When I’m out speaking to audiences, every single time, I meet entrepreneurs who are currently building a business part-time while working a full-time job. It’s interesting to see the light come on following my talk and to engage with them in a conversation as they stand in my receiving line to speak with me.
The question I get often is the one I am responding to from Tenita in this week’s episode of Incredible Factor TV:
“Hi Darnyelle. I’ve been building my business part-time for a few years now. And I have a desire to be a fulltime entrepreneur and I’m wondering when you know it’s time to leave your FT job?”
See my response to Tenita’s question here:
As I shared in the episode, you’ll know when it’s time to leave. In my own experience, I woke up feeling different and as I walked into the office that day, I knew that it was my last. There was a calm and peace that resided with me as I sat at my desk and wrote my letter of resignation. And while I didn’t have a plan, I don’t recommend that anyone leave their job without a plan in place.
As you think through creating your transition plan, here are three things to consider:
1. What is your vision for your full-time business? If you desire to build a business that supports your current lifestyle, you’ll need to take that into account and ensure that you’ve spent a fair amount of time saving. I personally recommend at least 9 months of accelerated living expenses. Depending on your client, you may have to contend with longer sales cycles.
2. Does the business you have been building solve a top of mind SPICE problem that others are investing to have solved currently? The universal law of business says that you’ll need to get found by a group of people who have the problem you solve that are ready right now to pay for a solution to that problem. You’ll know you solve a SPICE problem when you constantly have people wanting to meet with you. SPICE is an acronym that stands for: Specific and Substantive; Persistent & Pervasive, Immediate & Insurmountable, Clear & Conscious and Expensive and Expansive. The best problems hit all of these categories. And be sure to go deep into thinking through the problem and the client you want to solve it for. This is one time when the more you think it through the better.
3. Have you thought through all elements of the business to ensure that once you leave you don’t have to go back to working for someone else? You’ll need to make sure that you write a business plan and as a function of that plan, create projections of how you’ll earn revenue and at what point you’ll be earning more than you need to cover your expenses. Have you met with your key family members to get their buy in and support? Is everyone on board? Was the decision made from a place of abundance and not lack or negativity? Have you determined what initially you might be willing to live without in order to position your business to give you access to more?
And now, here are five clues that it’s time to leave your job:
1. You constantly find yourself at “work” but you’re working on your business instead of doing your job. I remember when I still worked in corporate America, I use to find myself constantly throughout the day wanting to sell my Mary Kay products. That was my first clue that I was outgrowing my job. I truly believe that as a result of Mary Kay, I realized that I wasn’t meant to sit behind someone else’s desk. Now, I don’t despise my time in corporate. It offered me tons of training, many things I still use in my own business to this day.
2. Potential clients and partners are constantly asking you to meet during the time when you should be at work and you want to take your vacation to meet with them. One of my clients has a staff augmentation client. Staff augmentation means that she spends time onsite at her clients for a good portion of her week. Recently, she’s been thinking of reducing the amount of time with that client because she wants to grow her business and the new prospects want to meet with her during the day. As I shared with her, this is a truly good sign that you’re gaining more traction in your business. When you start to have constant requests for your time, that’s a good sign that you’re offering something of value to the marketplace.
3. You’re bringing in consistent revenue that you are able to bank from your clients to create your cash reserves for when you walk away from your job. I find that far too often people leave their jobs and they are broke. Ever heard the saying, “it takes money to make money?’ Well, even if you haven’t, I can assure you that it’s true. I remember when I started making enough money part-time to pay all of my bills. Yes, all of them. That was my first clue that I could build a life working for myself. I started banking all of the money as a part of my great escape. I recommend that you do the same.
4. There’s no fear surrounding your decision to leave. This is a big one. If you’re afraid that you won’t be able to sustain, won’t get enough clients or any other limiting belief, keep your job. That energy is not the right energy to bring into your own business.
5. You’re clear that you’ve been called to business for yourself full time. This is another big one. Seriously, if you desire to start your business from any place other than one that is built on confidence and connection to becoming the best version of yourself, you probably should look for another job (or figure out how to excel in the one you have.) Seldom is the grass greener and I promise you, you’ll work way harder for yourself than you ever did when you had a job. Keep in mind that business ownership is not for everyone and it’s okay if you’re not one of them. Trust me, you want to be crystal clear that you are so that you properly prepare to build a business.
Now I want to hear from you. What’s your two cents? Are you a full-time entrepreneur? How did you know that it was time to leave your job and work solely for yourself? What lessons have you learned? What, if anything, would you change?
©2017 by Darnyelle A. Jervey. All Rights Reserved. Darnyelle A. Jervey, MBA, The Incredible Factor Business Optimization Coach and Mentor, is the founder of Incredible One Enterprises®, Incredible Factor University® and the Leverage Your Incredible Factor System®, a proven step-by-step program so you experience financial and spiritual abundance in your life because of your business. For more information and a FREE audio CD “7 Critical Mistakes Even Smart Entrepreneurs Must Avoid for Clients, Connection and Cash Flow!” just fill out the form below.