When Should I Leave My Job To Start A Work At Home Business Opportunity
When is it the right time to leave your job so you can be happy again?
“Are you on drugs?”
That was the response I received most often when I left a six figure annual income salary at 24 to start my own business. Most people were shocked by the fact after I had spent so many hours with this company, dropped out of school, and moved out of state to a place where I knew no one. It would seem easy to say I was committed to this new job and that it would create an income for me for years to come.
Well the truth is when you have the entrepreneur itch, it doesn’t matter how well you are getting paid. This is the big question that you will have to decide when to leave your job: How do I want to live my life?
A work at home business opportunity can be exciting, but hard to figure out when you don’t have the experience. To help you sift through the madness of sleepless nights, the groggy mornings at a cubicle with TS reports, and angry management yelling at you for being late to a meeting about the weekly meetings; let us discuss what you should weigh before making this Robert Frost-ish decision before reaching the tipping point.
What do you owe the company you work for?
Often you will have contractual obligations to your current employer that require you to stay with a company for a certain period of time. You might also have a non-compete clause in your contract that you will make it hard to start up your business if they are very similar businesses.
Often non-competes can be pretty shaky because many states make it hard to enforce it when you have a right to work with your trade. You have a responsibility to feed your family and the government won’t hold you back from that. Companies tend to be more concerned that you are stealing their trade secrets. That might require you to sign a non-disclosure agreement.
Even more than contractual, you might feel that you have a moral responsibility toward your company because of what they have done for you. They have provided a living for you, possibly an education, a chance to feed your family, and put a roof over your head.
One of the smartest things you can do is figure out if you can trust your employer and be honest with them about your feelings to move forward with your life. This is what my business partner did with his job and it made it easier for him to move on. Businesses are created by employees improving on business ideas of their former employers.
What responsibilities do you have toward your family?
This very well could be the most important aspect you will have to face when deciding to leave your job. I once heard a man say, “No success in the world can compensate for failure in the home.”
Your family is your legacy and what you will leave behind when you pass from this world. Never forget that work is just a means to spend more time with them and take care of them.
Decide what will help you spend more quality time with your family. If you are stressed all the time with your job, but still get to spend time with your family; is that what you want? Do you want your time spent with them to be less significant because you are cranky?
Would it be even more stressful for you to leave your job and work from home while you are trying to start your business? Can you leverage your business enough so you can still spend time with your family? What will help you to provide for your family’s future, such as retirement for you and your spouse, or college funds for your children?
There are a lot of questions to be asked, but you have to decide what weighs as the most significant aspect of your relationships. Look at what you are doing right now and ask yourself, “Is this day-to-day routine getting me what I want?”
How stable is your job?
Google is well known for not paying their employees amazing salaries, but compensating that with stock options and restricted shares. Well in less than a year the stock options have dropped from $747 to $348. That is a 53% drop. I am sure the package is not looking as enticing to Google employees right now.
So many people rest on the security of their job, but they don’t realize that it can be gone faster than an ABC sitcom. Numerous industries have struggled since 9/11, and it has spread farther with the mortgage crisis and subprime lending. It looks like it will get worse before it gets better with the current $700 billion bailout.
You can’t count on retirement, social security, or pensions. You might be lucky to have some, but it doesn’t mean that it will be enough. It might be hard for you to believe, but one day you will be obsolete and useless to the workforce. The only way to solve this is to prepare now while you have the chance and put some dollars in the right investments and under your pillows.
This is why it is always important to have a business of some kind. Even while you are working you should have a business running on the side. Robert Kiyosaki used the term, “Mind your own business”. Always look to create an asset on the side even if you like your job enough to stay with it forever.
Why do you want to leave your job?
Think for a moment why you want to leave your job. Were you offended? Are you just plain tired of your cubicle? Are you frustrated because you are putting on weight or feel pointless in life? Not enough fantasy football preparation for your $60 pot? There are many reasons to hate doing the same thing every day for forty years.
Decide if now is the time to leave and if you are exiting for the right reasons. Any one can leave their job, but are you prepared or is this something that you are doing out of frustration for your current work situation?
Often that frustration can be fruitless for you and for your future. A successful business is not started out of anger, but in providing value with your innovations. People are not going to give you money just because you hate your boss (unless you get picked to be on some reality show).
What is your business plan?
Providing value leads to our next question and that is a business plan. Do you know exactly what it is that you want to do? Do you know who your client is and what it is that they want? Do you know then how you are going to market that to your audience? How are you funding the business?
You might need to get to know the industry and prospects a little more before you leave your job. This will give you a good idea of what they want instead of what you think they want. This will also help with any product or service creation that you will embark upon.
Create a clear path, both short-term and long-term, of what you want to accomplish and how you are going to achieve that. Set realistic income goals and work your butt off to achieve that.
Understand that business opportunities don’t always go the way you anticipate it. In fact, business plans are killed by performing a business. Which means there are always variables in business that you can never anticipate and can permanently alter your direction. Remember when we talked about BI (Business Intent)? You need to ask yourself daily, “What is the main objective that I need to accomplish today?”
How committed are the other business partners and potential investors?
It can be a nightmare to get into a business and find out that your business partners are not a good match to work with or vice versa. You have made this huge transition away from a job, only to find out that you jumped into a pool full of sharks. This is something else you are can’t anticipate, but make sure you are joining a partner because they bring value that you can’t provide on your own.
Also make sure that if you are getting venture capital that you have a contract and a solid relationship. I emphasize the solid relationship part because the truth is that contracts can be twisted and broken by corrupt businessmen. Prepare for the unexpected.
If you are franchising or starting an organized business opportunity you want to make sure that you have a disclosure agreement in writing for any home work business opportunities. This will be important for you to see all of their financial dealings, what type of branding and marketing you will receive, and also what education you will get.
How is your credit?
Not only will this be important for your business, but possibly more important for your personal finances. Business owners have a way of struggling initially until they figure out an effective business model and chances are you are going to be no different.
It might be necessary to live off of credit for a while during your start up process. This can be dangerous, but often the only option if you don’t have a lot of savings. I have a business partner that is prepared with over $100,000 over a couple lines of credit. It will allow for him and his family to live for over a year on that, but obviously that isn’t what he wants.
A lot of people shun borrowing because debt can be taxing on you physically and emotionally. The truth is that debt is one of the biggest reasons for divorces and relationship struggles. Be on the same page as the other members of your family.
If you are all willing to borrow in order to create success then do it. People borrow money for countless things that will never make them money like clothes, cars, nice restaurants, and other accessories. Why not go into debt with something that would create value?
What experience do you have running a business?
Your experience is huge. I am not just saying it is important to have a trade, but it is also necessary to have experience running a business. You have to know how to organize a business with each vital position. Create a business organization chart with each position of the company and their vital roles. Then fill in each position with the name of the person performing that role. If you are a one man show, then you are going to put your name in each one of those boxes.
When you do this you will quickly see that this could be a lot of work. Most people get in trouble because they try to be the owner (creative side), manager (delegating responsibilities from the owner), and the technician (performing the physical trade). Often people get caught up in doing all three. Now you are the same employee, but you have numerous other responsibilities on top of it.
Try to find your way out of that and just focus on the creative direction of your business. The more time you spend on creativity, the more efficient your business will be.
So What Do I Do?
That is a lot to chew on. The best thing you can do is take your time, write down a list of pros and cons, put together a thorough business plan, discuss with potential partners and investors, and make sure that you are fully ready to make the transition. In the end, it comes down to your confidence in your own abilities. There is never a wrong time to leave your job as long as you are prepared physically, emotionally, intellectually, and every other -ally that you can be to start a business.
Know that there isn’t a perfect time to leave, but there are better times. Don’t wait too long to jump into a new business. Whatever decision you make, ‘mind your business’ now so you can prepare for your future.
This is as much your blog as it is mine and now the blog is yours.
Let me ask you what is your single most important question about work at home business opportunities?
What brought you to Write To Right?
What would you want to see more of on this site about work at home business opportunities that would excite you, but you can’t find?
This is your chance to make this site better one comment at a time. Feel comfortable to express your inner feelings and don’t hold anything back!
If you liked this post then make sure to subscribe to Write To Right for more information on starting a successful business.
Filed Under Business Opportunity Leads, Starting A Business, Work From Home Business Opportunities | 9 Comments
How To Use Disclosure Agreements For Home Work Business Opportunities
Have you ever given $5000 to a complete stranger? I have…
When I was in college I jumped on the bandwagon of a network marketing company that some of my friends joined. I saw all the leverage potential with the home work business opportunity, and I was as giddy as a school girl at a Hannah Montana concert.
I started to talk with everyone. If animals could speak I would have created a downline that would have made Noah jealous. My friends and family started to sign up because of my pure excitement. It only went so far before I realized that I had to find income in other places. Apparently you had to “market” in a network marketing company, but I didn’t get the memo.
I signed up a friend who had experience with internet marketing. He set up and marketed a web site that quickly got on the first page for several targeted keywords.
About a week later he told me that he signed up a man from the Philippines. What made this even more thrilling was that the company was about to open in that country. Now I started dreaming about me in rap videos with girls draped around me. Take that Flavor Flav!
This modern day Filipino miracle had loads of experience in network marketing with other companies and had huge connections ready to sign up. These key players owned franchised health stores in the Philippines where they could distribute the product. The only question I had left was, “Does my Mercedes-Benz SLR McLaren come with a flux capacitor?”
I had visions of swimming in a pool of money by that winter. I started communicating with our friend in the Philippines and he soon began asking for help, financial help. I figured what could that hurt? He seemed motivated and nice. He promised me millions, and we had a good conversation about the NBA finals over Skype. That is good enough, right?
You Can’t Always Get What You Want
What hurt us the most initially was that he couldn’t sign up anyone in that country because the MLM company was slower than molasses at getting an Philippines operating license. While we waited, he needed money for marketing supplies. Next, money for products, then funds for other people to sign up, and finally money for an office and office supplies. As the delay continued for the company to open in the Philippines, I went deeper and deeper into debt and despair. Bye bye flux capacitor.
Surprisingly, to the dismay of my 23 year old, genius intellect, he got frustrated and stopped responding to my emails. His wife gave me one last email, in broken English, telling me he had a nervous breakdown and couldn’t talk with me.
So there I was: young, in college, mounds of debt, a dying business model, an office in the Phillippines that I will never see, and still no flux capacitor.
Life Lessons
This was a perfect learning experience, but what did I need to figure out?
1. Never trust a man that tells me he will make me a million dollars in a night because we talk about the NBA Finals.
2. Never put all your eggs in one basket no matter how beautiful the basket may look. Diversify, diversify, diversify.
3. Before making any financial decision with business, take all legal action that you can in order to protect yourself in case anything goes wrong.
There are a few things in the business world you can count on: death, taxes, and scammers.
Although I was the upline in this situation, when you purchase a franchise or business opportunity make sure that you protect yourself and find legitimate home business opportunities. No matter how great the situation seems, someone could be your best friend one day and your enemy the next.
Disclosure
Before I proceed any further, I suggest you get a retainer for a lawyer if you can afford it. Even if you do find a solid lawyer that you would trust to walk your mother across the street, still make sure that you are aware by means of a disclosure agreement.
This form simply protects any potential buyer by making sure they are informed of any unpaid tax liabilities, penalties, or bankruptcies known to the seller. This document requires all qualified entities, shareholders, or beneficiaries entering into it that they must disclose all facts.
The disclosure form isn’t voluntary because of FTC regulation in 1979. Numerous states have their own disclosure laws for business opportunities and franchises. So make sure that any company you are buying is very transparent and willing to fill this out or else I would look at another business. If they suggest they are exempt, then demand a letter showing that they are exempt or contact information of the FTC office or local state agency that issued the exemption.
It is very rare that companies are exempt from disclosure agreements. One of the few ways a company can be exempt is if they are requiring less than $500 in the first six months of the transaction.
This is a great way to protect yourself and your interests when so many people feel deceived by business owners. It will also be a good initial test on the seller to make sure that you are thoroughly informed and if they can be trusted.
Harvey Firestone, founder of Firestone Tire & Rubber Co., said, “I believe fundamental honesty is the keystone of business.”
If sellers are thinking in the best interest of their investors, distributors, franchisors, etc. then they will always be open and honest with them. If they are not forward initially, then there is a good chance that habit will not change.
Be willing to call their bluff and always leverage with other business opportunities that are forward and honest.
Every prospective buyer of a business opportunity must receive the FTC disclosure statement at least 10 business days before signing a binding contract and also 10 days prior to any money transactions.
If they try to pressure you into signing then that is another sign that it isn’t worth it and they have something to hide. Often meeting face-to-face can solve this issue because many scam artists want to hide behind smoke and mirrors.
Make sure to bring your own legal representative to discuss a proposed sale or purchase of the business opportunity. They will know your rights and will protect you. Your legal representation will make sure the seller provides you with the disclosure at that time. If they proceed to hard sell you then they are required again by law to provide disclosure documentation on the spot.
Here are some other things to be aware of:
- Family Tree Companies have a way of being owned by parent companies that you might not be aware of, and could cause harm to your business and potential branding.
- No One Told Me That! Remember that stupid movie Santa Clause, with Tim Allen, where he signs the contract, but doesn’t realize a hidden clause that he has to become Santa. Business has a way of working the same way, but without the milk and cookies. You should know obligations to third party companies you have, to the seller, conditional clauses that are hard to fulfill, training and education you are obligated to have, rights with goods and services, etc
- Do I Get All The Bells And Whistles? That same network marketing company that I signed up with before had a clause that didn’t allow us to use the brand on the internet with any personal sites. I have no clue why that would hurt their marketing, but they felt it would diminish the traffic to their company site. We were given a letter to either terminate the site or terminate our distributorships. Know exactly all the trademarks, logos, media marketing, and exclusive benefits you may have. You need all the ammunition you can get.
- Follow The Rabbit Hole Hire a CPA or get someone that you trust with your bookkeeping and check the numbers. Find out exactly how money is being made and where it is going. You don’t want to get caught in a Ponzi scheme or something else that could cause bankruptcy, embarrassment, and potentially legal problems
This is as much your blog as it is mine and now the blog is yours.
Let me ask you what is your single most important question about home work business opportunities?
What brought you to Write To Right?
What would you want to see more of on this site about home work business opportunities that would excite you, but you can’t find?
This is your chance to make this site better one comment at a time. Feel comfortable to express your inner feelings and don’t hold anything back!
If you liked this post then make sure to subscribe to Write To Right for more information on starting a successful business.
Filed Under Home Based Business Opportunities, Small Business Opportunities, Starting A Business | 1 Comment
Can You Find Legitimate Success With Home Business Opportunities
With this economy, Is success possible with a home business?
We live in a frantic society these days. In Georgia it takes a couple hours just to find a gas station that actually has gas. We also see huge companies like Lehman Brothers going bankrupt in a matter of days after not being able to sell their company to competitors.
Things seem to be getting worse as unemployment increases and the value of the dollar goes down. The Dow Jones is falling faster than Star Jones’ weight. So what hope does an average person like you and I have in not only finding legitimate home business opportunities, but something that can actually be successful?
What We Should Focus On
John Jantsch at DuctTapeMarketing.com has some advice that I think is worth mentioning. He states, “How small business makes money, who they serve, when and where they work has little to do with the Dow Jones Index - a fatally flawed gauge of just 30 companies. Forget the Dow and focus on these numbers instead - lead generated, leads converted, average $ per transaction, average number of transactions per customer - and the turnaround will get underway.”
He goes on to mention that the ADP National Employment Report and the ADP Small Business Report shows that over the last six months, large businesses have hacked away more than 170,000 jobs, while small businesses saw over 200,000 jobs created. In September alone, small businesses added 28,000 jobs.
So how can this be the case? Don’t large businesses control the economy and the direction that we go? Well yes and no
When the economy does well huge companies will impact political decisions with lobbyists, have the capabilities to buy up smaller competing companies, and influence the direction of the industry with solid marketing.
National Geographic
The problem for large companies is that there are always niches that they can’t and won’t reach. This is where small businesses come in to find these niches. They deliver in a way that larger companies can rarely deliver. It is similar to a symbiotic relationship that exists between different animals. For instance, the Remora fish has a fin that actually acts as an organ for suction. The fin attaches to the sides of larger fishes and turtles. First, it helps as a method of transportation, and it gives the Remora an opportunity to eat remnants of food from bigger fishes and turtles.
Your small business can act just like a Remora fish, creating a business symbiotic relationship. Larger companies in your industry will probably get more media attention with more financial success. This means that they are out in the opening to be duplicated and followed.
Next, you can see where they fail and how you can succeed. You can often find this online at discussion forums, public complaint websites, and organizations like the Better Business Bureau. Like the Remora, you can find the food (market) they miss and go after it. This can be your unique selling point for your business opportunity from home, that can lead to a consistent income. You might find a way to create similar products at a cheaper price or offer faster, friendlier customer service.
Overweight Businesses
Companies have undercut their larger competition time and time again by offering cheaper prices to a different market that couldn’t purchase the product before. Milton Hershey did this with chocolate, Henry Ford did this with the Model T, and Bill Gates did this with the PC.
With more money, companies have a tendency to get fat and greedy. They will buy more real estate, invest in more opportunities, and hire more employees. They become bigger targets for lawsuits, financial blunders, and other legal damages. They constantly have to cleanse their systems like nature burning away old, weak trees in a forest.
With enough market size, your business will be successful. You just have to find out what their customers and prospects lack.
Small companies are the subtle foundation of the United States economy. They provide job opportunities, they are the laboratory for big ideas, and the school for many of our future leaders.
The true risk of your financial future is if you don’t take your destiny into your own hands.
This is as much your blog as it is mine and now the blog is yours.
Let me ask you what is your single most important question about business opportunities from home?
What brought you to Write To Right?
What would you want to see more of on this site about business opportunities from home that would excite you, but you can’t find?
This is your chance to make this site better one comment at a time. Feel comfortable to express your inner feelings and don’t hold anything back!
If you liked this post then make sure to subscribe to Write To Right for more information on starting a successful business.
Filed Under Home Based Business Opportunities, Starting A Business | 3 Comments
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