How can I work for myself full-time?
I am looking to work for my company full-time and quit my full-time employment. How can I make this transition? I've been thinking about for some time now. Can you share your story?
If business is already doing good even when you're only managing it on the side, then I think it stands a good chance of thriving when you give it your full time attention. I've read a number of inspiring stories from successful business owners who didn't have formal business education but followed their intuition and made it. But still, before you take the plunge, be prepared for the worst. Have enough savings to get you through at least a couple of years just in case things don't go as planned.
I'm a risk-taker by choice and quit my teaching job to run my web development business (I already had repeat clients), but I only took the leap back then because I was single and didn't have any kids. That said, I only risk what I can afford to lose. If my child's future would be at stake because of any possible losses, I'd really mull it over some more.
I like what Michael has commented. There is but one thing that we need to watch out for. Jobs are getting commoditized and with churns and restructing further agravated by job losses, you should be prepared to be self employed. You could be forced into the situation and it is much better to make the transition on your own, as long as you fit the criteria he has described.
You must be very disciplined, once you become your own business owner you might just think you have all the time in the world. You must set your own hours and stick to it, a lot of people tend to get lazy such as wake up late or push things to the side than half the day is gone. You must run your own business as if you own your own McDonald's. Rain, snow, someone died, or whatever happens your still open, hope this helps.
A thousand miles begin with a single step. Do it step by step with focus on your expertise.
Yes! I have had the good fortune of being in my own business for 43 years. I am not getting rich, but I have stuck to what is closest to my heart.
I have always made sure that I had a little cushion for the ups and downs (there have been many).
Fortunately, because being in your own business is always a risk I have learned to keep focussed. I never lost hope. That is the key! Always know that you will succeed and don't ever lose sight of it.
Advertise...there are many free sites out there. Tell all your friends that you are making a transition. Join network groups that are related to your field. Keep a logue of your progress to find out what marketing strategies are affective and discard the ones that are not. Visualize yourself 5 years from now.Do something every day to move you towards your goal.
Hope that this has helped.
What does your company provide? Do you have enough finances stashed away that allows you to sustain your lifestyle until your company makes a profit? If you have been thinking about it and your intuition tells you it's time, you need to run with it because you'll always wonder when the right time will be. There's never a "good time" to do so; you simply do it.
When I lost my job at a major newspaper in 2009, I decided to go into business on my own as a freelancer. It has given me the freedom I've desired in that I choose when, where and what I want to work on. It was far from easy, but it's been a journey that has strengthened me in so many facets.
I worked for a Drs office and started my own company Baby Dimensions in 2007. It took me 4 years to quit the Dr. and pour myself into my business, it was hard but I don't regret doing it. that was the only want to do what Is wanted to do
In my experiences One should quit full time employment when income of part time (your company) exceeds the income of full time job.
The only way to learn swimming is to jump into the deep end. Just quit and start on your own.
I made the decision to be an Independent Meeting/Event Planner after finding myself in the "job transition" stage for the 3rd time since 2007. I have a big network and was always meeting with people to increase that network. Likewise, I am also happy to meet with those in similar situations...you reap what you sow! My first year was a crazy success and allowed me to work on so many different meetings and events and also allowed for some great travel experiences. I did not think I was going to be so busy, but am so very grateful and blessed for my success.
I don't know what business you are going into, but my favorite saying is "nothing ventured, nothing gained". I am the happiest I have been in a long time as my own boss and in charge of my own destiny. I encourage you to take the leap. I really don't think you will regret it.!
It takes intestinal fortitude. In a period of 4 1/2 years I got married, had three kids, bought a new house, completed my BS degree in accounting going nights, quit my job and started a new business. For two years I was in business and trying to complete my degree.
Like you I had been thinking about my own business for some time. Then my employer told me that I was getting a promotion, but would not get a raise until I could prove my value in this position. I told them to stick it and left. Of course my wife was a nervous wreck but very supportive. So we built the business.
I didn't have all the details worked out, e.g., how to get business, the tools needed to run the business, from where we would operate, - you know the little things. :-)
So we wasted a month or so getting these things in operation. I was able to get a partner who helped fund the business, which was a big help. I then was able to partner with companies for support, i.e., vendors for credit (critical), companies to rent furnished office space (with delayed payments), companies willing to allow me to use their resources for free (printing, computers, etc). You would be surprised how much excess resources are available and how companies are willing to give back.
I still remember my first client - a large pharma company for whom we were going to process their payroll and accounts receivable (we were a service bureau). They decided they wanted to visit our offices (with two desks, and everything else very bare). When the President and CFO came in the President was shocked and asked "How may customers do you have?" To which I immediately replied "Would you care to be the first?"
There is a concept called Paralysis by Analysis which means you spend too much time analyzing the business opportunity before doing it!
First step is to be sure you will be able to pay rent being self employed. If you can, then simply just walk away from your current position and begin working for yourself.
It can be as simple as starting a service oriented company and getting lots of business quickly or as ridiculously complicated as trying to squeeze into something like niche product marketing. Try to have enough money saved to go 3-6 months with no paycheck in either case and get as many leads as humanly possible to start generating sales or getting clients. Make sure you keep your tax info perfect, and get the appropriate licensure for whatever you are doing by the time it generates $10,000
Get one client. One decent client alone will give you confidence in what you offer, give you financial support if you leave and give you the first step you need towards becoming independent. The rest seems obvious in terms of your desire to move over into this realm etc.
Get lots of leads. And don't get shocked that the doors will not open that easily once you're alone out there. Many doors used open for you because of the company name on your business card, not your own name.
So, expect to close 1 deal out of 50-100 leads, depending on the type of product or service that you provide. And it will take a long time to convert leads into sales. Plan 9-12 months for any seed to materialize.
I started a proprietary trading firm in 2009 that would be 75% trading and 25% consulting. It has become 25% trading and 75% consulting a few (and painful) years later. It's best to learn to other people's mistakes, but you'll make your own pretty quick too.
I made this choice shortly after I opened my first company. It came to a point that I needed to take the chance. My business was growing to a point where in the future, my job would start to be effected. My employer was upset and threatened to take legal action because I had a non-compete in my original hiring packet. I never sign non-competes and didn't this time.
Changing was the best choice I made. I wish you the best of success. Gil
It is not easy...It takes time...but the most important thing is that you must enjoy your work. After I switched over more than six years ago, people would often ask me if now I had more free time. My answer would be - "Now I am working much much more than before, have lesser and lesser free time...and am enjoying it much much more!"
Go ahead, Amanda...and enjoy what you do!!
Make sure you can support yourself. What do you anticipate you can make working full-time, then see what your bills will be - mortgage/rent, insurance, car & maintenance, food, vacation time (you 'll definitely need that!), etc etc.
There will be some really low times - when the clients aren't calling and nobody needs what you do - and you'll wonder why you ever tried it. If you think you can overcome all this, make the leap. Good luck!
Hello Amanda, has your company produced the amount of residual income you make from working full time? Has your company made you at least four months of salary, with potential to continue earning at this level? If not then take a second look. You will need at least these prerequisites.
Hi, I am Richard, I have built my companies, to work individually as well as collectively, and it has still been a struggle to maintain these levels of continuous income. I am glad to say it has worked out in my favor, but there were times when I almost gave in.
Have you thought of a professional life coach? A mentor of such, may be what you need to help get that fence pole your sitting on, free of your butt. Lol, I mean no
disrespect, but it sounds to me like your pre-launch nervousness is about to explode.
I did it, but it was a continuous struggle for the first four or five years. Luckily I was alone, no spouse or kids. That would have been my undoing. Your willingness to cause yourself these hardships is the key, family or employees are a different matter.
To launch a new business is tough enough, to be sure, but to risk your family or employees private lives is another.
So here is what I tried, cut your overhead to the quick, last main general supplies need to stock pile your office needs for at least six months or more. Get yourself a high yield business account, to become a safety net. Cut your business expenditures to barely survivable levels and increase your advertising budget. When you are ready to be the chef, line crew, dish washer and the guy who sweeps up the place, step off the cliff. And fly girl. Good luck, keep us up on how you are doing, and keep asking all the questions.