It’s hard, once the entrepreneurial bug has bitten you, to continue working at a day job. Especially one that’s an unchallenging and go-nowhere scenario. Before you tell your boss to take a hike, here’s 9 valuable strategies to help make the transition to entrepreneur easier.
1. Start paying down bills. Especially credit cards.
It’s good biz sense to start up a new business with as little debt as possible. Pay off as many, or all, repayment scenarios as possible. Such as installment loans, IRS situations; get current on house taxes. If possible, pay off a car loan, credit card debt.
While it may take slightly longer to leave a day job, to pay down those bills, you won’t have the stress of them hanging over your head. And in the long run your new business start up will be unencumbered. And on more solid ground.
2. Check out your financial responsibilities. And start reducing all unnecessary expenses.
If you can refinance your house at a lower interest and payment rate, it should be done before leaving your job. Check everyhing you subscribe to and spend money on. Be ruthless. Excluding anything you can live without.
Have a way to pay mortgage and car payments. Plus personal utilities food and insurance. And whatever else is required to keep your household running properly.
Have a plan for future payments. Like upcoming taxes, children’s education and school expense, medical insurance, medications and doctors visits.
3. Set up a savings plan. Or add to one you have. Check out retirement plans and investments. Provide for medical benefits.
Before leaving your job, obtain a file of all necessary info regarding your retirement plan. This should include how and when to apply, how much you’ll receive, and rules regarding payment or receipt. Be sure are personal forms needed are on file. Info correct. Including names of benefactors.
If your spouse has medical benefits, have them add you to their plan. If not, there are a wide variety of companies providing medical benefits to entrepreneurs. Ask your current company what other options you have.
4. Ask your boss about working less hours at a reduced salary.
Lots of entrepreneurs start this way. Or, work a different shift - such as nights and weekends to free up time. What about job sharing? Or telecommuting? Or…….
5. Find another income stream to help support you while in transition.
Today, tons of people make a good living, or part of it, with Internet based businesses. There are many ways to start with zero cost and quickly.
Or - get a part time job. Obtain freelance work, become a sub contractor. Do consulting. These are all things which can be done at your convenience. Allowing you time to spend on business development.
6. Take time to do the necessary research to discover whether the business you plan to start, fills a need. Is viable.
Never leave your day job and start a home or small business without determining if there’s actually a buying market for your services or products. You must know, beforehand, if there’s a large enough market to create a solid, successful and profitable business.
7. Create a Business Plan.
While many new entrepreneurs think writing a Biz Plan isn’t necessary and won’t help them, nothing could be farther from the truth.
Every business - large or small, needs a formal Business Plan. Just starting, it needn’t be long. But enough pages to state the following: how you’ll set your plans in motion; sell, buy or manufacture and market your products and/or services. Plus, what you expect your end result will be. You’ll use your biz plan as a guide once you’re up and running.
8. Apply for and obtain funding, investors or partners.
Once you’ve done your research and set up a Business Plan, it’s time to look for funding or investors if needed.
9. Start working at your new business part time.
Tons of now successful entrepreneurs started out developing, or running new businesses in spare time. They worked late at night, early morning before heading to a day job. Holidays. While this means less time with family, it’s only temporary. First, make sure your family is on board. And supports your plans.
One last word: You may want to stay at your day job longer, in order to keep medical benefits, for example. If your business is well organized, you can always hire someone, or have a partner, run it. With you working early mornings, evenings, weekends and holidays. And then once you leave the day job, it’s an easy transition into your exciting, new entrepreneurial life.
Copyright 2008 Jean L. Serio
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