If you’re an entrepreneur, you’ll know it. And, as soon as you realize it, you’re going to start to get the itch. And once you get the itch, it’s going to burn a hole in your pocket and you’ll want to act on it immediately.
But, so you don’t step out BEFORE you’re ready, let me share something with you: Recognizing that you’re an entrepreneur is a celebration, but above all else you’ve got to be prepared so that you truly get to experience what it means to be an entrepreneur.
When I think of my own journey, I can remember the day almost down to the minute when I realized that sitting behind someone else’s desk was not my lot in life. I realized that I was created to bring transformation to the lives of others in a way that could never be done via the Financial Services company where I worked for 12 years. Now, don’t get me wrong, the company where I worked was great, an industry leader with great promise and potential but it became very uncomfortable to go there each day and smile and work. That was my first clue.
That’s why when Ayana asked the question I am featuring in this week’s episode of Incredible Factor TV, I knew exactly what she was going through.
“Hi Darnyelle. I currently work in Corporate America but I am growing tired and am ready to make the transition to full time business owner. But I have to admit; I’m a little scared and want to know how to take the leap of faith?”
To hear my response to Ayana’s question, watch this week’s episode:
As I share in the episode, recognizing that you are a business owner is definitely something to celebrate. Before you quit your day job; however, I have a few suggestions for you that will help you to create an effective transition plan:
1. Make sure that you have 12 months of income saved, since the first year in a business is seldom a profit-filled one. Now, it’s likely that as an employee you’ve become accustomed to living a certain way. Well, as a new entrepreneur, it’s quite likely that you’ll need to adjust. By making sure that you have AT LEAST 12 months’ worth of income saved will help you to keep your lifestyle afloat. That leads to the next suggestion I have for you.
2. Think about what you’re going to be willing to give up to build a business. Will it be sleep, evenings out on the town, vacations, new shoes, etc.? What are you willing to give up in an effort to position yourself for the transition? You have to be clear, honest and focused if you actually want to do this. It’s possible. For me, I gave up my luxury car and nice meals on the town in an effort to build my dream business. For two years, I sacrificed and ate peanut butter and jelly and Ramen noodles and drove a smaller American car. But in my fourth year in business, I was able to go back to my luxury car and I was able to buy it in cash.
3. Shift your mindset to looking at your employer as your prime investor who is offering you a fundraising opportunity. When you think of your employer as your prime investor, how does this alter your attitude when at work? Here’s the thing: When you are in negative energy, you detract from your ability to add value and abundance in your life. So, we have to replace the negative energy with positive, life-affirming energy so that you can experience a shift that will make your transition plan more effective.
4. Map out what you need to do over the next 12 months to effectively transition. While there are many things that need your attention, here are some key ones to get you started:
- Write your business plan – if you’re going to have a business, you better have a plan. What gets written down gets attended to, and what gets attended to actually gets done!
- Write a detailed marketing plan – this is a separate line item because marketing is THAT important that you need more than just a brief discussion on market research. You need to go deep on the who, what, why and how of your business idea.
- Who is your service for?
- What is it that you do?
- Why will they want it?
- How will I get it to them? How will they find me?
- Create your marketing calendar – the more you create a systematic approach to your marketing methods, the easier success will become. You’ll be able to predict success.
- Build your operational plan – how are you going to ACTUALLY do this? What is it actually going to take?
For some more ideas, check out a similar post from 2013 about How to Create a Transition Plan to Leave Your Day Job for Your Dream Business.
Now I want to hear from you, what’s your two cents?: What was the transition plan you created when you wanted to leave your job? What would you share with Ayana to add value?
©2014 by Darnyelle A. Jervey. All Rights Reserved. Darnyelle A. Jervey, MBA, The Incredible Factor Speaker, Business Coach and Marketing Mentor, is the founder of Incredible One Enterprises.com, Incredible Factor University® and the Leverage Your Incredible Factor System®, a proven step-by-step program for more clients, more income and more leverage in your business. For more information and a FREE audio CD “7 Critical Mistakes Entrepreneurs Must Avoid When Unleashing Your Incredible Factor So You Attract More Clients, Make More Money and Gain More Leverage” just fill out the form below.