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!