Most Valuable Resources When Transitioning from Employee to Employer
Most Valuable Resources When Transitioning from
Employee to Employer
If you're making a career transition from employee to employer, you'll need the right resources to help you succeed in self-employment. Resources are assets that you can draw on to equip you and your new business to function effectively.
Many people say that self-employment is more accurately described as a lifestyle rather than a job, so there will be some adjustments as you leave your role as someone else's employee and go into business for yourself.
Here are a few of the most valuable resources you'll need to get off to the best start possible.
1. Time
Time is hands-down the most valuable asset in your arsenal. Because it's a non-renewable resource, managing it well is vitally important. Being the boss of your own time might be one of the biggest changes you'll face. Finding the balance between investing enough time into your business to launch it successfully and setting a pace that allows you to enjoy time with family, friends, and self-refreshment is the first step.
Looking for ways to make your new work-life efficient is the next step. Utilize technology to streamline your processes and systems. This will allow you to spend your time doing meaningful work that yields results instead of spinning your wheels on typical workday time-suckers like managing your email and locating needed information.
Use apps to keep your calendar updated, your files and records organized, your appointments scheduled and confirmed, and your access to clients or contractors streamlined. Be proactive in taking these steps that will save time and reduce frustration as you build your business.
Finally, pay attention to how much time you're spending scrolling through social media, posting to your business's social media accounts, or creating social media content for your company. You can use apps to schedule posts on all your social channels and others that help you make the collateral.
If you're still spending too much time and energy buried in Facebook or Instagram, it might be worth connecting with a freelancer or virtual assistant who could take this job off your plate. Learning to delegate will help you make the most of each precious moment you have.
2. Money
This might be a no-brainer, but you'll need some essential financial resources to kick things off for your new venture. Startup capital, of course, to buy what you need to run your business. You'll also need to have a plan that allows you to afford housing, food, medical expenses, and other necessities until your business grows enough for you to earn a sustainable wage.
You will likely need other financial resources like a company checking account, credit card, or credit line, for example. You might need a way to invoice clients, take online or mobile payments from customers, and a reliable software system or an accountant to help you manage any taxes you'll need to charge or pay.
3. Space
Depending upon the type of business you're opening, you might need significant physical resources for your company, like a warehouse, factory, or office building.
Since most people who leave traditional jobs to become self-employed start by working from home, consider the space you intend to use the most and equip it with what you'll need to maximize your productivity. Take the time and make an effort to look at essential things, like temperature, ventilation, noise, and lighting levels, and make adjustments as necessary to optimize your space.
If you spend most of your workday using a computer, think about working with dual monitors. Some studies have indicated that using multiple monitors can increase productivity by up to 44%. Not only is this a good investment of some extra space on your desk, but that 44% time savings will be priceless.
4. Health Plans
Good health is one of your greatest business assets. One of the things you might miss most once you're no longer someone else's employee is the ability to take sick leave when you're not well. Especially if you start as an operation of one, you'll need to have plans in place for any unplanned time off. Here are three plans related to your health that you'll need to have in place for your new business.
· A plan to stay healthy. You can't control everything, but as you establish your new work schedule, be intentional about building in time to exercise, have your routine wellness evaluations, eat wisely, get adequate rest. It's easy to get lost in the day-to-day busyness of running a new business, but don't put your wellness on the back burner. Plan to take care of yourself to the best of your ability.
· A plan to meet deadlines and deliver results. This will vary significantly from one business to the next, but don't wait until the first time you have to take an unexpected day off to figure out your contingency plan.
· A health insurance plan that's right for you as a self-employed business owner. Medical expenses can become overwhelming quickly following accidents, injuries, or illnesses. Protecting yourself with the right coverage not only gives you peace of mind but can keep your business from failing if unforeseen events happen.
5. Supportive Communities
While the list of physical, financial, intellectual, and human resources needed to run your own business successfully is a long one, you should make sure your supportive communities are toward the top of your most valuable resources list. Whether yours will be an operation of one or have employees right from the start, you can't succeed if you isolate yourself in a silo.
Having family members and friends that are your champions will build the foundation of your personal community of support. Invest time in nurturing and prioritizing these relationships. You'll need them more than ever during this significant life transition.
Connecting with like-minded entrepreneurs, other small business owners, and people that share your craft will provide a circle of community in your professional life that you will need as you encounter challenges along the way. Participate in groups on LinkedIn, or join professional associations that will allow you to network with others and easily access experienced experts when you need them.
Making the transition from an employee to an employer can be challenging, but it can also be richly rewarding. Know the resources you'll need, and be deliberate about cultivating them. Some of the most valuable resources of all won't cost you a penny but will yield tremendous results.