Many people think about starting their own business, however most never do, they become paralyzed with fear at the thought of branching out on their own. Most have become too accustomed to receiving a quote on quote guaranteed paycheck, which is only guaranteed as long as you have a job. Job loss and frustration is usually the wake up call that some people need to finally change direction, and realize a dream they’ve been talking about for far too long.
Bills have to be paid of course; which cause most people to engage in a manic search for a stop gap, anything to get some money coming in. But why take some poorly paying customer service job when you could be calling the shots running your own enterprise and possibly making way more within a year?
Leverage The Support You Need
If you have supportive spouse or partner, one good strategy is to team up and leverage the support you need. The concept is really simple: The person still employed agrees to support the home, pay the bills, and man the fort, while the other undergoes the challenge of a new business with tenacity. In some cases serious sacrifices may have to be made, especially in this economy. In other cases the spouse may make enough where the impact of pinch won’t be felt as intensely.
Planning is essential to the success of any new venture, a timeline and benchmarks need to be clearly set. A timeline of about a year is a good starting point (in other words you have a year to give it your all). Devoid of a clear deadline, the years can fly by and the amount of money pumped into the business can just keep skyrocketing. A year also provides enough time for evaluation to look at milestones and benchmarks, so you can see how well you are doing.
Now if you are flying solo and don’t have a partner who can support you while you launch your idea, there are some other options you should consider. The Rents, that’s right your parents, they may be able help you. If not, you can always get a job and spend time on the new business during your time off.
If you decide on the day job route, here are some rules you need to follow:
Set a clear-cut iron clad schedule to work on the business plan — perhaps 7 pm to 10 pm Monday to Friday and all day Sunday. If you are doing design or development work to launch a new product or service, this kind of schedule will most certainly make sense.
Take a night job or weekend if your business requires meeting clients and prospects during the day otherwise you are going to run into problems that could potentially cripple your new enterprise before it really even takes off.
Be disciplined set strict hours for work, and do not fall into the trap of sleeping in until noon and then trying to take a stab at it. Get up early, get started by 9, no excuses, and put in a full shift just like at the office. Stick to these rules and you’ll make great strides.