Employment to ownership transition

Assuming you're not going to compete with your employer, the best way to minimize the risks and maximize success is, if possible, to operate the business part-time. This way you will have the job to fall back on if, for whatever reason, you determine that ownership or entrepreneurship is not for you.

Another good reason for the part-time idea is that part-time mistakes are usually less expensive but with full benefit of the lesson learned.

If part-time is not an option (be sure this is absolutely true), then nothing could be more important than months -- perhaps years -- of planning, research and preparation. And of course, you'll need to make sure you have enough capital to weather conditions that are something less than you expected.

Search in this category for transitioning to ownership within your employment industry.