Is Entrepreneurship Right for You? The Explosion of Entrepreneurship also called “The Great Resignation” – or a better name, “The Great Empowerment” – is making strides for 2022. One of the hard-to-find good needles in an ugly COVID-19 haystack is the expansion of new, independent freelancers and businesses in the U.S. and around the world. As workers discovered the benefits of working from home, hundreds of thousands took the concept to the next level, quitting their established jobs and taking their skillsets on an independent path.
According to a CNBC article, “A record 4.5 million people quit their jobs in November 2021, based on data from the U.S. Department of Labor, continuing a trend of workers leaving employers in droves.” Before you leap into entrepreneurship, there are some things to consider during the transition from being an employee to becoming your own boss.
Don’t Burn Bridges
As easy or exciting as it may be to focus on all you have to do for your quest for entrepreneurship, make sure you leave your present employer on good terms. The majority of states do not have legal requirements about giving notice when you leave a job but make sure to review any employment agreements or business code of conduct documents you may have signed before resigning. If nothing is stated, a professional two-week notice is appropriate. Keep in mind that the purpose of the notice is to ensure a smooth transition of your duties to someone else. So don’t give your notice, then announce that you will be taking most of it as PTO time.
Now that you’ve provided professional notice, don’t stop being a good employee. Your employer will appreciate you finishing strong and having their best interest in mind. The golden rule of “Treat others how you would like to be treated,” is always applicable. A strong ethical foundation for yourself and new business will go a long way as you never know what the future may hold. Should things go sideways with entrepreneurship, finishing strong as an employee increases your chances that your former manager would hire you back, hire you as a freelancer, or provide a stellar reference to a future employer.
Employers’ Perspectives on Entrepreneurship or Freelancing
Some reasons to “not burn bridges” are that employers recognize the advantages freelancers provide in reducing their payroll costs, and time-and-money commitments of finding and training new workers. Having a talent pool that’s not so limited by the company’s existing roster of employees (or potential employees’ geographic locations) also expands a company’s range of capabilities.
But what about loyalty? Overall accountability can be elusive when direct disciplinary action isn’t part of the equation as it is with full-time employees. If you and your employer can come to agreeable terms in transitioning from employee and employer to freelancer and client, it’s up to you as the contractor to form a new level of trust and loyalty. Having your employer as your first client has great potential in being a win-win situation.
The Good, Bad and Ugly for Entrepreneurs
Becoming one’s own boss is not easy; we’ll just make that clear upfront. You need marketable skills, ambition, patience, and a well-established network that you can tap as potential clients, or helpful talent. If you’re going beyond being a freelancer and launching a business, you’ll also need a purposeful, logical business plan to present to lenders to secure funding and a good marketing plan.
In upcoming blogs, we’ll talk about Marketing – logos, brand positioning and websites, all of which you need. You only get one chance to make a first impression. Logos and taglines, your company’s branding, is the first peak your potential clients have into who you are, what you do, and what problem you’re going to solve for them. You need to make sure your branding is spot-on. We will candidly discuss what marketing efforts you can do on your own, and what marketing projects you may want to outsource to an agency.
The self-employment boom is here to stay, without a doubt. Yes, this growing paradigm carries tricky uncertainties for everyone. Yet certain positives are undeniable: More flexibility, more capability bandwidth, expanded opportunities, and reduced costs are always good for business, whether for established companies or the brave entrepreneurs just joining the game.