You need to read this post if:
You are stuck in the rut of a day job that is far below your potential...
You are somewhat anti-authority, and taking orders grinds your gears...
You despise having to 'Request' approval to have your holiday dates...
There is no work life balance - you can do no more than chill and recover in the evenings after a day's work, and wait for the next day to roll around...
And why should you even have to accept a work life balance anyway?
If you had your own online business from home doing something that excites you then there would be no need to balance out work drudgery with a so-called life. But to cross over into that world of self-employment must you prepare - and prepare like your life depends on it.
Because once the seed is planted in your thoughts, your mind begins to reshape itself around the seed as it grows.
Never again will you be content, satisfied, accepting of, your day job, your mind is becoming that of an entrepreneur and business owner in the making.
At some point the seed will push to break through to the surface to experience the sunlight as you yourself push yourself into leaving your job to break through into entrepreneurship and the sunlight of being your own boss.
But the sunshine will not appear until later, right now you have to ride a Roller-coaster that has half the tracks missing.
You will get flung upside down and all your money will fall out of your pockets...
you will fear for your life and your future as you go about starting your own online business...
but the more you prepare in advance while you still have the day job, the more pieces of track there will be to keep you on the rollercoaster after you leave.
Things to prepare for:
1. Your mind – Do you really have what it takes to do this to start your own online business?
There’s no shame in admitting you are more about the security of a pay check than the risk/potential reward of owning your own business.
An essential reading requirement before moving on to number two is ‘The e-myth revisited’ by Michael Gerber.
2. Your business model – What will you sell? And is there a market waiting to buy it?
There are good mistakes and bad mistakes just like there is good debt and bad debt. Good mistakes don’t set you back too much but do provide you an essential learning curve. Bad mistakes are potentially fatal to your business.
Not researching your market is a bad mistake that will come home to roost later on when you are already fully committed.
Make NO assumptions, you may think you have a great product that nobody else is selling, but what if that’s because the market is too small or even non-existent?
3. Your business plan – Will you need capital? What are the market channels?
This consideration will vary greatly to what your business model is. If you plan to source products from China you will need some capital etc. If you are writing a book, its less about capital and more about the channels.
4. Your education – Do you need to learn more about your business and marketing?
This should not even be a question, you will never know enough and education will be ongoing.
5. Your Income – How will you replace your pay check in the transition period?
Do you have saving you will rely on, a partner with an income, crowdfunding, a side hustle, perhaps you will wait til your incubator business is already cash-flowing (see 6)
6. Your incubator – Start and begin developing your online business while still doing the day job.
The incubator business is really an essential step if you are going to do this, but challenging to develop when your mind has to focus on your day job too.
Like learning a language, its hard to get beyond learning some grammar and conversational phrases until you can go live in that country, at which point you soon become fluent when everything depends on it.
A final word, many people who take this leap end up buying a job instead of owning a business. My parents are one such example of what this means.
My father once worked as a shoe repairer, then one day, sick of working for others for all the reasons listed at the beginning of this post, he opened his own shop.
My parents worked side by side in that shop repairing shoes, leather repairs, key-cutting, selling bags and shoes etc. for twenty-five years, twelve or more hours every day, six and sometimes seven days a week.
This is owning your own job. If something happens to you EVERYTHING stops including the cashflow. It is a popular expression of entrepreneurs to say ‘work on your business not in it’. Whats the difference?
My parents worked IN their business. If they had bought more shops, hired staff to run them, and build a great brand reputation then they would have been working ON their business.
If anything had happened to them in the second scenario to prevent them working, their business would still have continued to provide an income.
B U S I N E S S L E U T H
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