D. Smith: Making the leap into the business world
Have you ever wanted to be your own boss, or start your own business? If you have what it takes to be your own boss, go for it.
Whatever your business idea may be, you can make the choice to do it full-time or part-time.
Having your own business allows you to receive an income and be more in control of your time.
If you need to take a day off or mini holiday, you can arrange your schedule to take “me” time off.
Being your own boss can lead to a healthier lifestyle.
If you do not like your boss or current work environment, you are not enjoying the 40 hours per week as an employee.
There is a health benefit to consider in changing your employment status if you are not happy.
You can look forward to opportunities to reduce the stress and have more control of your life.
When you are young, you have the energy to start a business, but may lack the financing.
As retirement nears, you are more likely to have cash, experience and industry connections to help you get started.
As retirement nears, many people transition from being an employee to doing contract work, as you enter the next stage of your life.
Long-time industry experience means you are an excellent source of knowledge, a company does not want to lose.
If you decide to start your own business, take good care of yourself and don’t burn out in the process.
Take advantage of the perks of “being your own boss.”
Research has shown that keeping socially active is one of the key’s to good health.
People who feel useful and keep busy tend to have better health, live a longer and have healthier lifestyles.
Whether your business is a hobby that has turned into a profitable enterprise, or if you decide to do a mega venture, you will meet the same challenges.
You will need to go through many of the same processes of starting, building and expanding your enterprise.
You can start your own home based business and it may outgrow your home, and may need to move to a retail store front or a warehouse type of operation.
Start with a plan. Starting a business as an entrepreneur is a step by step process.
You will have to choose a business name, find out what licenses are required, talk to your home insurance agent to ensure you are covered for any business activity in your residence, make a list of the equipment you will need to get started and hang out your shingle.
Advertising can be an expensive part of business ownership; you will have to research what type of advertising will work for your new business.
You need to get the word out “that you are in business”.
Before you leave the world of employment to full-time rest and relaxation, consider the health benefits of staying in the game—on your own terms.
Being your own boss means accepting responsibility, risks, lots of work and independence.
Embrace the opportunities of entrepreneurship; find the balance between work and life’s pleasures.
Doreen Smith is a Certified Financial Planner with Capri Wealth Management Inc.