Small business

Entrepreneurship 101: 3 Things You Need Before You Quit Your Day Job

Entrepreneurship is on the rise what with digital media and new software giving us the ability to work wherever, whenever. In fact, there are up to 400 million entrepreneurs operating around the world right now.

But before you get gung-ho about your business dreams and being your own boss, it’s important to keep in mind that entrepreneurship isn’t easy. You need a game plan, a place to work, health benefits, and more before you even think about quitting your day job.

That said, here are five things you need under your belt to keep your bank account from going broke before you kick off the training wheels on your business idea.

A well-designed and professional website

Have you ever clicked on a business website that wasn’t so great? Chances are you clicked ‘back’ before even going through to check out their products and services.

There’s a reason for that. Great website design reflects your brand story and gives visitors a first impression of your business.

Consider hiring a graphic designer to develop a website you can be proud of. If a graphic designer isn’t in your budget, be careful with the types of free website design sites you choose.

Don’t be afraid to shell out a little money for a better design rather than budgeting on a free template. Free templates are easily recognizable and they’re not always the best for your brand.

A place to work

Pop-up shops may be booming right now with a current U.S. market value of $50 billion. But one of the best things about living in the digital age is that you can work wherever depending on the type of business you’re developing.

If you have it in your budget, consider renting out a small office space for your company or buying a shipping container. For those on a tighter budget, dig out a corner in your house or apartment that’s your designated work area.

Health insurance and other coverage

When you’re working for a company, chances are you get your healthcare through your employer. But what happens when you’re self-employed? Are you in a situation where you’re just hoping you don’t get sick?

Not exactly. There are programs out there entrepreneurs can use to cover their health needs. Inc.com lists some pretty good health insurance options for entrepreneurs including:

• Healthcare Marketplace
• COBRA
• Short term health insurance
• Associations
• PEOs
• Health cost sharing

Other types of insurance you’ll want to consider as an entrepreneur include liability insurance, disability insurance, renter’s insurance or homeowner’s insurance (especially if you work from home), and life insurance.

Just be sure that you choose the right types of insurance and insurance policies for your situation. About 86% of life insurance policies will lapse without any benefit ever being paid.

When you choose the right policy, you don’t have to worry about how much you’re paying in premiums because you’ll know your business and you are safe and secure.

It’s never easy to start your own business, but it’s not just getting the business off the ground that can be difficult. You also need to navigate your own health insurance, legal documents, taxes, and more. Fortunately, once you have a grasp on the nitty-gritty of starting your own business, you can feel confident launching your company.