Steering your own ship - transitioning from employee to entrepreneur

Are you one of the many who have decided to leave your job and start your own business? Do you find your friends, family, and even employees don't fully comprehend what it means? Let's talk about it!

As an employee we are governed by our employers wishes, desires, policies and directions. They decide how and who we hire, what and from who we buy, and how we are going to go about our day. On the flip side, as an entrepeneur, we make these decisions... or as I like to say, 'Steer our own Ship.'

But is it as easy as it sounds? Well, first of all, we went from one boss to tens, hundreds, or even thousands of bosses... they are called customers! We went from earning a paycheck to investing our life savings into a shop, equipment, and materials, then waiting for someone to come to the door and buy from us.

Let me tell you about a conversation my friend John had when he was confronted by an employee who questioned why the shop rate was $75 per hour where John only paid him $25:

It started with the cost of renting the building, utililities, and insurance;

then they had a conversation of how much the tools and equipment cost him;

from there they addressed paid hours in a day versus charge out hours, and how that was even worse during the slow season;

and let's not forget paid holidays, pension contributions, unemployment insurance premiums, and health plan;

then there were other details such as advertising... and the list went on.

In the third story of The Beancounter Series we are going to address the Trades what I will call 'a dedication to blue-collar business.' Let's share our experiences by contributing to this blog!

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