(In this article Trish shows you how to make the leap from employee to entrepreneur! Learn how to quit your job and start your own business the right way! For other important business tips to help you start smart, check out this series on how to start your business right!)
So, you’re thinking about making the leap from your corporate job to being your own boss. Perhaps you always knew you were destined to be an entrepreneur, or maybe you see a need and have a great idea to fill it. Whatever the reason, there is no doubt that running your own business can provide many rewards and present unlimited opportunities.
One of the keys for long-term business success is to start smart, and that begins with your actual transition from being an employee to an entrepreneur. Here are five tips to help you do it right!
1) Review your current employment documents. Before starting out on your own, it is important to check your employment contract, and other related documents, to make sure that there are no restrictions on you starting a business while working for your current employer. If you are starting a business that could be a considered a competitor, you will want to make sure you are not violating any non-compete terms. You also want to ensure that your current employer does not own the intellectual property that you will be incorporating into your new business.
2) Don’t work on your new business on company time. You wouldn’t like it if someone you hired was working for another company on your dime, so don’t do that to your current employer. Find time to work on your business outside of your current job schedule.
3) Don’t use your employer’s equipment or supplies for your business. In addition to being unethical, using your employer’s equipment and taking their supplies for your business could get you in legal hot water. Respect your employer’s property, and get your own equipment and supplies for your business.
4) Set up a business entity to protect yourself. Going out on your own can open the door to exciting possibilities and opportunities, but it can also expose you to increased personal liability. To protect yourself, talk to an experienced business attorney about setting up a business entity, such as an LLC or corporation.
5) Be prepared for hard work and long hours. Starting a new business is not easy. You will be required to put in many long days (and possibly nights) of hard work. If you are starting out by yourself, you will be everything from the CEO and chief financial officer, to the lead marketing person, and even the janitor. Being your own boss will require some sacrifices at the beginning, but know in the end it will be well worth it!
Making the jump from your 9 to 5 can ultimately provide rewards beyond measure, but you want to make sure you do it right!
The highly experienced business attorneys at Meyer Law can review your employment documents for any restrictions, make sure you have the rights to any intellectual property you want to use, assist you in setting up an entity for liability protection, and even draft your new business contracts.
Set up a consultation today to discuss how to quit your job and start your own business the right way! We are always here to help and look forward to hearing from you!
Tricia Meyer is Founder + Managing Attorney of Meyer Law, one of the fastest growing law firms in the United States. Meyer helps entrepreneurs and technology companies from startups to large corporations with day-to-day matters and notable clients include companies that have appeared on Shark Tank to companies gracing the Inc. 500 to some of the largest companies in the world.
Tricia has been named on the Forbes Next 1000 list, is one of the Most Influential Female Lawyers in Chicago according to Crain’s Chicago Business and been recognized as a top 10 technology lawyer.
As an entrepreneur and a lawyer, Meyer has a unique perspective and has mentored thousands of startups and scaling companies at tech incubators and accelerators across the United States such as 1871, WeWork Labs and Techstars. Tricia has been featured in Inc., Crain’s, Chicago Tribune, NBC Chicago, American Express OPEN Forum, and more.