The following list are some of the most common suggestions that I have found really help entrepreneurs to create a flying start to their business after leaving their job. I hope you find it useful!
1. Have an emergency fund
This emergency fund should be at least 6 months of your expenses. Now some people want to have 12 months, I’ve even heard of 2 years!
However you must know what you feel comfortable enough with so that you can take the risks necessary to build your business. Having this financial cushion is of vital importance so that you aren’t living in scarcity struggling to get by.
2. Have a side business to transition into
Some people just quit and go straight into business. (This is actually what I did but I wouldn’t recommend it for everyone.)
For most people being able to transition slowly into business especially when you have responsibilities and a family makes much more sense.
One of the best ways to do this transition is to build up your side business whilst you are working until it matches or exceeds your current income. This then gives you the certainty you need to make the transition without sacrificing your lifestyle or responsibilities.
3. Hire a coach or mentor
Starting a business and going on the entrepreneurial journey will be filled with peaks and troughs. Having someone who has been there and knows what it’s like can be incredibly helpful so that you can start to build up the business without burning out in the process.
Avoiding overwhelm, creating your own schedule, managing your health are a few of many challenges that you’ll have as you start to venture out on your own.
4. Be ready to WORK HARD
Your mindset going into entrepreneurship is incredibly important. you must be willing to put in the hours and the hard work necessary so that you can build up a business that is sustainable and gives you the lifestyle, freedom or financial goals that you desire.
If you are looking to do less work and think that being your own boss is easy, you’re in for a big surprise! It takes hard work and dedication, but on the other side is something that most people can only dream of.
5. Decide it’s time
No one can decide for you that now is the time to be an entrepreneur. I remember hearing the saying, jump out the plane and build the parachute on the way down.
Now personally given that I’ve skydived and gone out of a plane, this probably isn’t the best analogy for me as I was petrified throughout the process, however, making the decision and making the leap is incredibly important.
Set a deadline, make a decision and stick to it, and it may be the best decision you have ever made.
Share this with anyone you think will benefit who is also setting out on their own entrepreneurial journey!
