Things To Consider before quitting your 9-5

Things To Consider before quitting your 9-5

Photo by Alex Plesovskich on Unsplash

 

The Things I Wish I Knew Before I Started My Business

Start-ups are a big thing right now. Everyone is doing it and boy do they make it look easy on Facebook. While there are times it CAN be all fun and games the reality can often be a whole lot different.

Having worked with countless start-ups, here are our best tips for making the leap, and making sure it is a success!

 

Don’t Have A Plan B – Commit Wholeheartedly

Yes, you read that right. But let us explain: having a Plan B will mean you won’t commit fully to your business success – because you know there’s a safety cushion to fall back on.

You need to jump in and get your hands really dirty to make it work. Success will come quicker for some, but having a Plan B and clinging to that steady income will often mean you won’t commit fully to the cause.

Nothing will make you perform better and make it happen than not having those dollars rolling in from a side job!

 

Make Sure You Have A Good Cash Buffer

When we started Saltwater our bookkeeper told us not to expect to make a profit in the first year. While this wasn’t the case, don’t expect the dollars to roll in during the first year.

Have a bit of a cash buffer so you don’t need to stress. Stress + pressure due to lack of cash will mean poor decisions will be made, which in turn will cause more stress and leak profits out of the business which is the last thing you need.

Work out the money you need for a 4-6 month salary for yourself, put it aside and pay yourself a wage so you don’t have to stress about money whilst you get started.

 

Have As Much As Possible In Place Before You Leap

What do we mean? Your branding, your website and your service packages should be mapped out clearly before you make the giant leap.

Why? That’s because figuring out these essential components takes time. And yes, we’re talking like a couple of months. This is a couple of months of you working ON your business not IN your business. This means little or no money coming in while you get started. Be prepared.

 

The Importance Of Personal Development

Business coaches, counsellors, kinesioloigsts, life coaches, gurus – they come in many shapes and forms… Whatever is your flavour, make sure you have one involved in your business and your life to help you succeed.

Overcoming personal roadblocks is one of the most important things to help gain success in your business. Every business owner, every person in the world, has doubts that linger: about their performance, skills and knowledge.

Keeping your mindset in check and working through any emotions that hold you back will only help you get better and better at what you do, which in turn will have a positive effect on your business.

 

Get Amongst It – Get A Mentor Or Join A Business Group or both!

Business is still essentially all about who you know, not what you know. While advertising and marketing definitely has its place, working and building your personal networks is so, so, so important. People prefer to do business with people that they know and trust so building your network is a MUST.

 

Brace Your Partner Or Significant Other

There will be ups; there will be downs. Let’s be real about this.

The word ‘entrepreneur’ may conjure fantasies of flexible schedules, working from home, or working and travelling, but the reality is that achieving that ideal will take A Long Time and a A Lot Of Hard Work.

Living the entrepreneurial life as they depict it on Facebook is generally definitely not the reality. Especially in the first few years while you are getting started.

Your significant other will need to be your cheer squad and be there to support and encourage you. You’re going to need it (especially if you’re working alone). It is great to have someone there to not only prop you up when you need it but also share your wins with you when they happen. And it is so so important to celebrate the wins! No matter how big or small.

Another thing to note is to prepare your significant other for the road ahead with a realistic idea of the work involved. Be honest about the longer working hours and the increased stress load – but balance it out by explaining how prepared you are (See point 2 & 3) and how it’ll be temporary because you’re going to make it epic (See point 4 & 5). LOL.

 

Know Your Worth From Day One

Lisa Messenger has written a really great book about finance and figuring out what you are worth. I’m so glad I read it early on so I could get a good understanding of the value of my skills and knowledge and what I should charge for this. A couple of months ago I saw a girl advertising the sale of logos for $10. Yes. $10. She’d be better off be a check out chick at Woollies than selling a logo for $10.

 

If You Are A Service Business Productise As Soon As Possible

Figure out what your clients want you to sell, figure out what you are going to sell, and off you go! Create packages that help you build profit rather than charging for the hour, otherwise you will only be as valuable as the hours you work, which will always reach a limit.



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