For many people, becoming their own boss is the ultimate dream – they yearn for the flexible hours and creative control that comes with being an entrepreneur.
There are loads of things to consider before heading down this route such as coming up with a profitable business idea and securing funding to get the project off the ground.
However, arguably the main thing you need to think about is whether you are cut out to be an entrepreneur or does a 9-5 existence suit you more.
With that in mind, we look at five lifestyle elements budding entrepreneurs should consider before they take the plunge.
Sleep
Running your own business will likely mean you need to make plenty of sacrifices, but one area you cannot afford to neglect is the quality and duration of sleep you get.
A recent study by Betway found that meditating for half an hour before sleep was the best way to get the magic ‘eight hours’ everyone aspires to.
Sleep deprivation can trigger numerous health conditions, so if you are planning to be an entrepreneur make sure you build sufficient rest time into your schedule.
Health insurance
Many entrepreneurs neglect to take out health insurance, particularly when they are trying to keep costs down during the early years of the venture.
Given that ill health could be devasting to your business, it makes sense to secure adequate insurance before you embark on your new career as an entrepreneur.
Spend time finding a policy that strikes the right balance between offering the level of cover you need against being affordable for your current income.
Workspace
When you set up your new enterprise you may decide that working from home offers you the best chance of making a success of things.
However, it is imperative to create clearly defined boundaries between your work and home life to ensure the lines between the two do not become blurred.
Converting a spare room or garage into a work base is an excellent way to establish the space you need to focus on your entrepreneurial endeavors.
Procrastination
When it comes to identifying the pitfalls to avoid as an entrepreneur, it would be fair to say that procrastination is high on the list.
When you are your own boss you are answerable to no one, but this does not give you carte blanche to waste endless hours on non-work-related activities.
Wasting time on social media or playing online games is a recipe for disaster, and can have a hugely detrimental impact on your productivity as an entrepreneur.
Flexibility
Having decided the 9-5 lifestyle is not for you, do not make the mistake of thinking this will lead to you working fewer hours each week.
You will need to be flexible with your work time, with some of your evenings and weekends likely to be spent immersed in your venture during the early stages.
However, once you become more established as an entrepreneur, you should be able to spend a greater portion of your time enjoying the fruits of your labour.
