you. But let's be frank, if you're good and a leader they will throw a fit.
Let’s be honest, all of us don't want to be working full-time for someone else forever. Am I right? I know I don't want to grow up to be like that boring guy in sales or that lazy guy who acts like he’s always doing something important and you especially don’t want to be the errand boy to someone who can barely tie his own necktie. Most businesses are setup so that you would never be upper management until your manager retires or dies.
And then what... you get a $100k salary with a “company car” a.k.a. convertible Chrysler Sebring, like Michael Scott ("The Office" reference if you didn't catch on), that you have to pay for anyways? Eternally the power will forever be out of your hands with an employer. You will only get an easy job with silly perks to keep you around long enough to make upper management and the CEO loaded. That life is good for some people but I’m sorry, I can't live a life that way.
The only alternative is to work for ourselves. And if it doesn't work out, then you have to get another job and you’re back in the position you are in now. I just think we're wasting our time spending all our time working for other people rather than ourselves. There is so much money to be made and opportunities out there it’s stupid. Many of your friends have their own businesses and they're doing great. Not to say it won't be difficult. It will.
The Middle Class Problem
The problem with a comfortable job is that it’s comfortable. And then 20 years goes by of you being comfortable and you haven't grown, you haven't experienced life, you don't have any rental properties, you don't have a ranch, you haven't started a charity and you're still drowning in debt with a mediocre job working for incompetents. Why is it that incompetent people can have a successful business and you can't?
The Business Owner Fix
There's too much upside to having your own business. There's too much that can go right and too much money to be made to at least not take a shot at it or at the very least give it a five year plan of working your butt off. Like I said before, what's the worst that can happen? You fail and have to get a job again?
If that's rock bottom then I guess you’re already there.
I mean, sure, you could go bankrupt or something like that; worst case scenario. Ok, bankruptcy means you have too much debt and not enough income. So you can't get a loan for a house. Big whoop! You downsize and have no mortgage and continue to work and rebuild your credit. That doesn't sound awful. Many millionaires have gone into bankruptcy at one point. The point I’m trying to make is that there's just too much potential to be wasted.
Take A Look At Yourself
You’ve been good at everything you’ve ever done. You know too much about business to at least get started and start experimenting and trying new things. When I took an inventory of my life I realized this: If I died today my only regret would be that I didn't make several multi-million dollar businesses that helped real business owners and people and that I didn't give enough back to our community and to charities. I would regret not living a life of freedom: freedom of time, freedom of bills, and freedom from the middle class. I would regret that I didn’t show my children how to do the same but instead I lead them to a life of mediocrity.
If you think of all the great people in your life who have done great things they have had this same conversation. They have gone up against this same adversity. They have had to overcome fear and medical insurance costs.
You Are Ready
When it comes to the point where you feel like a lion who has been let out of her cage, it’s time to take action. Because once that lion is out there is NO way she’s going back in that cage. You’re not afraid to be wildly successful and you’re not afraid to fail miserably. What you’re afraid of is staying in the same cage for the next 30 years while you work for someone else’s dreams.
You’ve never been more ready than you are right now to start a legacy.