Working a regular nine-to-five job comes with a certain sense of security and stability. You show up, do your work for eight hours, and get a regular paycheck. Going it alone as an entrepreneur, however, comes with a certain set of obstacles, risks, and challenges.
- Knowing when to quit your job. Whether your small business is your current side hustle or you are looking to form a startup, making the transition from nine to five to entrepreneur is a huge hurdle. Finally quitting your job to pursue this passion project can come with a lot of anxiety about the future.
- Finding a work-life balance. Many entrepreneurs start companies because they are passionate about what they do. This is great, however, it can be easy to let your business take over your entire life, especially at the beginning when you are doing everything yourself. There is often a lot more work to do than people anticipate, and it can be hard to juggle.
- Budgeting. It is so much easier to budget your finances when you get a regular paycheck from an employer. If you are just starting your own business, however, budgeting becomes a huge challenge. There are so many business costs to keep track of, and the money coming in can vary from month to month in the beginning.