Updated: Jul 1, 2021
By: Ashley Adams
So, you’ve started a business, things are going well, and the money is starting to roll in. As the money starts to accumulate, your boss who’s been asking you to work outside of your pay-grade will start to feel more like a nuisance and less like a co-worker. Day by day your patience is running more thin, you’re ready to chuck the deuces, and you believe you've found a better option that provides flexibility and some form of freedom. It seems easy to dive into Entreprenuership full-time, however, there are a few things to consider before saying goodbye to your 9-5!
Can your business profits fully replace your work income?
I encourage every woman to believe in herself and manifest the life she wants, but preparation is key. The reality is that when leaving the corporate world, you’ll be fully supporting yourself. If your business income doesn't have the potential to fully replace your monthly or yearly income, it may be time to put in a little extra work before you can make that leap.
If you’re new to business, you may not be prepared for the “What If’s” just yet. Like many business owners, COVID-19 hit the industry hard and many small businesses didn’t survive. Our hope is that we don't experience anything like this anytime soon, but you actually never know. The advice I’ve received from my mentors is to have at least a 3 to 6 month reserve to fully cover your bills so you won’t be stressed while figuring out the kinks or if the roof falls in!
What The Health?
One of the biggest perks of working for someone else are the Health, Dental, and Life benefits they provide. When you’re on your own, an apple a day won’t be enough to pay the Doctor these days. Although there are many more medical coverage options available, you still need to factor this new expense into your budget. You don’t want to be left in an emergency with no health coverage.
What's The Budget?
Have you fallen in love with a luxury lifestyle? I know you'd like to maintain this lifestyle but, you need to be willing to let go of a few things in order to live comfortably in the future. You might have to sacrifice now by limiting your expenses, but it is one of the best ways to give yourself some wiggle room while you’re making the transition. Maybe you’ll have to say bye-bye to Starbucks for a while but tell them you’ll be back!
A goal without a plan is just a dream. If you are really considering leaving your 9-5 you have to be ready to take the world on your shoulders. Create a step-by-step guide to have an idea of what it’s going to take to run and sustain your business on your own. There will be help, but being the boss comes with a lot of responsibility, you must be sure you’re ready to answer the call.
Being an entrepreneur is truly a life experience. There are highs and lows, and many people will tell you it’s not for everyone. However, those who were made for it will do what needs to be done to get where you want to go. It’s a long road but once you have a process that works the, sky is the limit. Entrepreneurship may look easy, but it takes a lot of work! So, take a step back, and strategize before you quit your 9-5!
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