How To Transition From 9-5 to Full Time Entrepreneur
Many people want to leave their full time job to become full time entrepreneurs. The process for some is tricky and others is very straightforward. Here are 4 things to consider if you decide to make the transition.
Have savings. Having enough money in your savings account is crucial so that you can focus on giving your business the attention it needs to flourish. You have to think about how you will support your business and your personal finances.
Tighten up your budget. As an entrepreneur that is transitioning from a paycheck every two weeks You need to understand that business revenue sometimes has peaks and lows that you will need to prepare for. Keeping a tighter budget will better equip you to handle slower revenue weeks and months without freaking out.
Have a solid business plan. This ensures you have a sense of direction. Owning and operating a small business can be overwhelming so you need to have a plan of priorities to ensure sustained success.
Be prepared to work. New entrepreneurs should work just as hard if not harder in their own businesses than they were in others. Be prepared to do some type of outside work if you need to. If your savings is low or you have no savings you may need to Uber or Doordash or find a gig to get through the initial set up phases.
Be fearless but be reasonable. Fear keeps many people back from their dreams. While I think it’s healthy to have a reasonable disregard for the impossible; it is imperative that business owners are honest with themselves about whether or not they should leave full time employment or not.
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