Updated: Dec 9, 2021
A lot of gurus and influencers advise people to quit their jobs to focus on becoming full-time entrepreneurs without providing a solution on how to transition from employee to CEO. Well, I'm here to tell you that it is not that easy. I am rooting for every full-time employee that is also a full-time entrepreneur. But, I advise having an exit strategy before you take the big leap.
Below I list five things that you can incorporate into your planned 9 to 5 escape.
1. Eliminate Your Debt.
Before you leave your 9 to 5, you should minimize or completely get rid of your debt. As a new full-time business owner, why carry such a financial burden with you? It doesn't make sense. Keep track of your bills and expenses and figure out a way to keep your finances in order.
2. Have a Hefty Savings Account.
Make sure to have at least six months of savings before you leave. Your savings should cover your monthly bills and investment needs for yourself and your business. I use both the Acorns and Digit apps to help me save and invest.
3. Make sure your business is making consistent revenue.
Before taking the big leap, make sure your business is making enough monthly revenue so that you can reinvest it back into your future. It should also be enough to cover expenses.
4. Create Systems For Your Business.
Even if your side business is making money, you need to develop systems. The plan is to leave your 9 to 5 for good, not just for a few months. Operate like the CEO that you are and stop doing business on the fly. Make your company work for you. In my Leading with Purpose program, I help clients strategically develop systems and business structures for their side businesses and personal brands.
5. Bring Visibility to Your Brand.
Start telling people about what you do by connecting with business peers and future clients. Create your brand story and start marketing your business to bring awareness to your brand. To find your ideal clients after you leave your 9 to 5 can be a little nerve-wracking. I suggest finding your clients while working. This will make the transition into entrepreneurship easier.
Written by: Lee Whetstone - Purpose Coach, Brand Marketer, Mompreneur