I talk a lot about being “ALL IN.”
But how does that work when you’re first starting out in business?
Ok, so let’s explore this one. There’s some very important points that you need to consider and it’s time to make good decisions and decisions that work for you.
As full disclosure I jumped from my corporate world in order to start my journey as a business owner before I could afford to BUT I had spent some time looking at our “safe place” as a family and considering realistic projections for the project that I was getting my teeth into first. It did take time, it did include a financial pressure as I worked hard to make it work and it wasn’t all as I expected it to be.
I bring you this advice as the Counsel I would have given myself as I took that leap and what my past self would have needed to hear.
✔️ Don’t let the fear of the leap stop you taking it. Moving into your business will allow you to concentrate on it and will allow you to develop it much quicker than you would if it remained a side hustle. YES, it’s going to be frightening, YES you have to become self reliant and YES it’ll take work. If you get the right help around you and make your success and non-negotiable then you’ll be able to make it happen.
✔️ Consider the staged progress into self employment. Start to drop your employed hours and as you do replace that income with income from your business. Once you’ve got to the point of replacing your employed income then you will be in a position to move into your business full time.
✔️ Know your numbers. The very worst thing you can do is jump in without any consideration, panic, become massively desperate for cash and then end up in a position where you feel unsafe and vulnerable. I always talk about the first step being knowing your safe place. Before we get into grand targets of the future of your business it’s important that you know how much money you’d need to make in order to maintain safety ~ i.e. be in a position to pay your bills and live on a day to day basis (we not taking extravagance here ~ it’s the safety position). You might want to work towards that position within your business before deciding to take the leap into full time entrepreneur. If you aren’t yet achieving your “safe figure” in income then think twice about taking the leap. You’re going to put yourself under a massive amount of pressure if you can’t pay your bills and you’re more likely to have to go back to employed work and label yourself a failure. It’s kinda like you’re not giving yourself a chance of success.
✔️ Know that it’s not lame to have a “proper job” whilst building your business. Some A-MAZING businesses have started out as side hustles that people worked to replace their employed income and then jumped into full time. You can read about the whole “proper job” thing here >>>click to read more<<<
I’m a HUGE advocate of following your passion and creating a business from that thang you love but I don’t want you to do it at the cost of your health and sanity. It’s about making the smart decision and working towards being full time in your business rather than feeling like it’s all or nothing.
Find your groove.
Hit your “safe figure”
Jump in with both feet.