So many entrepreneurs ask the same question.
“How do I leave my day job and become a full-time entrepreneur?”
There are so many things that factor into this decision and into figuring out when the time is right for you. There isn’t a crystal ball to tell you but, there are some things you can do to help make the transition easier and your increase your chance of success exponentially.
By learning a few things about yourself and your business, you will be able to put a plan in place that takes the financial hardship out of the equation and lets you focus on growing your business.
In this week’s Shop Talk I want to share with you three things that are essential to preparing to leave your day job and become a full-time business owner.
Watch the video then tell me, what is or was your biggest fear around leaving your job to “go it alone”?
Whatever your business is, knowing how to properly market it is a key element. The Pilot to Profit Program will help you learn how to create effective marketing content that will take your business to new heights. Check it out at LisaLarter.com/Project/The-Pilot-to-Profit-Program/
7 thoughts on “How to Find the Courage to Leave Your Job”
Thanks for sharing your wisdom Lisa! 🙂
Thanks Lisa.
re: the slush fund for 12 – 24 months :
Are you saying you should have the *equivalent* of a least 1 times your annual net salary in cash on hand before going full time entrepreneur?
And just to add three more unsexy things :
How about get used to the all the paperwork!
Invoicing, billing, taxes, write offs, etc, etc. It’s a LOT of work to have all this organized well – and as an entrepreneur it doesn’t feel like you’re “really working” dealing with this stuff. It totally sucks.
Secondly, how about knowing your weaknesses early, and when it pays to subcontract out work?
Thirdly, the cost of a family health, dental and vision benefits package from a third party is based on your recent health situation. Depending on your circumstances, a family of 4 may be covered with paying 50 dollars a month.
However more complicated health issues, and this payment can jump up to 500 dollars a month.
Great points Dave. Yes, when I left my corporate job, I had the equivalent of 1 year’s net income that I was able to use. Although this is not ideal for everyone, it really takes time to build your business and when you stressed and “starving” financially, your customers can tell and it is not attractive. Your three unsexy things are bang on. I can appreciate each one of them. I hired a bookkeeper from day one because I knew my weakness was keying in the data to my accounting program. And luckily, I had a spouse with benefits. I did run into the challenges you mention when I gave my team benefits. People don’t always understand the more you use those health care benefits…. the more they cost. Healthcare is a business which means they need to make a profit too. Sucks!
This was great for me because I am in the building phase and I was wondering when to cut the corporate cord. I have some time before I can do that. Thanks
Learning Everyday and taking the time I need to clean house.
thanks Lisa,
Thanks for taking the sexiness out of self-employment and sharing the reality. Self-employment is hard! Most small businesses fail because they don’t plan on the lack of cash flow during the first one or two years. The fact that it usually takes 2 years before that fear of having enough money to pay the bills goes away is, simply, the truth.
Agree!