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

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.

"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, Schlesinger said. Options include:

• Staying on an employer plan with COBRA for a limited time. (COBRA is a federal law that stands for Consolidated Omnibus Budget Reconciliation Act.)
• Switching to a spouse or partner's plan
• Enrolling in an Affordable Care Act plan on the healthcare.gov marketplace
• Looking into association health plans, which allow small businesses to band together and offer coverage as a group, according to healthinsurance.org

It's also important to understand your tax liability based on how you structure your company. Self-employed individuals are responsible for filing their own tax returns and paying estimated taxes quarterly, according to the IRS.

Businesses can also be set up as so-called S Corporations or limited liability companies, which have their own tax rules, benefits and requirements.

Whatever route you take to opening a business, it's wise to consult an expert or two to help map out a plan, Schlesinger said.

"Don't go to Claude or ChatGPT," she said. "Use an expert — a CPA, a CFP — to help guide you through the business structure."