You've daydreamed about it during long meetings, endless calls, and over your morning coffee: working for yourself. Maybe you have a product or service you can't wait to share; maybe you just want freedom from rigid schedules and micromanagers.
Before you put in your notice and start designing your business cards, take a minute. There's more to entrepreneurship than a good idea and a little hustle.
We spoke with Paula White, Founder and CEO of Symmetrical Solutions, a Grand Rapids firm specializing in bookkeeping, accounting, and fractional CFO services. She shared smart, realistic insights for anyone considering self-employment.
Whether you're launching a startup, buying a franchise, or freelancing on your own, these tips can help you get off on the right foot.
1. BUILD YOUR FINANCIAL CUSHION
"It usually takes six to 18 months to ramp up a small business, generate revenue and profits, and pay yourself with ease," White said. She recommends having at least three to six months of personal savings set aside before you launch. Having cash on hand—and resisting the temptation to draw from the business—can boost profitability.
2. KNOW THE DIFFERENCE BETWEEN REVENUE AND PROFIT
Many first-time owners focus on revenue—but White said profit matters most. "Understand your margins, delivery costs, and don't be afraid to raise prices if needed. Use your financial data to support making your decisions." Be sure to factor taxes and paying yourself—and your team—into your pricing.
3. START WITH A SOLID FOUNDATION
Before you launch, you'll need more than a name and website. White's checklist includes, at a minimum: forming an LLC (or other legal entity), obtaining a federal EIN, and opening a business bank account—never co-mingling funds. "You're not your business," she emphasized. "Keep personal and business finances separate from the start."
4. PREPARE FOR THE LEARNING CURVE
Even if you're an expert in your field, business ownership will stretch you. "You'll wear all the hats and need to deal with taxes, HR, customer service, supply chain issues, and more," White said. It's not just producing or selling, but stepping back to plan ahead. "The decisions you make in your business today can heavily influence what happens in your business 90 days from now."
5. DON'T DIY EVERYTHING
While you can DIY some things, trying to do it all yourself can get expensive. "I've seen people spend $1,500 to fix a payroll system they tried to set up on their own, when it would've cost $500 to pay an expert to do it right the first time," White noted. "The lesson is that even if you think you can do it, the question you should ask yourself is, 'Should I be doing this?'"
6. GET CLEAR ON YOUR GOALS
Before writing your business plan, clarify your goals and intentions. White encourages clients to:
1. Define core values (what matters most?)
2. Set personal goals (work hours, income needs/expectations)
3. Set realistic business goals, especially for year one.
7. FIND YOUR PEOPLE
"Surround yourself with entrepreneurs who've walked the path," White suggested. That can include mentors, other small business owners, and organizations like SCORE, SpringGR, and the Michigan Small Business Development Center.
8. KEEP YOUR BOOKS, AND MORE, IN ORDER
One of the most common missteps White sees new business owners make is failing to set up a reliable system for tracking their finances. "At a minimum, you need to track cash inflows and outflows consistently—even if it's just in Excel," she advised.
Having strong processes and documenting them are important, too. "If it's all in your head, you become the bottleneck," White explained. "Solid processes and documentation will help you scale later."
9. ASK YOURSELF THE BIG QUESTION
Before filing paperwork, pause and ask: Why do I want to be an entrepreneur? Your answer should align with the goals you set (no. 6) and guide everything from your pricing to your work schedule.
"There's a perception that being your own boss means infinite time and profits," White said. "But most business owners struggle, especially at first. This isn't easy—it pulls you in a million directions. You need discipline, support, and realistic, achievable goals."
THE BOTTOM LINE
Going solo can be empowering, exciting, and life-changing, but lay the groundwork first. Take your time, ask for help, and approach the journey proactively.
"When you're frustrated, remember that where you are today is 10 steps ahead of where you once were," White said. "At some point in the past, you dreamed of being here."
HELPFUL RESOURCES
Kirsetin Morello is a Michigan-based author, speaker, writer, travel-lover, wife and grateful mom of three boys. Read more about her at www.KirsetinMorello.com.
This article originally appeared in the Oct/Nov '25 issue of West Michigan Woman.
