If you are reading this article, chances are that you’ve grown tired of the repetitive routine of having a full-time job. You are not alone.
Many people in the workforce are attracted to entrepreneurship for the balance between freedom and economic viability it offers, yet few are those, that know exactly what to do about it, so it is a great idea to initally consult with a small business mentor to start off with.
So, in order to help you fulfill your entrepreneurial dreams, we are going to break down the three stages of transitioning from your full-time job to owning your own business in the article below.
No sailor worth his salt would go into the sea without a map or, at the very least, a way of tracing his path among the waters. Just like no entrepreneur would start a business without a proper plan. This plan should be simple and able to answer questions about things like:
- The number of clients or customers you intend to attract;
- What type of client you are looking for;
- What your life would look like as a full-time business owner;
- How much money you will need to make;
- How you will connect with your clients;
- How are you going to use your time;
By asking these questions you will be able to layout a road map to build your business up bit by bit. Also, remember that your most valuable virtue will be patience, take one step after the other, and don’t try to rush things.
This plan may seem repetitive if you’ve already developed a business plan and have revenue. The difference is that a plan to make your business profitable is slightly different than one that will make you enough money to quick your full time job.
Switching from a “side-hustle” to a full time job includes healthcare, living expenses, retirement savings, supporting your family, and more. You’ll want to determine just how much you want to make, need to make, and can make with your full time venture.
The Transition Stage
Building your business up in your spare time after work, during lunch breaks, holidays and even on vacation may be the hardest part of making this transition happen.
You will essentially operate as if you had two jobs, one of each may not even be able to pay you just yet. According to Fresh Books the average time it takes for a business to be profitable is three years, which can be a severe drain on your motivation.
Just keep working hard, and resist the temptation to commit rookie mistakes like working on your business from a company computer.
Another temptation is quitting your job too early, or spending too much time on your own business and getting fired. Remember, even though you don’t love your job, it is providing you a solid foundation to launch from. Without that solid foundation, you may not have the ability to spend as much time on your business or put food on the table. That stability is more than likely what gave you the brain space to explore starting your own business in the first place.
Quitting Your Job
By applying constant and quality work into your new project, eventually, the day to become a full time business owner will come and you will need to have a conversation with your employer. However, this conversation does not necessarily need to end with you and your company severing ties. If your enterprise is not in direct competition with your old employer, you can even arrange to convert them into a client or investor. If the conditions are right, maybe you could even arrange to have your company be taken in as a protégé in a joint venture! However, before you have this talk with your boss, be sure to check with an attorney about the potential risks just in case.
Starting a business even when you are not already engaged in a full-time job is no mean feat, it takes dedication, initiative, and a good deal of stubbornness.
Yet the fruits of these virtues become self-evident as soon as your enterprise begins to gain traction and you find yourself in charge of your own working hours, salary, and routine all the while doing something you love.
If you would like to reach such an optimal state of affairs, the best way to start your journey would be writing out a list of your goals and making sure starting your own business aligns with them. If they do, write out steps to get there and don’t lose sight of your goal.