You dream of walking in to your office, and telling your boss “I quit!” and then turning your great idea, your passion, or your hobby into a full-time dream job. That sounds great, and it is a commendable goal, but it can be a deceptive fantasy.
Starting your own full-time business sounds like an ideal beginning, but it’s important to be well prepared when starting out. Remember, entrepreneurship is not just about doing things, it’s about doing things smartly. Here are 5 steps to take before turning your idea into your sole income.
1. Set your hours and stick to them
At the beginning, think of your enterprise as a part time job. Part time jobs require a certain amount of hours per week. Figure out how much time, including transportation, networking, research, etc. it would take to make measurable progress. Then, actually make sure you spend at least that much time on your project every week.
2. Prioritize your tasks, outsource when you can
Your budget might be low, but time is money. Spending a lot of time figuring things out like billing and accounting instead of developing your business isn’t necessarily time well spent. Some things are worth the cash investment so that you can focus your energy on building your business.
3. Don’t be a hero
It’s your idea, your passion, your baby and it’s natural to want all the glory. But carving up your business among a couple of people can be an excellent way to get great skills from invested partners. Got a friend who’s a whiz at marketing and thinks your idea is brilliant? Know somebody who is a sales genius and believes in your product? Consider making them a part of the team.
4. Set targets and meet them
How much money does your business need to make, consistently, to be a viable primary source of income? Take a close look at the numbers: how much capital do you need to start? How much do you need to charge each customer? How many customers do you need per month? It’s not the glamorous part of entrepreneurship, but cold hard numbers are essential.
5. Determine sustainability
Is your business booming because your idea is seasonal? Are customers flocking to you because you’re riding a trend? Are you generating enough profit to replenish your supplies when they run out? Before you quit your job, be honest with yourself about whether your new job can sustain itself long term.
Sometimes you just have the entrepreneurship bug, and it’s easy to want to be one of those people who quit their jobs and made their dreams come true. Just remember, behind every one of these success stories is a ton of hard work, lean times, and a fair share of disappointment.
Have you turned your side job into a full time business? Share your story in the comments below.
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