⌚ 3 min read
The entrepreneurial dream is alive and well in the United States. Last year, 49% of people under the age of 35 had some type of side hustle going on. That could be anything from driving for Lyft to running a small business in their free time.
While most people are content with earning some extra money on the side, others will take the leap and transition into their business full-time. What we want to let you know is that the leap doesn’t have to be dramatic. If you’re anxiously counting down the days until you can finally leave your job and do your own thing, make your life a whole lot easier and start laying the foundation for a smooth transition NOW.
Here’s exactly what to do before you leave your full-time job:
Ensure that your business is reliable enough
Being passionate, excited, and energized about your business is great, but don’t let it cloud your judgement. Honestly analyze if your business can make enough money to be sustainable. Pretend that starting tomorrow, your income solely rests on your business. How does that feel and look? If you’re thinking that revenue will automatically increase as your focus on the business increases, determine how realistic you’re really being.
Take advantage of your current position
Stay at your full-time job for as long as you can while building up your business. While it will seem like you’re spreading yourself too thin, there are opportunities to be seized. This is a sound strategy for quite a few reasons. You’ll be able to validate your idea and continue to develop it while having a financial safety net. Also developing your business before you need it to be making money means you can be more selective about the work you do. For example, you might take on unpaid work that gives you great marketing opportunities. On the other hand, you can also avoid taking on bad clients that could possibly hurt your branding and positioning later on.
Think six months ahead
Your first few months of entrepreneurship will most definitely be marked by inconsistent revenues. Some months will be great and others will be completely dry. A good rule is to have six months worth of expenses saved. So if your monthly expenses run $4000, have $24000 put away. It may seem like a lot, but you will never regret having that extra money saved, and you’ll have a lot less anxiety, guaranteed! This might mean staying at your job longer than you had hoped, but it’s important to make smart moves.
Your entrepreneurship journey belongs to YOU and should be taken at your own pace. Make moves when you feel ready. You’ll know it when you feel it!