Tired of the rat race and thinking about entrepreneurship…
What comes to mind when one might think of entrepreneurship? You might think of freedom, flexibility, and financial potential. You might also think of the perks of being your own boss and not being pinned to a desk from 9-5 with your superior hovering over you.
Did you know that according to Kauffman Index of Startup Activity that there are 555,000 people every month in the U.S. leaving their jobs for entrepreneurship?
Many people are choosing to take the risk but also many fail within their first year. Why is this, were they not prepared enough and didn’t have a good plan?
We know it’s not enough to have a good business idea, you also need to have the know-how at what will turn this idea into profit.
There are a few suggestions that will help you make the transition between employee and entrepreneur. Here are a few to help you make a plan, with the right moves, at the right times.
First, Do Not Quit Your Day Job – Yet
It’s hard when your focus is being your own boss but leaving your job prematurely is not a step you should take unless you have money saved up or a trust fund.
The smartest move is to work on your business while working at your regular job, this way you won’t worry about surviving. Remember it might take you a while to get your new business venture profitable enough for you to not have to worry about bills and food.
Doing it this way will make it less of a struggle and once you got money coming in regularly by all means jump ship!
Are You The Answer To A need?
Many get caught up in the creation of their new business idea, from the website to their logo, to business cards and don’t work enough on their message that help people understand how you able to fulfill a need they have.
Remember you are one of 550,000 just this month starting a business, your message must be clear and your potential customer must know how you provide value to them.
How To Make Money While You Sleep
As you are building your business, build it in such a way that it doesn’t require you to be present all the time. This is key to building your successful business.
There are only so many hours in a day and if you base your business based on hours you have to be present you will never get to that six figures income. There needs to be 4-6 streams of income and at least 2 of those revenue streams should be programs that don’t require you to be there.
Have A Plan
Don’t forget this step, know your projections, know how much money you need to generate and how you will do so each quarter after quarter, month after month in order to reach the desired income.
A good figure to start with is based on what you currently make, this at least allows you to maintain the current lifestyle you are used to.
What Is Your D-Day?
How long will it take to get to where you will be able to quit?
By having weekly and monthly goals with money coming in, there will be a time where it is easier for you to make a better prediction so you no longer have to contribute to someone else’s company.
Come up with and execute the perfect formula and in time you’ll be working for yourself.