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START YOUR BUSINESS OFF THE RIGHT WAY

January 8, 2018

There are a lot life decisions that we rush into, but starting your own business should not be one of them. Starting a business is takes serious thought and planning.  If you are starting a business just to bring a little extra money on the side then you can just get started because not much is at stake.  On the other hand if you are starting a business that you plan to make your sole source of income then you should take your time and prepare.  This preparation is more than knowing who your target market will be or what social media platforms you will use.  It is about making sure when you take the plunge that you don’t drown! There are two things you should consider paying attention to while moving toward full-time entrepreneur.

 

Be present at your employer

 

When you are starting your business and even growing your business you still need to be present at your current employer.  Not present in just attendance, but present in the work that you are doing.  That company is paying you to do a job and it is only fair that you do the work that you are being paid for.  Many times when people start working on their business they begin to resent their job and become less productive.  The problem with that is you are increasing the likelihood that you will be fired and whether you like it or not that job is bringing in the money to keep your business going.  

 

Change your attitude about your job and use it as an opportunity to become a better business owner.  Work on client prospecting and keeping receipts.  Attend networking events and get comfortable introducing yourself to people.  If you are really ambitious take on a project at work that will allow you to use their resources to grow their business, but it will also help you grow yours when you walk away. An example would be to take over their social media and learn everything you can about ad promotions and social media marketing. This will give you an advantage when you become a full time entrepreneur.

 

Make sure your money is ready

 

 

This is how you drown if you take the plunge before you are ready.  Let me run through an example of expenses from my own business.  I go to conferences to meet potential clients and one of my recent conferences had a $1100 booth/registration fee, $120 per night hotel room (2 nights), $100 in gas for five hour drive both ways, and $50 for food. This does not even take into account the business cards and other materials I had printed out and their costs.  That does not include the money I pay a graphic designer, a virtual assistant, Facebook, and Instagram ads.  

 

If you want to be an entrepreneur that is able to grow their business then you have to step away from your job the right way.  Pay as much if not all of your debt off before quitting.  Save up at least a year’s worth of expenses so that you are able to focus completely on your business full time and not have to worry about getting a second job.  Last, but not least build up your clientele and business income up to a point that it almost replaces the income you get from your job.  

 

Being prepared will make sure that you are able to truly go into business full-time and never look back!

 

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For more money tips and tools to help you on your financial journey head to www. DebtSucksUniversity.com

 

 

 

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