What's stopping you from just leaving your job to start your own business today? It's likely to be one of two things: common sense or integrity. Both are precious commodities.
Common Sense and Integrity
Common sense says you will likely have commitments, obligations, and responsibilities that appear monthly, weekly, and even daily. It would not be wise to risk any of those commitments with brash, cavalier action. It could cost you dearly both in the immediate future and long term.
Also, you would put yourself and your new business under immense pressure if you were stressed and felt pressured right off the starting blocks.
It's significantly better to have the support of your family, your bank, and countless other individuals and institutions when you are starting a new business venture.
Integrity takes time to earn, including the one you have reached at your current place of work, both with your employers and colleagues. These could well be some valuable and influential contacts a little further down the road.
It's unwise and unhelpful to jeopardize your integrity when it's unnecessary.
So, instead of just pulling the plug, it's essential to plan your escape from your current employment with common sense and integrity.
Preparing for Your Business
It makes good sense to do plenty of research on your new business and get all your questions answered before you decide on anything.
Consider these ideas:
Consider these ideas:
- Get an insider's opinion. If you could get an insider's view of that business, it would serve you well. Standing on the outside is very different from looking out on the inside. It could save you a lot of time and money.
- Find someone who has already walked the path you intend to tread and ask them, "If you were doing this all over again, what would you do differently?" Their answer will probably be the most valuable conversation you could have for your new business.
- Learn to delegate. You must learn to delegate tasks to elevate your game. If your focus and energy are only going to administrative tasks, you'll have no time and space for growth.
Instead, delegate these tasks to one of our nearshore virtual assistants for a fraction of the cost you would pay to a US employee.
- How will you generate a profit? To the best of your ability, it's essential to figure out the easiest and most effective way of generating a profit from your new business.
- How will you scale up? Determine what you need to have to scale it to handle ever larger volumes of customers. Customers are the key because they are the people who will provide your profits.
- How much time do you need to get the business started? Determine how much time you have available to get your business off the ground. Naturally, the more effort and energy you put in, the quicker everything will go.
- How long will it take for your business to generate some meaningful profit? Make a reasonable estimate based on the information collected.
Once you've determined these aspects, it should be possible to calculate with some reasonable certainty what is needed for you to create a timeline for escaping from your current employment.
A Wise Way to Start Your Business
So, now you can quit your job, right? Hold on! You're almost there!
Many intelligent people get their business into the marketplace by working part-time from home while they keep their regular job intact. Even if it takes nine months, a year, or even a couple of years, to get it working efficiently and effectively, it's worth it. Remember to factor in some wiggle room for the unexpected, some downtime, and even some holidays.
Talk with people who have made this transition to get a clearer idea of what is reasonable and doable for someone in your situation.
Work Smarter, Not Harder
Remember, your new business should not require you to work 40, 50, or 60 hours weekly. You intend to move on up in terms of profit and income potential and move down in terms of time needed to create it.
Seriously consider working smarter, not harder. If hard work guaranteed success, most people would already be wealthy. It's not about working hard. Your success will come from having a plan, an effective strategy, and the discipline and enthusiasm to follow through on it.
Once you're confident that you have a good business plan and you're working part-time on your business and showing some profits, that's the time for you to devise a sensible strategy to quit your job.
Yes, it all takes patience. But remember: "All things in their season." Soon, you'll look back at your job and look forward to greater profits in your business.
Starting a new business can be a nerve-racking experience, but you don't have to do it alone! If you are thinking of becoming your boss, we invite you to read our article 10 Critical Business Mistakes That Might Sabotage Your Future Success to know what to avoid when starting your own company.
Starting your business takes time and attention. You're trying to generate profits and scale your business. You can do both things by learning to delegate tasks and get much-needed help. With the help of our virtual assistants, you can scale up your business without breaking the bank. With Cápita Works, you can access talent for a fraction of the cost. Click here to learn more about our services. For any further doubts, you can contact us at firstname.lastname@example.org.