There will be a good time to leave your day job. It’s a decision that shouldn’t be taken lightly or in the spur of the moment. Here are some questions to think about before making the leap to being a full time entrepreneur.
THE RIGHT TIME
We all have responsibilities – whether it is a family that relies on us to pay the bills, or an elderly parent to care for. It’s important to be realistic about your situation and your commitments, and be sure that these will not be neglected.
Will the leap to being a Personal Chef make you happier than where you are now? Of course, no one should be miserable in their job, but you have to believe in the Personal Chef industry and the career choice you are about to make. If you are not 100% committed, maybe you should reconsider, or take more time before taking that next step.
Ask the friends and loved ones in your circle who will be honest with you about their thoughts on you starting your own business. They are more likely to put things into perspective, telling you if they think are making a good choice, or just running away from something else.
Life is not always easier being the boss, and not everyone is suited to being in that position. Are you a good leader? Do you like to be in control? Are you creative and self-motivated to accept the challenges that life will throw your way? Will you put in the time before embarking on your new career path to research and planning, in order to lower your business risks? How will you deal with having unstructured days, rather than the routine of going out to work every day?
Make sure that you have an updated Food Safety Certification, have taken other courses relevant to being a Personal Chef, and have some business knowledge to make the transition easier.
Be realistic about the amount of money you need to have on hand ‘just in case.’ You’ll also need to make sure that your income will not only cover your business expenses, but also your personal expenses (since you’ll no longer have a steady source of income to cover these once you quit your job). Create a Profit/Loss Statement (shows you if you are making or losing money), A Balance Sheet (shows you how much money you have now) and a Cash Flow Statement (shows your sources of income) to help you with this.
Have you conducted any market research before you transition to your business? Is your target market in your local area, or will you have to travel further afield to find clients? Can you provide your service to different demographics, e.g. busy families, retirees etc.? Putting together a business plan will give you a roadmap to success.
A TEST DRIVE
You may want to try out being a Personal Chef before quitting your day job to become one. For example, you may do a couple of evenings a week, or take on one regular client who you cook for once a week. Live the dream for a while, before living it full-time.
If providing Personal Chef services is something that you would like to try, then give us a call. We're here to help you!
The Chef Alliance is the leading organisation of Private & Personal Chefs & Caterers in Canada offering Chefs a place to locate jobs, meet new clients, grow their business, benefit from peer support, discounts to lower their business costs, marketing services & much more. This allows Chefs concentrate on what they do best - cook great food!
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