Do you find yourself dreaming more and more about making your part-time side hustle a full-time career?
Preparing to leave a 9 to 5 job to become a full-time entrepreneur can feel like one of the scariest decisions you will ever make. However, choosing to live a life on purpose and carrying out your passions, is also one of the most rewarding and exhilarating choices you can do for yourself.
Although there will never be the perfect time to take the leap, below are a few things you can do now to better prepare you for that transition.
1) MAP OUT YOUR IDEAL LIFE
Before you begin building out your business, get very clear on the type of life you ideally want to live. What is most important to you? What are your highest values? What activities do you enjoy? What are your other responsibilities outside of your business that also require your time and energy?
Many entrepreneurs spend a lot of time focused on their ideal business, but often do not take the time to get really clear on what their ideal life would be. And whilst this can often lead to accelerated business growth, it can also lead to entrepreneurial burnout and resentment.
For example if you are managing a business as a Mompreneur, or Dadpreneur, factor in the time needed to support your family’s needs and activities. Begin building your business in such as way that it supports your life’s needs and interests.
As Stephen Covey shares in his ‘7 Habits of Highly Effective People’, “put first things first”. Get clear on your highest values and build your business around that.
2) CREATE POCKETS OF TIME TO DEVOTE TO YOUR BUSINESS
One of the biggest advantages of working a full time job while managing your business, is that it forces you to get very skilled at time management. When you only have a limited number of hours to devote to your business, it pushes you to focus on your highest priorities.
Learn to get creative with managing your time. How can you restructure your day to allow you more time to focus on your business? How can you do your daily tasks more efficiently? Can you arrive the office an hour earlier, or stay an hour later to work on your business? Can you get up a half an hour earlier? Can you occasionally skip lunch or coffee breaks to use that time to work on your business?
Learn to maximize small pockets of time, and commit to devoting a specified amount of time each day toward moving your business forward.
3) KNOW YOUR MAGIC NUMBER
Get clear on the estimated dollar amount you need to thrive. Write out all of your business and personal expenses. Be sure to include money needed for things and activities you enjoy. Get a good sense of the annual dollar amount you need to live your ideal life.
Keep this number in the back of your mind as you are growing your business. This will also help you as you are building out your products, services, and revenue models.
4) START BUILDING YOUR FREEDOM FUND
After you get clear on the how much money you need to survive and thrive, start looking at ways to build your Freedom Fund, also affectionately known as the ‘F-You’ Fund -:)
With any new business, it will take time to build your clientele and income streams. There will be ebs and flows in your business, and unexpected expenses (lots of them). Do what you can to prepare beforehand. Build up a reserve for business and personal expenses, and start now learning to do more with less.
Look at creative ways you can start reducing your expenses and contributing to your Freedom Fund. Can you cut down on eating out? Can you live without cable or your weekly latte?
Brainstorm ways that you can cut back on expenses, and contribute the money you are saving toward your Freedom Fund. You will thank yourself later.
5) BE GRATEFUL, AND ENJOY THE JOURNEY
Often when budding entrepreneurs are building a business while working a full-time role, they become disengaged and even resentful of their primary employer.
Take time to acknowledge all the ways your current job is helping you as a new business owner. Learn to appreciate your primary employer as an investor in your business and passion projects. Take note of the resources and relationships you have within your finger tips that can aid you in your business now, or in the future.
Remember that all of your experiences are preparing you for your next assignment. Be grateful and enjoy the journey.
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