Each and every day I come across so many entrepreneurs that have successfully made the leap from employee to boss. For each one that has successfully made the leap there is one that made the leap only to end up going back to their JOB, and those that desire to leap but don't know where to start.
Making the leap from employee to boss requires a special commitment, a different mindset, and a clear plan of action. As you plan your "9-5" escape here a few things for you to consider.
1. What are your business goals?
Do you actually want to quit your job or are you looking to supplement your income? The truth is not everyone that starts a business hates their job or even wants to quit their job. Do you want a product or service based business? Do you want to earn active or passive income? What is your end goal? Be careful not to let other people's vision for your business become yours.
2. How much money do you NEED to be making before you quit your job?
Many aspiring and early stage entrepreneurs feel they need to be making 5k or more each month from their business before they can quit their job. I would strongly urge you to evaluate your finances to determine if that is truly the case. Do you really need to fully replace your income from your job before you can quit? Being a successful entrepreneur will require some sacrifice and compromise along the way. One of those sacrifices may require you to live on less for a period of time so you reach the point of no longer being concerned about where your next dollar will come from. So take a moment and sit down with your monthly bills and expenses. Evaluate where you can cut cost. How much money can you save if you are able to eliminate your daily commute to work? Are you able to cut childcare cost? There are expenses related to working outside of the home that you can eliminate when you are your own boss. I would encourage you to get with a financial coach and take a good look at your finances and determine the true amount of money you need to be making in your business each month as you make your transition.
3. How much time do you have available to commit to working your business?
Running a business takes time. Whether you want to make active or passive income you will have to commit some time to working on your business. Considering the hours that your work your job, travel time, family time, personal time, how much time do you have available to work your business?
4. What time of day (morning, afternoon, night) can you work on your business?
The time of day that you have available to work your business is important, it determines what type of business you are able to operate. If you are only able to commit time to working your business in the wee hours of the night then you do not want a business that requires you to actively do business with people that operate during traditional business hours.
If you need help developing your action plan to escape your "9-5" download my FREE guide: 5 Steps to Launching a Profitable Side Business without Overwhelm and Exhaustion----->http://bit.ly/1OSamcP