It’s not always possible for a person to say, “I quit!” then jump into being a business owner. You need to make plans. I recommend having enough money in the bank to cover your living expenses for several months. Don’t focus on paying the bills if you’re focusing on starting a business — it’s putting a lot of stress and pressure on yourself. I have tips for how to start your business without quitting your day job. You have probably heard of a “side gig” and that is the approach I am talking about.
I do caution you though, that at some point you will need to “give your notice” at your day job and make the move to full-time entrepreneurship IF you want to be fully self-employed. You will need to jump in and take the chance on yourself.
Start Your Business Without Quitting Your Day Job
Here are some ways to make the most of the resources you have available and scale your part time side gig to full time entrepreneurial endeavor.
- Don’t give it away for free. By “free” I mean truly for free or by pricing your goods and services so low that you may as well be giving it away for free. You need to value your gifts and you need to charge for them. Potential clients will de-value your products and services if you’re not charging appropriate fees for them.
- Know the value of the products and services you’re offering. See what the competition is charging. Determine what you need to make a living then price your goods and services accordingly.
- Be a freelancer in the field you want to start your business in – if possible. If you want to be a full time writer, take on freelance gigs. If you want to be a full time dog groomer, become an intern or freelance or groom your friends’ pets. Gain experience and use that toward furthering your goal for becoming a business owner.
- Focus on a niche. Don’t think you have to be everything to everyone… you can’t. Find a niche and make your mark.
- What skills can only you perform in your business and what skills do you need to contract out? If you’re an accountant and are not well-versed in copywriting or social media or making graphics, contract those marketing tasks out.
Decide what you need to have to make you feel like you can make the leap into full time business owner. Is it money? Is it a specific number of clients? Once you know your must-haves you will have the freedom to let go of the full time job.
Working with a business owner to help him or her fine tune a marketing strategy, pricing and mindset is what Rex Richard does. Contact me today.