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?
First, prepare yourself for some long hours for a long time. If you have that kind of passion, go for it. But, don't quit your day job anytime soon.
You need to find a way to start your new business on a part-time basis. If it is services business, that should be easy. Whatever it is, start small and very focus, so you can simply figure out of your business model works. Since you are still working full time, this has to be done nights and weekends. Once you have achieved proof of concept, you can start to ramp up the business, eventually to a point where it will sustain you. Then, you can quit your job.
If you have a spouse, or better-other, see if you can do this together. You could use the help. Older children can help sometimes too.
Make sure you are not in conflict with your current company, else you will run into a conflict of interest.
Make sure you have a years supply of cash on hand to build your business and live off your savings...Look at your business in quarterly increments and sell, sell, know your costs, sell, market, know your costs and sell, market and stay up beat...
Any time to start your own business is good.
Knowing when to make the transition from part time to full time is something else.
Currently as you are already receiving a wage (safety net) whatever you do in your spare time is safe.
Once you go full time. everything you do and or don't do will have an impact.
There is a mental adjustment requirement,
You already have some great advise, some of it is scary, that's good. it's a scary world out their.
Some things to consider.
1) To make a transition it's good to have capital behind you. This can be in the form of hard $$$ or a backlog of work, contracts which will sustain you.
2) It may be work considering the question. "Do I really have to be their full time?"
in other words can you run and build your business with out being their full time.
3) How much extra time will it take to run the business or to build it up to a critical mass.
4) Can I grow the business by not being there but hiring someone to cover the day to day (mundane) workload. If so would this be a better option. This becomes a question of functionality and economics.
5) If you work in your business full time, how long would it be before you will require additional help. Also can your business sustain a second person.
Often it's not the first step that's a problem. It's the second step. When you are working for yourself. your time is finite. you can only do so much in 1 day. And you may not be able to afford to take time off or time out.
In the end all we can do is present some hard facts, that you may or may not of considered. The rest is 100% up to you.
You have started very well, And asking questions is only going to help you.
There are lot of psychological difference between job and self work first you build your mind according to businessman then work with any businessman for a short time then make a good business plan,then you can start full-time work.
I really hate to be so blunt but if you cannot answer this question, now is not the time to be thinking about doing it in the first place.
This is not meant to be unkind - exactly the opposite. Running a business requires basic knowledge - work on this first.
I will share my story with you.
I'm young (21 years old), and I worked as a Programmer for 2 years in agencies, I learn a lot, but one thing I couldn't do on that agencies was:
- Talk with customers
- Manage Projects / Business
- Apply my Marketing / Sales knowledge
So what I did? I save money for 6 months and I started making some connections as a freelancer.
One year passed, now I am opening my company, I am traveling Asia (while I do my work) and I also do everything with my team.
After i started being my own boss:
- More money
- More time for me, for my friends and to do things I like
- Travel a lot
- Know I am not just a programmer, I manage everything
Go for it!
I had a friend who went into business for himself. He lived on the money he made for one year and never touched his salary no matter what. Not only did he have a years salary in the bank he now knew his business had sustainability.
Hello Amanda, it's my pleasure sending you this. I really appreciate your courage of starting your own business.
To me, Set your own standards, acknowledge your own values, and remain positive from the inside out; you will be heading in the right direction for a very promising future.
If you need more details on how to develop personally, your business or brand. Let's arrange for chat soonest.
Aladesuru adewale Walter, Brand Development Entrepreneur and Global Citizen.
Wishing you success.
Amanda: You state you are looking to work for your company, so assuming you mean that it is already established? In my case I did establish an LLC, name, etc. and was ready to go when I quit my job. As I first ventured into consulting I made a contact to actually sub-contract so I did not have to establish my company with no history. It did work and that was 12 years ago. I own several other small ventures now. One book I love is by Richard Branson and I do heed his advice and the title of one of his books "Screw it, Let's do it". If your ready, passionate, have some resources to get past the start up, and of course a unique design, approach or idea, then maybe it's time to launch...
This one is difficult. I was employed full-time when the idea of starting our own family business bumped into my head. And for several months did both. However, once you step on that road, there is no way back. The long hours and the busy weekends have a say in the way you handle your full-time job, so you will not be there for long. Your business on the other side will not generate revenue in the very beginning and let's not forget that it takes several years to reach the break even. In my case, my husband remain working full-time and I devoted my time to the business, which worked well for us financially. So, before you jump into that consider the need for financing the business for quite a while. If you have the funds via savings or loan, go ahead and start the venture. In a couple of months go and talk to your manager saying you would like to focus on your business and make a transition plan for several months. Another option is hire somebody for the first couple of months to help you with setting the business. Good luck!
If you have the necessary capital for the business and enough cash to take of your personal needs go for it, However if you don't develop a 2 year plan to exit and start the business on a spare time basis around your current job,
Seeing your profile (and your website), I can say that offering 'business solutions' is a good business field. I think though that you need to be more specific on what you plan to offer. I guess your dilemma is partly because you haven't been able to select a 'niche' to focus on. And maybe that is the reason you're unable to draw out a workable business plan. Just my thinking...no offence meant.
I haven't quite made the transition myself, but most of the people I know that did said it took them 3-5 years to do it. As others have mentioned, it all depends on your level of overhead, but I think you should aim at building your business to the point where you have enough coming in to support yourself before making the switch - that is without taking on any debt. Granted, if there's equipment that you require to really drive up production, then that would be an exception.
Maybe look at what elements of your business that you're best at and what elements are just tedious things that need to be done - see if you can automate or outsource those things, and then you'll be able to do more business while still doing it part-time and that might be enough to get you to the point where you're comfortable at making the switch.
That's the strategy I'm taking, anyway.
The comments below are good and they are great for the cautious person that has something to lose. Going into business for yourself is an iffy thing. What I mean by
"Iffy" is this...IF you can survive working for someone else and you are somewhat content with that, don't go into business for your self.
IF you are afraid to lose it all, don't go into business for yourself.
IF you want a steady paycheck and that is very important to you, don't go into business for yourself.
But...IF you have nothing to lose,
IF you have this pain inside you that says you must do this,
IF you aren't afraid to lose your house,
IF you think you can't not do it,
IF this is the most important thing ever,
IF you know you can make a difference,
Do it. and that is how you do it. You just do it.
Its not easy to go full time on your own and it will be a lot more than full time. I work 100+ hours a week. At the same time I love what I do so much I don't ever feel like I am working at all. I get up at the crack of dawn and I work all day, everyday including holidays.
I have fired myself 3 times in a day. Damn cat keeps rehiring me.
I have lost a house. Just bought a bigger one though.
I have had to sleep in my car. When I worked for someone else I slept in worse places.
I have been pennies away from literally having nothing. Today my bank account is higher than its ever been.
People will tell you its time to quit, usually right before you are about to succeed. It is true that it is darkest before the dawn. If you are afraid of the dark you need not branch out on your own. You are welcome to stay in corporate Cypress TX. You know enough to stay employed and to stay safe.
If you want safe you don't want to take your company full time. Being on your own full time is a risk and yes you can do the things that make it safer, but it still comes down to are you willing to not be safe.
Entrepreneurs are not safe, we are a wee bit crazy. We know that it is possible to fail but we refuse to accept that for ourselves. We know that we can't fail, even when we do. We know that if WE do it it will be done right. We know that we are the best thing to happen to this business. Not only can we do it as well as the next guy we can do it better!
At the same moment those thoughts go through our heads we know that the next thing to happen is going to kill our business. We know that we are only one step away from disaster! But...we don't care. We are a little nuts in the head. You see, we are Entrepreneurs.
Yes you can hedge your bets and you should plan to do it all the right way but when you're in business for yourself it rarely goes the right way. Plan for the worst and hope for the best.
So if you are asking how, don't do it. If you can't stop yourself...Welcome to the crazy club.
First off - I wish you the best of luck, becoming your own boss is the most challenging and most rewarding thing you can ever do. First off, make sure you are good at business, not just your business. Knowing what you, and knowing how to make a business out of it are two vastly different things.
I started my Video Production Business at the end of 1998, didn't go full time at until 2007. Of course, the market crashed around that time, but I had this exit plan for three years.
It has been a lot of work, and I have had to step back and re-invent myself as a business person doing video, instead of a video guy making a business of it.
Working for yourself full-time is starting your own business. I do not know what you do currently or what type of company you have. The foundation for having any business is to have a well-developed business plan and enough capital to support yourself personally as well as the company until you break-even.
I don't know how you could work for yourself full-time without knowing more details. What's your overhead, are you on someone's insurance or will you have to pay for your own, what's your client base like now (especially for referrals to build the business), etc.
One thing you could do is track your entire process, write about it (the good and the bad, what worked, what didn't) and market that as an e-book. People are always trying to figure this out.
I can share my story, but you may not like the answer Amanda. I decided to work for myself about five years ago, it took about five years to fully make the transition. However, having said that, each of us has different circumstances, I took the 'no risk' approach, which meant that I took on no loans or other financial risk. I worked part time on my own business, and gradually pared back my employment.
Actually, at the start of my venture, there were other personal factors that prevented me from sticking to my plan as closely as I would have preferred, so for you, it may be different.
The best advice I can give you is to cut your overhead as much as possible if that is possible at all, you also need to crunch your numbers carefully. Measure twice, cut once as the saying goes.
I have looked at your profile and I understand what you do. Do you work from home or do you have premises and by extension...overhead?
I'd love to hear how long you have been in business and how it is all going.