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?
Taking that leap can be scary, but if you never take it you will never know.
I am in the same position now and have been before as well. You need to have a few things in place before you take the leap.
Be sure you have at least 12 -18 months of funds before you cut off your current income.
Be prepared to work at least a full 40 hours (or more) a week on your business.
Have a PLAN! I cant stress this enough. Plan how you will grow the business and work that plan every day.
Plan every day - in the same way your daily work is planned now, do that for yourself.
It is hard work but it is rewarding. Good Luck
30% what your brain tells you and 70% what your heart tells you...lots of things to do but it's not complicated. Follow your passion, honestly assess it, be that financial security or professional independence.
I recommend that you outline the things that are making you nervous about taking the leap. For example - if you are worries come from the financial side - meet with your financial adviser. Outline a business plan that actually covers your start-up expenses, estimated first 3 year income, etc. Verify with your financial adviser that you have enough discretionary funds (or resources) to support your business for 3-5 years.
If you are nervousness is coming for your time-management and business model - work with your business coach to define your business plans regarding your business model, your target market (your niche), your branding, etc.
Bottom line - take the time to understand exactly what you are nervous about -- and face those issues with your expert support team (your financial adviser, your business coach, your family etc). People don't run their successful business by themselves.
Your words reminded me of how I had been feeling for many years. I had always wanted to run my own business, but never had the guts to take the leap of faith. In the end the driver for me to take the leap was that my children were growing up fast and I wanted more time with them. Running my own business allows me to have the flexibility, even though the workload is still high, but its on my own terms.
You have to believe in yourself and that you have the mindset for going alone. If you have both of those, then go for it. You are also lucky that you have been running the business on the side for a while, so you know if it has legs and therefore that should give you the confidence too.
Don't forget that some of the greatest business owners made mistakes, misjudged things, panicked, questioned their decisions, but what all successful business owners did, was take the leap of faith.
Look ahead another 10 years and do you want to be in the same boat - probably not!
Just remember we all feel the same concerns and fortunately there are many people who are their to help and support you, Mosaic HUB being one of them.
Good luck with whatever decision you make.
a) Pros-Con model: Most of us go Con-Pros way, i.e. think about concerns first. Problems feel so overwhelming that we decide to drop / defer the idea. As per Pros-Con model, first list down all the great things that can result out of you taking the leap. Visualize the best case scenario. This will give enough enthusiasm and strength to work on problems. So, then list down your concerns and write how will you overcome each.
b) 5-year scenario: How does your life looks like 5 years hence, if you (a) Continue with your present job (b) Take a leap. Now compare the two scenarios.
c) Minimum Income Level: Most of us want to make transition keeping our income levels same. This may not always be possible. So find MIL - Minimum Income Level. Three steps (I) Calculate your monthly costs and commitments required to sustain decent life standards (MIL). (II) Calculate the number of months, your savings can sustain you (Sustaining months = Savings / MIL). (III) Find out if your business can start giving MIL within sustaining months.
d) Purpose-Strength: Check if your new activity is in line with your Passion & Purpose (The things which you feel strongly about). Further, check if your role in new business is aligned with your core personality strengths. (You may explore taking up a psychometric test for this purpose).
Hope this is of some help. Best wishes for all your future endeavors.
Some people say that when your income from your side business is double what your job pays you, then jump. Others that you must have enough cash on hand to survive 12 months. There are lots of great answers here, but to paraphrase Warren Buffet " I don't work with people who make my stomach churn ".. If that is the feeling you get every day when you go to work ...maybe its time to truly transition.
A great question.
The feeling of confidence in your own ability to survive both financially and as an individual is dependent on your own psychological profile.
When you get up in the morning - do you look forward to the challenges of the day- good or bad, or do you prefer to work to a set routine?
Do you have any fear of someone saying no to you, especially when you believe that you have done everything possible to suggest to that person that the only answer is yes?
When faced with what appears to be a massive problem ( or challenge ), do you feel confident enough to use all of your powers of deduction, or the strength of friends around you to be able to solve is as part of another day?
If you see the positive in this world long before the negatives, then you know in your own heart that you really can make it on your own.
The practicalities of running your own business can be learned.
Do you have a business plan - has it been tested? By the sounds of things you already know what your business "model" is. If you can see that there are enough customers out there and that you have the ability to be able to get them to pay the right price for your products or services, then taking it to the next stage is simple.
Sales and Marketing are skills - use your contacts and the internet to answer your immediate questions and do not take no for an answer.
Do you know how big you want your business to be?
A business needs to be managed every day so knowing where you are taking it will be essential.
As your business grows so will your experience. Always look for more than one way of getting to where you need to be. Find one way to do it best THEN DO IT!
If you want to have a chance to succeed, you should provide yourself with a calculated scenario that is based on a good expertise of the results that you will get. These evaluations should give you enough trust and confidence to let go by giving you the financial needs to achieve financial autonomy. It will also teach you how to let go (drop at once or fasing). But the most important advantage is that you will have prepared your plan to your success. This evaluation is called a business plan. A business plan and an accurate financial structure is mission critical! Good luck to you.
I made the leap a couple of years ago. Focus on what you want to do. Build a picture in your mind of doing what you want to do. Identify exactly what you get by doing it. With a clear vision of what you want to do you can make the necessary plans and actions to achieve your goal whether that's staying where you are or making the move into your business.
How are you? All I know is 3% of the population have a Residual Income stream. My friend shared this with me and I'm very thankful she thought of me. You want a Residual Income stream. This is what she showed me. www.anymeeting.com/energygoldrush/E050DE85824B
If you want to get wealthy you want to have your own business. The so called traditional route tends to have for me high risk and really no guarantee. This has very little risk and no limit on the upside. This is why I made my choice here.I didn't want to be tied to my business but rather have a business that will make me financially free.
There are a number of ways. But your personal reason that tips you over the edge and into your personalised success formula is the one you need to pay most attention too. Here's mine. Making it the only decision (not an option, not a choice). It was blissful passtionate purposeful thriving or death. By death I mean living out the rest of my life like the living dead. Full on mediocrity - automated living. Discovering that what lived on the other side of my decision to step up meant really living, really showing up, really being seen. Everything else was just fuzz.
I had to make the same choice as You roughly 6 months ago. I had an opportunity to sign up for a short four month consultation gig. Before that I had worked with my importing business as a side business. I have noticed that I spend a lot of time worrying and planning cash flow. So, make sure that you have enough income to support you and your family; renegotiate loans, postpone travelling etc for some time until you have a healthy cash reserve of three months income. Now, I grow my importing business and do some consultation and freelance jobs. By end of 2015 the turnover and profit must double. The pace with which I take on new customers is encouraging and I am sure I will make it. Unless you do the leap, you will never know the potential. Diamonds are created under pressure.
As a start up myself, there is one thing I can say: keep your focus onto what matters, is important and raises money near immediately. As an example, the business card might wait a bit, but perhaps not the website...So many things need be considered that it is difficult to prioritize and know what to do first, so stepping back and planning might be good. Details prop up endlessly, and rather than try do too many things at once, put them on a queue. Distractions must be ruthlessly eliminated too! Good luck.
Quit your job. No matter what anyone says its very hard to build a business fast enough and with enough quality when you are working somewhere else. Nothing makes you faster and more creative than knowing you burned your bridge!
The best way to transition is to stop thinking of it as part-time and start treating it as your career. Don't call it a side business. When speaking to others, call it your primary business or career. Write a strategic plan. Work the plan; measure results. If you're vested in your own success, you will be successful
In my opinion you can take a practical approach. Since you already run the business, make a list of clients you already have, your earnings from them, etc. Approach them to understand if they'd like enhanced service from you for more fees. This is the ground you prepare to study the possibility and profitability of scaling up your business.
After you have a fair idea about how to scale up your business, take a month or 2 off from your present engagement to see if the things are working out as they should.
If you are satisfied with the progress thus far, go for full time business by all means. You mentioned the word 'courage'. In business, the courage will have to be based on either intuition (as in Apple products by Steve Jobs), or some solid facts and figures tested with trial runs. Big businesses always do this when they launch new products / services.
A deep, meditative retrospection of life-till-this-point-of-time with a focus on 2 fundamental questions ‘Is it worth it?’ and ‘At the cost of what?’… i.e. by questioning your being is the best way to facilitate this transition, I firmly believe. It worked, at least for me, fantastically! All the best and way to go…!
Your question is quite common amongst budding entrepreneurs. It is at this point that a business coach / mentor comes in handy. All you, and many other entrepreneurs, need is a push and a hand to hold (supportive words from your mentor). But before you think about jumping you need to do some self-assessment:
1. Does the business currently earn enough to support you if it took a while to gain more clients? A corollary to that question is do you have sufficient resources to support yourself whilst your business grows? When answering this question, double the amount of time you first estimate it will take for your business to be a success.
2. Do you have a business plan? Whilst it might sound like a silly question, few entrepreneurs make the jump with a plan in place and then wonder why the business isn't a raging success. If you don't have a plan I suggest you write one. It doesn't have to be 100 pages, just make it as detailed as your business. Even though you have achieved great things, the reality is that up to now you've had a hobby. Once you go full time, it is serious and you'll need a plan.
3. How deep is your market? Your response should form part of your business plan. Up to now you have been very successful or you wouldn't be asking this question. Have you tapped out the market or have you barely scratched the surface?
4. Are you passionate about what you do? Whilst I work with a select group of entrepreneurs, I get approached by many that I turn down, and my reason is simple; they lack the passion. You will strike many obstacles and there will be some very tough times. If you are passionate about your business, you will get through these periods. If you are not passionate, you will quit. In my experience it is your passion for what you do that will make your business a success.
I hope it goes well. Happy to help.
OK. So you sell someone else's jewelry at parties.
So other than my initial thought of "don't do it" I'd say this-- it's a party based business so you mainly work in the evenings. Work yourself crazy- and even hire someone to hep you. When you consistently make 150% of your current take home then consider making the jump.
If it were your own jewelry line and you were considering going it alone on I'd perhaps give you a different answer. But you are totally at the mercy of the people you are selling for.
You know I have never done a party or MLM business of any kind. But I have one I am thinking about doing now. The dynamics are just so different selling someone elses stuff- and I know I haven't had a "job" in 12 years.
Its not a matter of courage. Its a matter of not having the fear. We entrepreneurs are slightly whacked in the head. You see we are not afraid of failing. In fact we often have the knowledge that we won't fail whether that is right or not. Many times its not but we don't care.
We know that we have to try. Its not a matter of success or failure which is why its not a matter of courage. We have to try. We have the desire to do this thing, no matter what it is and if we don't do it, if we don't at least try then we know that anything less will make us miserable.
The notes below n checking your finances, knowing your product/service can make you xyz are all well and good but that is just society telling us that we have to be aware/careful/responsible etc. Pfffttt I say!
Can you live without transitioning your business to full time? If you can then don't. If you have the desire deep inside and it has to get out and you think the only way to let it out is to go out on your own full time, DO IT!
It's nice to have the safety nets but you don't need them. Do it smart, hedge your bets, but what have you got to lose? Your house? Been there, done that. Your car? Buy another one. Afraid you may end up living in it? I have slept in worse places.
Life is a terminal disease and we are all infected. You've got one shot. Make it count.
First 50 words: http://youtu.be/bmXumtgwtak
It keeps me focused. Find your motivation tune. Download it. Play it. Repeat.