August 29, 2016Click here to download the audio!
This week on ForYourBenefit, host Bob Leins welcomes Michael Townshend, Transition Specialist, to the studio to talk about entrepreneurial adventures for Federal employees and retirees.
Many federal employees have dreamed of starting and running their own business, either as part of a retirement plan, or, perhaps, something to start prior to that, while still maintaining their full time position. What are some of the important considerations for a federal employee to keep in mind?
- Can I realistically afford the time commitment and financial risk while continuing to give my full attention to my current career?
- Before I do anything else, from whom within my agency should I seek counsel to be sure that there are no conflicts of interest or regulations prohibiting outside employment? (Ethics Office? H.R.? General Counsel?)
- Should I seek personal testing to understand my personal/emotional “fit” for self-employment? (Career Assessment Testing)
- Am I choosing a business with which I am familiar?
- And, do I have a solid reason to believe that I will do well in this new business?
- What are the common choices to establishing my new business and what are the pluses and minuses of each? (Start it, Buy it, Franchise it)
- What is the difference between a “Practice” and a “Business”?
- Once I start the process, when will I be able to say that I really am “in business”?
- What do I need to know about financing my business?
- If I decide that this is what I want to do, what are my first steps?
For questions or comments, email us in advance at ForYourBenefit@nitpinc.com or call 202-465-3080 this coming Monday. Program begins at 10:05 ET and questions/comments are accepted.