The idea is grand. Leave the corporate world, the bossy boss, and the unbearable co-worker. Release the tether of the 9-5, break free of the carpeted cubicle and create a workplace of pleasantries, profits, and performance.
For many, starting your own business is a colorful dream, fueled by society catch-phrases full of encouragement and motivation. “Just jump in.” “Go for it!.” “What have you got to lose?” “If not now, when?”
For others, the dream however, turned into a living nightmare, riddled with problems, issues, and unanticipated pitfalls.
For example, before leaving the corporate world to start your own business, ask yourself what is it you are most passionate about. When it is your business, there are no days off. You must love what you are doing pretty much all of the time, every single day. Your competitor, the successful competitor, IS passionate. And that is the level in which you will need to compete.
The food truck business gives you a lot of flexibility. I can take my kids to school every day. I can pick them up from school every day. I never miss any sporting events. Whatever it is, I’m able to attend, and I create my own schedule, which is great. – Rick Coleman, owner Jackpot Chicken and author “So You Want to be a Food Truck’r.”
Next, consider what your business is from a consumer perspective. Will that idea work? Is there demand for the product, good, or service? Have you conducted true market research and feasibility studies to support that leaving the corporate world to start your own business makes sense from a demand perspective.
Third, is your business worth the financial risk to leave your corporate job, complete with its healthcare benefits, retirement contributions, and predictable paycheck? It will cost money to make money, and not simply for startup. You will have to provide your own healthcare, forego a paycheck for months if not years, and still be able to keep up with the everyday bills like your mortgage, car, and utilities.
Finally, know that leaving the corporate world to start your own business is not going to be easy. The pipe-dream that just because it is your will make it easy is unrealistic. As your own boss, you will have new issues to contend with, such as hiring, payroll, legal concerns, and compliance, to name a few.
“Establish the right business entity, business insurance, things like workman’s comp, paying your taxes. You are responsible for sales tax and things of that nature, you know. And if you overlook that, it piles up, and then it creates a whole other issue for you down the road legally. Those are some of the issues that I think are most overlooked in regards to people that are starting off their entrepreneurial journey, added Coleman.”
We’re not saying that every venture in to business ownership will be tough, but thinking that leaving your corporate job to start your own business will make life easier is inaccurate. Keep your eyes wide open. Be prepared. And know what potential issues may lie ahead.
Learn more. Listen to Rick Coleman on the BizChat Ohio podcast and check out his book “So You Want to be a Food Truck’r”. And you can find it by visiting Amazon.com, Barnes & Noble, or Rick’s website. Be sure to like and follow Rick on Facebook and Instagram at jackpotchickenfoodtruck.