Whenever speaking to someone about entrepreneurship, the three Fs come to mind: freedom, flexibility, and financial potential. The benefits of being your own boss far outweigh the regular 9-to-5. The idea of not being penned to a desk and having to answer to a superior, the flexibility of being able to work anywhere you want, when you want, and having a form of control over your earning potential can’t be beaten.
But it’s not enough to just have a great business idea. You have to know how to turn your idea into profit. In order to take the successful leap from employee to entrepreneur.
In today’s article, we look a few steps that will help you map out a plan. With the right decisions and timing, you will be on the path to writing your own paycheck.
1. Wait for the right time to quit your day job
Since flexibility and freedom are two of the main reasons many desire to be their own boss, quitting your day job is usually the first thing you set your sights on. However, unless you have quite a bit of a trust fund, it’s often the last step you should take.
The smartest way to approach your new business venture is to build your business alongside your 9-to-5. When you quit your day job without any kind of gain in your business, you put yourself in a limited financial position. You need to be in a position of abundance in order to create abundance, meaning you can’t create more from a place of lack. And when you’re worried about how you’re going to eat and keep a roof over your head, this becomes your focus. It’s an approach full of unnecessary struggle. So when you get to predictable income, then you can jump ship.
2. How are you the answer to a need?
People usually get so excited about starting a business, building a brand, etc., that they go out and get all the business accouterments (a logo, business cards, a website, etc.) and get stuck because they haven’t fully thought through the next steps. While your logo and website may attract the eye, what’s going to keep your customer there? Remember this: You are one of 550,000 people starting a business that particular month. How are you the answer to someone’s need in the marketplace?
You must be able to define who you are in a way that provides clarity, confidence and value to your potential customers. When you know what makes you the answer to someone’s need and package it from that standpoint, the revenue automatically follows.
3. Create a big picture vision of what you want
Have a clear vision of:
- The number of clients of you will attract;
- Type of clients;
- What your life looks like having a full time business doing what you love;
- How you feel;
- How much money you are making;
- How you connect with your clients;
- What you do in your spare time.
4. Know how to package it
The key to building a successful business alongside your 9-to-5 is to build it in such a way that it allows you to make money while you sleep. You have to establish a business model for yourself that doesn’t require you to be present.
You only have so many hours in a day, and if you’re only packaging your brilliance based on hours and you being present, you’ll never get to six figures in your business. You need to have four to six streams of income, and at least two of those revenue streams should be programs that don’t require you to be there.
5. Know how to measure your success
One thing many business owners neglect to do upfront is to figure out how much money they will need to generate and how they plan to do so quarter after quarter, month after month in order to reach their desired income. A good starting point to help you figure this out is to go by what you’re making now at your day job. This allows you to at least begin with what you will need to sustain your current lifestyle. You need to have a plan that gets you to at least that level in your own business.
6. What’s your give-notice deadline?
Once you know all the answers to the above stated points, it will be easier to determine how long it will take you to hand in that letter of resignation and start packing up your office. Begin by setting weekly and monthly goals for yourself, eventually working your way up to quarterly and yearly predictable income in your business.
Some people have a hard time seeing how they can create a successful business on their own. They’re successful in a corporate office and contributing to someone else’s company, but they can’t quite see how to duplicate that same success in their own business. Coming up with and executing the perfect formula for your success takes time. But if you stick to the five tips mentioned above, you’ll be working from the resort of your choice in no time.
If you would like to know more about how this topic, do join us at the H.E.R Virtual Summit as we bring Constance Tan, CEO of AIMLedge, who will be giving us more in depth insight on this.
Registration is FREE!!
You can register at https://hervirtual2019.peatix.com/
For more information, visit https://herentrepreneur.com/h-e-r-virtual-summit-2019/
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