What's the best way to find the courage to transition into your own business full time?
I've been working on a side business for several years. I really want to make it a full time job, but have been nervous to take the leap. I would love to hear from others who have made the transition. What got you motivated? Any words of advice?
Here is a good formula that I have read in the book recently. Once your side business begins to bring 80% of what you make now, you need to quit your job (or whatever) you were doing to make your business a new full-time job. Let's say you can calculate how much minimum you need to meet the ends. Make your side business cover those needs. Once it does, transform it into something bigger.
The Business.com team recently published this guide to Quitting Your Day Job for Your Startup which may be helpful to you and other beginner entrepreneurs in your situation. First, map out your finances and make sure you have enough funds put aside in the case of an emergency. The first year of business is usually the least profitable, as you will spend time most of the time doing market research, testing, and adjusting your business strategy around your findings. As others advised if you don't have a business plan yet, make sure you craft a detailed one that includes your target audience, development stages, competitors, and projected profits and losses. I've always found vision boards to be helpful which outlines the business purpose and your goals for the business (both small and large). Having the why and how down on paper can help you see if you're really ready to make the startup your full-time gig.
I would start your passion as a hobby , if all goes well and seems to be profitable, then take the leap, but only if it is truly what you love doing
Only transition if you have a solid business plan and the funds to keep you a float until you can start making enough to sustain yourself.
You don't need courage, you need traction before you go full time. Make sure you have a viable model, take it to market, then transition. Courage is provided by an actual self-aligned purpose that is carefully crafted for marketing, this can be accelerated, but you cannot skip steps. Add a twist to whatever you do and test it until you succeed.
What I know, Kate, is to follow my own intuition. Even then, I always keep my Faith high, including kicking myself in the butt. However, that is how I personally roll. ; )
Having a side business takes: Courage. If you didn't know, well, now you've been hit by the Busy-bee Anna N. Taylor with a Knudge of Sisterly-love. The motivation is in you. My advice is as so: What I personnally dealt with more of anything was, self-doubt amongst life's hardships, which are shear distractions, right? I began to start doing what I have done for others, when I worked for somebody else and I also began to do what I knew how to create from my "memory-banks." Doing this propelled me in the direction of working for myself.
Start off at a nice pace, don't just Leap far into it, at a smooth speed is best. I surely hope that my words of encouragement, enlightenment and what I've shared here about what's helped me, can assist you in your Great feat!
Anna N. Taylor
Nick has the most direct and helpful answer - just quit.
Cortez burned his ships to motivate his men. Left with only two choices fight or die, they fought hard. I often feel that people who work hard on their plan B are going to succeed with Plan A because they are not committed to it (the best Plan B is no Plan B). If this advice scares you, I don’t think you are ready. The fact you are asking us for advice also tells me you are not ready.
Let me add this though before you leap. What is the downside? Are you leaving a well-paying career with health insurance with kids at home? If the worst possible outcome is losing your home, you do need to be prudent. If this is just about you, well then you can put the pieces together again no matter what happens.
I left my full-time job and then set up my own business.
Two questions to answer from my perspective:
1) Is that what you really want to do?
2) Are you ready to give your all?
If you say yes to these 2 questions just let it emerge..
How to keep yourself motivated? Do your passion regularly. A passion that does not bring any responsibility but only joy and something that is not work (if you want to make that switch probably your work is your passion too). Mine is tango for example.
All the best,
Sometimes you don't have a choice - as in my case - I had a full time job with my part time company on the side; then the economy took a downturn and I lost my full time job. Since I was in the 40-55 age group, the job prospects were slim to none so took the leap and took my part time company - full time and never looked back
Kate, I just kind of jumped into mine. My advice would be to do it on your own, if you have the drive, fire, and ambition. If you bring in someone else, make sure they're on board and you're both moving in the same direction, otherwise it could be broken into. Also, don't forget the importance of meetings, even if it's a small business and you're the sole owner. Have a meeting with yourself, once a week. Set time aside to see where you're at and where you're going. Eliminate things that aren't working and indulge in things that are. Keep climbing up!!! Thanks and good luck!
Kate, I love this question - it is very self-aware of you. Meaning, you are open and honest about your fear - lack of courage, and because of that, you will take the right steps to push through it...though fear will be there, but it will be exciting fear.
Plan and simply - it is a more logical, black and white answer, than an emotional one. You can determine when you are ready to move into your own business full time simply by considering a number of things:
- Do you have the financial backing to set out on your own, knowing it will take time to ramp up enough income to pay bills and survive? If so, go for it, if not, what steps or actions do you need to take to get yourself there? Cash is Queen when you are running your own business...so be sure you have plans in place.
- What steps, compromises, sacrifices, pains are you willing to take on in order to go out on your own?
- Is your product ready for primetime, generating sales thus income. If yes, great, if not, be sure it is, using any free time to do so, prior to giving up your salary job. Note - this does not mean it has to be perfect, it just has to be enough to where you can earn money for it.
- What support system do you have in place to cheer you on, to help you, to hold you accountable to the business? It cannot be just you, and you have to answer to someone that you are doing the things you need to be doing, to build and manage the business.
- Lastly, do you have the belief in yourself to do whatever it takes to make your business successful - consider these things - Are you open to learning, Are you open to asking questions or for help, Are you willing to make mistakes, Are you ready to deal with the pain and joy of having your own business, Are you good with people - including family and friends, to be naysayers and to not support you, Are you able to forgive yourself for mistakes or bad judgement, Are you willing to do anything it takes to be successful (maintaining integrity/ethics/ your true self.
If you take the time to logically and in black and white, plan out all of the various pros, cons, fears, objections, and gotchas proactively, along with the steps you need to take to start, manage and grow your business...then you won't question if you are Courageous or not...there will be no fear if you can ensure the things above (and of course some other more business focused things) are thought about, completed and or addressed.. and you determined for yourself that you are READY to go out on your own...the question is not if you are ABLE or COURAGEOUS enough.
Wow, so many great answers. I really appreciate everyone's perspective and encouragement. Thank you!
Hi Kate, you've received some great answers. Taking the leap is scary, but if you do your prep work, it's much easier. It sounds like you already have a lot of interest in your jewelry and have found some great sales avenues. You should think through your budget, understand your expenses and how much income you will need. I would plan out a year since things always take longer and unexpected bumps occur. Also, I have found that surrounding yourself with supportive people and some helpful mentors is a great way to stay motivated when things get tough. Best of luck.
Sometime a leap of faith is the best encouragement, no turning back!
Best of luck
You should switch over to full time business when you have the realization the following
1. You earn enough that you need not to have an alternate or standby occupation.
2. You have enough activity to fulfill your full time aspiration.
3. You have sufficient opening and future opportunity that can make your smooth running of your business
4. Most importantly, you have enough reserve capital as standby.
This may not be entirely a matter of motivation. There is a huge difference between a side business and being in business for yourself as your primary means of income. I have coached many starting entrepreneurs to help them decide whether it's the right decision, what they need to do to be ready (this preparation often helps with the anxiety of the decision), and how to prepare their lives for the changes this inevitably brings.
There are also questions of long-term planning, ensuring you're accounting properly for the finances, etc. If you need more input on this, feel free to contact me directly.
Gerry Seymour - http://gerryseymour.com/the-basics-of-a-sound-business/
Kate, if you know what your monthly budget/liabilities are, and business is steady enough to support that budget, then you are ready to go full time.
As long as you have a pound of passion it should work out for you-----
I always advise the following: your head says one thing, your heart another, but your belly never lies...Trust your belly, have enough money saved for a trial period. To get the business started do a business plan, know your costs and keep your sales up and be realistic about your growth potential...Always figured do what you love the money will follow providing their is a market for your product and our services
Get your mind right; why are you wanting to do it, who will be affected by it and what/who will keep you motivated.
Richard Stern-Suggest you reseaech the industry and specific category you want to enter in to so that you can see if your product, or service is relevant to meet the needs of your target customer.
If the research is positive suggest to proceed to wrie a Business Plan that meet the three conditions: Reasonable, Realistic, Doable by the ownership.
Lastly suggest doing a SWOT analysis