Many people who currently do social media as a part of their job are eager to take the plunge and start their own business.
Why not?? Entrepreneurship is HOT right now. Shark Tank has made entrepreneurship sexy and more than ever, people want to start their own business.
The flexibility is appealing, and the idea of building something yourself. Plus, if your business takes off, the financial payout can be very rewarding.
That being said, there are a few things you want to consider before you make the jump.
1. Income May not Come Right Away, and it May Not Be Consistent
Be sure that you can handle inconsistent income. For most people, starting out means a few months of building a business without a lot of income coming in right away. Even after your business is up and running, you may have late paying clients that throw you off. Have a safety net for yourself.
2. You’ll Have to Hustle and Work Really Really Hard Sometimes
I can’t tell you how often I’ve stayed up all night working on a deadline, or taken international conference calls at 2 AM, or traveled to the middle of nowhere arriving in the middle of the night only to run a workshop for the day on 3 hours of sleep. Be ready to work hard when you need to, and enjoy the flexibility when you can.
3. Get Clients Before You Quit Your Day Job
Before you quit your day job, make sure that you have some PAYING clients in the hopper. Work evenings and weekends if you have to, but prove out your value proposition before you make the leap. This will not only give you a financial buffer but it will also allow you to grow your clients more quickly when you start.
4. Be Ready to Act Like a Real Business
If you act like you don’t know what you are doing, people won’t trust you. If you don’t value yourself or your services, people won’t take you seriously. First, make sure that you have experience and maybe invest in a social media training program – clients shouldn’t be paying you to learn. Second take yourself seriously and act like a real business from day 1.
5. The Rewards Can be HUGE
While I did focus on the watch-outs in this post, it is important to note that running your own business can be very rewarding. You get to be your own boss, work on projects you love and build a lifestyle that works for you.