“Why Making a Fast Transition From Your Day Job to Entrepreneur Can Spell Biz Problems”
The entrepreneurial bug has bitten you. You’ve been organizing your new biz for months. And ready to throw your new biz doors open. Yet you’re stuck in your day job. And ready to tell the boss just what to do with it. It’s wasted time. Time better spent on your new venture. But is quitting such a great idea?
I’ve started up more than my share of businesses. And work with tons of other entrepreneurs. And if it’s one thing we’ve learned. It’s leaving your day job before you have plans in place for your new venture can spell t.r.o.u.b.l.e.
Why’s that you ask? Because getting your new biz off to a great start requires that you be in a “good place”. Both personally and financially.
Here’s 5 Valuable Tips for Making a Successful Transition:
1. Consider all financial responsibilities. Especially recurring ones. Plus, either pay off, or pay down, as many bills as possible. And start doing it long before the scheduled biz opening. Not only will this help create less financial stress, you’re creating a better scenario should you need a loan or line of biz credit. Plus, without that personal stress, you can better concentrate on your business.
2. Start a savings plan. Or increase a current one.
3. Develop a plan for your family’s needs. Make sure everyone’s taken care of. Kids have rides to and from school, or daycare drop off and pick up, for example. In other words, make sure a good portion of recurring details are planned for.
4. Apply for credit; and/or an increase in credit card limit. As you well know, it’s easier to obtain loans and credit cards when you have a source of income. For most, that’s a job. Since whether you receive a loan is partly based on how you’ll repay it, as a new entrepreneur - with no biz history to fall back on - it‘s best to apply for loans and credit while you have a day job.
5. Create one or two additional streams of income. Consider the Internet. For example, become an affiliate of others products; sell products of your own on Ebay and other sites; do consulting or free lance work; set up a website and sell products you’ve bought from others. Or, take a part time job. Having another income eliminates worry or anxiety about paying bills or providing for your family. One last word: Should you require health insurance to cover medical scenarios, you may think about working longer. Until you can obtain your own.You can always hire someone to run the biz until you can break from your day job and take over. Or, what about opening the biz on weekends, early mornings, evening and/or holidays. Until you can get it up and running full time. Many businesses were started part time in people’s garages and basements; even at kitchen tables.
Bottom line - Don’t leave a day job until you have your personal and financial life under control. Don’t and you risk losing all you’ve worked for.
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Jean L. Serio has 35 years experience in management, sales, training and development; working with 4 top retail corporations. Helping launch and manage 7 multi-million dollar operations. She founded and developed Womens Marketing and Business Network, has developed 8 businesses of her own. Personally, and thru the network, has helped thousands of women start up successful business of their own. http://www.womensmarketingbusinessnetwork.com
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