Entrepreneurship: Is It For You
At the end of the 2017 NFL season, I had one thing on my mind, which was a break from providing chef services for a few weeks. Having come off of an extremely successful season with my client, I was physically tired and in need of a long break. I made it loud and clear to family, friends, associates, hell anyone who would listen, that I was on vacation from January until mid February. I earned this break. I needed this break. What I didn't know is when I would be back to providing chef services again on a full-time basis. I'd had a few calls that were very promising, however, being an entrepreneur, until the contract is signed, inquiries are simply hypothetical situations. And, we all know hypothetical situations don't pay!
I've made it a point to budget, budget, and budget some more when I'm on long term gigs. Since my line of work is very specific to professional athletes, you never know when the next referral will bring a new client or if your current client plans to utilize you during his "off season." I do my best to plan out foreseeable expenses, however, there are many times when the unforeseen reaches in and throws a monkey wrench in a perfectly planned budget! This seems to happen to me a lot, and then I have to go back to the drawing board and figure out where I can move money (savings) to accommodate the situation at hand. This off season was no different. It started with car repairs and ended with two trees falling in my yard and completely crushing my outside unit for my 2nd floor A/C system. Both were unforeseen expenses and both made my budget scream!
Entrepreneurship isn't for everyone, especially those who have a hard time budgeting money. I've been asked many questions about being an entrepreneur over the years and the main one that stands out is "Do you miss having a guaranteed paycheck?" My response has never changed. Absolutely NOT! I don't miss the guaranteed check, traffic or office politics. What I have gained in the 12 years I've been an entrepreneur is confidence, superb budgeting skills, the ability to manage my time as I see fit, the ability to be "present" in my son's life; especially when he was in middle and high school, the ability to travel the world, the ability to literally change lives through food and fellowship with amazing people along the way.
If you are ready to say goodbye to corporate America, it will take lots of planning. If corporate America quits you first, through a layoff or the company is closing, I encourage you to be cautious and budget your severance package. Remember, most entrepreneurs are not profitable when they start their business, so it is imperative you learn how to budget and cut unnecessary expenses. Wishing you the best as you become your own boss and NEVER LOOK BACK!