I have to give a disclaimer that this post is NOT intended to encourage you to quit your job and dive right into the world of entrepreneurship. Before you do that, you must have a solid plan in place, and each individual’s situation will be different because there are different factors to be considered.
How many times have you said to yourself “This is it…this is the year I finally quit my job and work for myself full time?”. If you are currently working a 9-5 and building your business on the side, you know that it can be extremely difficult to juggle both (trust me, I’ve been there).
If you are serious about making the leap and pursuing your entrepreneurial goals, there are some things that you will need to do to prepare yourself for the big change. The most important of those things is to create an exit strategy, or plan to help you smoothly transition from employee to BOSS!
Below, I outline 6 things to do when creating your exit strategy:
Set a date
Setting a date gives you something concrete to work towards. It’s not enough to just say, “I’m going to it my job in a few months…or next year”. Put a date on it so that you will remain focused and working toward that very specific goal. SMART – Specific. Measurable. Attainable.
Create a Nest Egg
You will want to make sure you save up enough money for you to survive on while you are building your business. As a rule of thumb, you should have a least 6 months of expenses saved while you are growing your business, just in case you do not get that influx of clients right away. Also, factor in your marketing and monthly business expenses.
- How much money do you need each month to cover your personal expenses?
- How much money do you estimate you will need each month to cover the operational expenses of your business?
- How much money will you need for one-time start-up expenses, such as incorporation fees, or new equipment?
Get the ball rolling
Start working on gaining clients and building a solid business foundation NOW. When your exit date rolls around, maybe you will be confident enough to actually follow through with it if you are already seeing results in your business.
Train yourself to live on the bare minimum while you are in transition. As mentioned before, you will need to sacrifice now so that you will be able to live the type of lifestyle you desire in the future. If you begin to down-size while you are working in bringing in an income, it will not be such a shock to your system when you are forced to do it down the line.
Start paying down debt
The last thing you need is a cloud of debt hanging over your head while you are building your business. This will undoubtedly create stress and pressure, which may cause you to lose focus of your goals. Mounting bills will make you want to abandon your business for the stability of a consistent and guaranteed paycheck.
Focus on the bigger picture
What is your ultimate goal? Make sure you consider the long-term effects of the decision that you are about to make. Do you see your business as something that you can do for years to come, or is this something you’re thinking of doing as a quick money maker? How long will you give yourself to make the business work before you consider returning to work? Are you going to jump ship when things get rough? How will this decision affect your family? There are a lot of things to consider before taking the big leap. Make sure you weigh all of your options carefully, think things through, and are confident that you are making the right decision for YOU.
Remember, businesses are not built in a day. They are built step-by-step. You have everything inside of you that you need to be successful. Step up to the plate, stop playing small, decide what you want, create your plan, put your plan into action, and follow through with persistence.
Do you have an exit strategy in place? How much time, or what date have you set, for you to pursue your business full time? Leave a comment below.
To Your Prosperity and Success,
Business Success Coach | Marketing Strategist | Motivational Speaker
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