In many of these alternatives, you’re on your own in an entrepreneurial role. You no longer get a salary and fringe benefits in most of the options.
Assess yourself and test your thinking with several friends: “Do you have the skills and temperament required to be successful in your contemplated option?”
Most who choose an alternative career settle for less success and lower compensation than they had anticipated, but it still may be a good choice.
It’s important to assess your chances of success realistically, including how happy you’ll really be (day in and day out).
Make a very conservative cash projection. When people err on such projections, they’re almost always overly optimistic. Get several people you trust to be realistic critics. Be sure to ask yourself and think carefully about the answer: What is the worst thing that can happen?
In these entrepreneurial types of activities, your income usually takes a much longer time than you expected to reach an acceptable level.
Realistically test with several friends, “What are the worst things that could happen and their likelihood?
What’s your exit plan, if the new career fails?