From Employee to Employer


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The life of an employee can be exhausting. Imagine this: Daily commute under traffic condition, class A power tripper bosses and rules that are so hard to live with.

One of the students of Innove has been employed for 9 years. For him there is no more growth in terms of career and salary, so he decided to leave the corporate world. He wants to have his own business because he wants to control his time and spend more time with his family. This story is not uncommon. It is felt by the millions of employed Filipinos locally and internationally. The sad thing about it is that only few take courage to pursue their dreams of taking control of their destiny.

Here are some tips on how to crossover from being an employee to employer:

Prepare.

Even while you are employed, start to think of business ideas. Those ideas do not have to be complicated. The most suitable for employees are those that tartget the needs of the people in the office

Jumpstart.

Begin the business the bootstrapped way. A bootsrapper does not begin with a product, instead he has a list of products in mind and asks people which one they would like to buy. From the short study, he will provide what the market is looking for.

Delegate.

Since you are still in the office, you can delegate some none essential tasks to others. Delegating tasks is key to growing your business and at the same time allowing you to continue you job as an employee.

Keep a Score.

Have a proper recording system for your business. For a small business the important thing is the cash. It is the lifeblood of the business. Financial statements like balance sheet and income statement are not much help to a small business initially. A small business should look more at its cashflow.

Point of no Return.

Know the point of transition. Will it the time when the business is earning more than the salary? Having a goal will give an indication wether the point of no return if near or far.

In conclusion:

The journey from employee to employer takes time. It does not happen overnight. Plan, start, seek help, know your numbers and point of no return will be your best bet to shorten the distance by a few meters. When to start is now a question because the answer is NOW!

 

 

 

 

 

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