By Fernando Berrocal

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Making the transition from being employed by a business environment to starting your own as an entrepreneur is a significant professional and personal decision to commit. Both your professional and personal life will change dramatically after making this decision.

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You may have a brilliant business concept in the works,, or simply desire more professional flexibility in your everyday life. Whatever the case might be, you should consider different ways to make the transfer go more smoothly. There will be certain obstacles to overcome, regardless of how you choose to take the journey. Even though it is not an easy path, thoughtful consideration and planning can make a new venture simpler to maneuver.

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It is challenging to make the transition from being a business employee to an entrepreneur. There are several ways to pursue this endeavor; each with its own set of benefits and drawbacks.  It's crucial to figure out which is the best match for you. The most prevalent ones will be discussed in the following paragraphs.

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First, the most common solution is to keep working and develop a side business. Most people can't afford to lose their steady income (due to financial or family commitments), thus they must continue working. The idea is to establish a side business and eventually build it over time. Since there are only so many hours available in a week and your present job takes up most of them, having a lot of patience is essential. A benefit of this transition method is that your risk will be reduced through allowing you to test the market carefully.  You will know  if your business model is viable before investing money.

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Believe it or not, businesses don’t typically begin with a great idea. They frequently transform into something their owners didn’t anticipate in the beginning. Many people have turned their hobbies into lucrative businesses and even seasoned personnel with well-established jobs are seeing the financial possibilities of their “side hustle”. Here are some important points to keep in mind if you want to start a side business:

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• Choose the best side hustle for you: If you want to work and grow your business at the same time, you'll need a side hustle that fits around your schedule. 
• Work intelligently: You simply can’t afford to lose time on insignificant aspects of your business. If you're making money, put it back into the firm.  When appropriate, outsource simple chores. This frees up time for you to focus on building your business.
• Prepare your credentials ahead of time: If you want to work in a field that needs certification, look for one where classes and exams work around your present schedule.

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The second alternative is to quit your job and start your own business. This may appear to be the most evident choice–it is also the riskiest.  If you have family or financial responsibilities, quitting without a source of regular income might hurt your personal life. Also, starting a new business is a major task that takes a lot of time, effort, and money. This strategy does, however, have certain advantages. It allows you to devote 100% of your focus to your business and everything related to making it grow. Also, when your livelihood and reputation are on the line, there's no stronger motivator than the fact that you can't fail. If you have an "all-or-nothing" attitude, here are some basic strategies:

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• Increase the size of your savings account: Make sure you have at least six months' worth of living costs saved before quitting. This will provide you with a safety net in case your business does not take off as quickly as you had intended.
• Make a business plan: This serves as your success roadmap, and allows you to track your progress.
• Establish a business budget: It's critical to understand how your money is spent and if you're on track to accomplish objectives. If you need money to start a business, be sure you have it before quitting your job.
• Recognize when to pivot: Many individuals refuse to accept failure. You must take a step back to preserve objectivity. If your business isn't taking off as planned, be sure you're prepared to change course to offer it the best chance of success.

Option three:  you can turn yourself into a brand-new entrepreneur. Do you enjoy your job–but wish you were the one in charge of your job? Looking for partnerships could be a better fit for you. If you work for a startup, you might be able to use your skill set to become a partner. Partnerships exist across a wide range of sectors. It truly may provide you with a solid income while also allowing you to pursue your dreams of being an entrepreneur. The investments you make today will benefit you in the future. Here are some things to think about if this is something you want to do.

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• Make sure you want to have a partnership: Not every relationship has a pleasant conclusion. Make sure you can imagine yourself making decisions with someone else.
• Make sure you enjoy working with your colleagues: If you do decide to form a partnership, be sure you enjoy working with the people you'll be collaborating with. Consider how you'd manage arguments and how you'd address them to evaluate whether it's a good fit.

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Finally, there's the option of "branding yourself, then spreading out." This may be the safest out of all your choices.  Set out to build a solid reputation for yourself if you're in any type of career. This might be in any industry, ranging from digital marketing to the legal field. People are constantly aware - and appreciative - of exceptional skills. This way, when you're ready to venture out on your own, you'll already have customers lined up. Understandably, this may look like “stealing” clients from your prior job(s).  Ideally, however, you will be able to accomplish this without destroying any professional bridges.

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Ready to bring your startup to the next level? Apply to MassLight’s next batch. MassLight supplies capital and a dedicated tech team. We take equity in return. Have questions? Refer to our FAQ page.

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