Bunmi Jembola
For many, their number one goal in 2018 is to transition successfully from paid employment to private enterprise. That can be a business, a ministry or a social enterprise. If that’s one of your goals please give me some time.
I know you are very dissatisfied with that job and your greatest delight this year would be to find a viable replacement to the income that you earn from it. As one who’s worked that rope himself while helping others do same, here are the seven things I found most important for a SUCCESSFUL transition:
1. CHANGE YOUR CONSUMPTION– I once wondered why those who earn big still borrow. I remember a boss who got about 50% raise one month and by the next month he was borrowing AGAIN. What happened???????? His consumption had caught up once again with the 50% raise. He basically added that 50% to his “discretionary income”. The implication of that is more aso-ebi, a bigger car, more “dash money” for area hailers, increased club spending and your net-worth dives further south. If you’d transition successfully to business YOU CAN’T SUSTAIN THAT!
2. PAY OBLIGATIONS UP-FRONT– Some go into business intending to make enough money in six months to pay rent, school fees, change their wardrobe and maintain their car. When eventually those obligations fall due they literally choke from the combined effect of a struggling business and accumulated due obligations. You can’t afford that distraction. Pay your rent ahead. Two years if you can. If you have your own house; all the better. Pay your children’s school fees two terms ahead, service your car.
- YOU NEED A STEADY EARNER– My experience working with transitioning paid employees coupled with my own transition has shown clearly that most business ventures will not break even for six months. That’s perhaps in the earliest. Now, daily needs will not cease just because you stopped working. While you grow your business, you need that small hustle or “aside plan” to attend to the most basic needs promptly. Imagine having to beg to buy baby food. It can literally steal your self-esteem. What really causes starters to break in their early days is more because of demeaning experiences like this
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