No...Do Not Quit Your Job...
November 7, 2019
By Ree "CoachRee" Williams
It's all over social media. Business coaches are telling entrepreneurs to quit their jobs and start businesses. Don't get me wrong, I'm a firm believer that entrepreneurs should not work a 9to5 and try to operate a successful business, long term. Be careful, there's a lot of rhetoric out there that is screaming to desperate entrepreneurs, "Let me show you how I built a six figure business while working a fulltime job, bathing in the bird bath in the park, living out of my '96 Chevy truck with 3 1/2 wheels!", I'm not sold on it and you don't buy any of that nonsense either.
BUT...please don't quit your job because some overzealous business coach has told you to.
Look, it's no secret, 90% of failed businesses do so within the first three years and of those 90%, the top reason for their failure is due to poor managerial expertise. Putting it plainly, the business owner was not prepared to run a business day to day. Be a thinker. It's okay to start your business while you are working a 9to5, working your business as a side hustle, learning as much as you can, preparing you to be the best business owner you can be.
So how do you turn a side hustle into full time business?
Here's a few tips and ideas that can help you start your business, work your 9to5 and transition away from your 9to5 sensibly and never look back:
1. Do not let a business coach talk you into quitting your job. You can build your business methodically and stay on your 9to5 until it makes sense for you to transition smoothly and into a sound business structure that is generating revenue -- revenue that will help sustain you and your business.
2. God is not a pin code to an instant ATM fortune. Please do not allow any business coach to play on religion in a manner that guilts you into believing that you are going against God by working a 9to5 job. Abundance has absolutely nothing to do with owning a business. Starting a business is not the avenue to making fast money. Don't quit a steady paycheck to run a broke business. If you love your job, stay right where you are.
3. Let your job be a financial help to you. Starting a business is enough stress, you don't need the stress that a lack of finances can bring to your life. Past due bills can cause you nothing but stress. Allow your paychecks to be a help funding your start up endeavors. Pay down or completely pay off bills, set money aside in a savings or make purchases for things you'll need for your business. Your 9to5 can be a huge help to you, don't let it go without careful thought.
4. Do not overwhelm yourself believing that putting in 15 hour work days is required to be a successful business owner. #TeamNoSleep is #TeamBonkers! Consistency is more important than quantity when it comes to building your business. If your home/work life only allows you to dedicate 4 hours a day to working in and on your business, make sure you stay consistent. Also, stay focused on the tasks that truly matters. Trying to do too much can cause you overwhelm and overwhelm leads to fast burnout.
5. Set goals that make sense. Yeah, I know, many will say, "Set unrealistic goals!", well, I'm telling you that setting unrealistic goals is the most ridiculous piece of advice to follow. Sure, you want to push and challenge yourself, but starting a business requires nothing but reality. Set goals that make sense in order to perform business activities that makes sense.
6. Know your audience. Be really clear on who your audience is. You don't have time to waste trying to build a business, attempting to sell everything to everyone. Identify your target audience and create your ideal client profiles.
7. Know what problem your products and services are a solution for. "I'm going to make millions, everyone needs what I'm selling!" Sadly, every entrepreneurs believes they have the "it" products/services that cannot be resisted. Everything in business is strategic. You have to be clear on what you offer and what you offer can't just be pleasing to you, it actually has to be a solution for an existing problem that exists in the buyers market.
8. Network as often as you can, but network wisely. Do all you can to share your business, both online and offline. You don't have lots of time, don't waste any of it. Find networking events that are value-driven. It makes no sense to attend networking events where everyone attending the networking event is up to the same thing...trying to shove their business card in any hand that will take one. Look for industry events -- events where the business owners are focused and serious and networking events where people are interested in what you offer.
9. Connect with resources. Along your business building journey, you'll undoubtedly need people; people who can provide you with support, services and referrals. Don't be afraid to reach out and make valuable business connections. Keep in mind, friendship is not required to partner and get the job done.
0. How much money do you NEED to make? One of the biggest mistakes entrepreneurs make is trying to start a business going after way more money than they need to. Transitioning from a on the job salary of $40K, into a business where you set revenue goals of $100K, may not be very realistic. Focus on generating the revenue you need and build upon that as time goes on.
Do not rush into being a full time business owner. There's no race and so please do not make what should be a smooth transition -- an unpleasant, frustrating and confusing frenzy. Be sure that you've turned over all stones and that you are rockin' with the confidence and knowledge required to operate your business fulltime, before leaving your steady 9to5 and paycheck.
HAVE FUN! RELAX! Being a business owner is pretty great. Enjoy yourself. Don't overwhelm yourself. Find the fun and sweet spot that is in being an entrepreneur.