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Dru86
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Mischelle, post: 262138, member: 60404 wrote:
Hi Dru,

Bert has a very good point, as part of your research and planning draw up your business plan, be realistic in the plan, don’t go overboard on cash flow projections etc etc, a lot of people dream in these plan, be real, be brutal.

The ideal situation for you would be to get a couple of clients that you can handle on the side while staying employed to see if you have a viable business. You have way too many personal expenses to risk jumping in with both feet.

Is your business the type that would be re-occurring customers?

YOUR QUESTION:

My question though, is how did you handle going from Employee to Employer?

Holy moly, it was a shock. (I had other words in mind – but thought I would keep it PG) There is so much more to running a business than going to work and doing your job :) A lot more pressure and many small tasks that you would never have thought of.

At first it was horrid for me, I went from a very very high income in the mining industry to a crap minimum wage that I paid myself, after all taxes, expenses etc. It balanced out after a while and now I would never go back.

Paul’s advice of having money aside to establish yourself for the initial time when you go full time into the business is very important, this gives you peace of mind.

I jumped in the deep end, but I survived, and it helped I had a client before I started out and after a lot of HARD work I succeeded.

Your business plan and research is THE most critical thing you can do at this time. Include how you are going to get customers in your plan, include everything and like I said be realistic.

Cheers
Mischelle :):)

The current business I am looking into, I have the upside of having a contact that has small amount of work available. They undertake similar (but not the same) type of work, were looking at expanding into this area but they have committed themselves to another part of the business. I can’t rely on this either.

The business has the possibility of reoccurring customers. More so from large industrial clients.

I am trying to develop ideas of what I can do during downturns to make sure I can keep the cashflow going.

Thankyou for your insight to being a employee. It is a daunting idea but one that I am sure will be well worth it.