Many of the successful entrepreneurs and moguls you know today have started out as employees. Their success did not happen overnight, and they certainly made a lot of sacrifices to reach their current status now. They had obviously juggled their day job and their venture, and when the time is right, they made the plunge.
If you’re working on a day job right now while taking the right steps for your business, know that you will eventually need to fully commit yourself to your venture and leave your former career behind. It is scary, but there are some ways that will help you make the transition much smoother.
From your “How to own a franchise restaurant?” phase to your “I’m finally doing it,” here are some pointers to help you facilitate a nice transition:
Prepare your contingency funds
Leaving your stable job for a venture you’re not entirely sure that is profitable is obviously scary. So before you resign, make sure that your cash reserves are big enough to support you while you are trying to make sales. This is important for business people who have bootstrapped. Regardless, if you have an investor, it is still a good practice that you set aside some contingency funds. The future is always uncertain, and you need to be prepared for it.
Acquire the skills that you need
As you work on your business, you and your small team will need to double-hat, meaning you will be working on tasks that you’re not specifically trained for to save costs. Before you leave your day job, you should have already acquired basic business skills, such as accounting, copywriting for your marketing campaigns, and logistics-related skills. You might not be able to acquire all these skills from your day job, but there are some seminars and paid online classes that you can attend. As you gain more experience points, you can start hiring and training people.
Find a mentor
You might think that you can do it alone, but acknowledge the fact that some issues can arise and catch you off guard. You might not be familiar with such dilemmas, and it’s your first time dealing with them. To help you navigate this whole new territory, it is important that you have a mentor.
Come up with de-stressing methods
Being a business owner is not always rainbows and butterflies. You call the shots, yes, but know that every decision you make actually affects your business as a whole. On top of that, the amount of work you will face will seem insurmountable on some days. Knowing this, you need to know how to take care of yourself. Listen to your body and start practices that will allow you to deal with stress.
Being an entrepreneur is a whole new world for you. It is exciting, and it will make you dream bigger. But the transition phase will pose some challenges. Nevertheless, if you have set your eyes on the prize and you have the right strategies, you will be able to seize your goals.