Planning to start your own business? Consider these key tips.

Sponsored MoneyWatch Planning to start your own business? Consider these key tips before taking the leap. .chip { background-image: url('/fly/bundles/cbsnewscore/images/chip-bgd/chip-bgd-moneywatch.jpg'); } By Mary Cunningham Mary Cunningham Reporter, MoneyWatch Mary Cunningham is a reporter for CBS MoneyWatch. She previously worked at "60 Minutes," CBSNews.com and CBS News 24/7 as part of the CBS News Associate Program. Read Full Bio Mary Cunningham May 26, 2026 / 11:13 AM EDT / CBS News Add CBS News on Google Being your own boss may sound appealing, especially in today's challenging job market. But it's essential to prepare before starting your own business to minimize the risks and set yourself up for success.  One way to test the waters before swan-diving into running your own business is to develop a side hustle while you still have a job, income and other employment benefits, said CBS News business analyst Jill Schlesinger.Plan before your jump"It's great to test the concept without taking the plunge," Schlesinger told co-host of "CBS Mornings" Nate Burleson, noting that she herself is a longtime business owner. "We don't want you to give up all those valuable benefits without understanding, 'Hey, what's my upside too?'" If you're ready to take the next step and unleash your inner entrepreneur, it's important to consider what you may be giving up, she emphasized. For example, opening your own business often means sacrificing employer retirement contributions or employer-backed health insurance, while also dealing with payroll and other tax issues. If "you work for yourself, you pay as an employee and employer," Schlesinger told "CBS Mornings.""There are all sorts of benefits that sometimes get wrapped up that maybe you're not even using right now: legal services, health insurance services, health savings accounts — all these things are really valuable," she added. A key consideration for budding business owners is health insurance, Sc...