10 Things I Wish I'd Known Before I Started My Business

I had a chat with someone last week who was a little too eager to quit or be fired from her job so she can move forward with her business full time.

I had another chat a couple of days ago with someone who got laid off in an industry where it's very easy for her to find another job. Instead, she's going to start a business.

I cannot stress enough the importance of talking to people who run full-time businesses BEFORE you quit your job.

There are so many things you are better off setting up for your business while you still have a job because once you quit, it will be so much more difficult to do those things and, in some cases, impossible.

Your Bank Will Turn Its Back On You

I don't care how great a relationship you have with your bank or credit union, that relationship will dramatically change once you are no longer an employee. A whole new set of rules applies and a line of credit you could easily get as an employee can be literally impossible to get as a self-employed person.

So that great banking history and credit score you have that you think will help you get funding for your business? You can pretty much forget that because that's not how it works when you're no longer a W-2 employee. Too many people find that out after they quit their job because they didn't talk to anybody who runs a business full time before they quit.

How Good Are Your Accounting Skills?

Are you prepared to file taxes quarterly? Because that's what you'll have to do once you're in business.

Maybe you should identify an accountant before you quit.

And a business attorney.

Do you know what you're going to do for health insurance for yourself and your family?

When You Leave Your Job, You Leave A Whole Lot Behind

There is so much stuff you're better off lining up or at least getting educated on BEFORE you quit. This "take the leap and chase your dreams" narrative is reckless and dangerous internet motivational quote foolishness and you won't hear it coming from real business owners.

It's only wannapreneurs who have a day job that pays their bills and a side hustle that's bigger in their mind than it is in reality who post that "chase your dreams / take the leap" foolishness and offer no additional detail or substance.

We’re Not All Taking The Same Leap

Let's be real. If you're a white male, you can jump off a cliff and build the plane before you hit the ground because the system is designed to support you doing that.

Black women, that is not the case for you. And in both instances that I reference in this post, it was Black women leaping without looking first.

Y'all are not in a position to do that because there is no institutional safety net that's going to catch you. And it's too easy to just ask a full time business owner for advice BEFORE you quit your job. There's no reason not to do it.

I absolutely encourage you to take the leap, but only after you look first. You have way too much at stake to do otherwise.