Kate writes, "I've been working on a side business for several years. I really want to make it a full time job, but have been nervous to take the leap. I would love to hear from you about what got you motivated? Any words of advice?"
Here's what I said...
Here are few things to think about before you decide to go full throttle:
1. Do you believe you can make it? If yes, good. If no, walk away.
2. Have you assembled a thorough business plan? If not, start one now.
3. Have you figured out what you will need for financial support? Figure 18 months on your dime.
4. Do you know how your business will generate revenue? This is a must for financial stability.
5. Do you have a mentor or small circle of friends who will support you and hold you accountable for working on your business? If not, don't go it alone.
Once you account for these 5 areas, you are as ready as you need to be. The rest takes time, planning, good decision making and action.
Remember, once you become a business owner, you can no longer look at things like an employee. For more on this essential mindset, visit my article on how to improve your thinking from employee to business owner.
From a motivation standpoint, it all depends on how tired you are of your current situation and how much your business vision is worth to you. It takes confidence to pull this off and a desire to do better in your vocation. Planning your transition will help you get there.
About the Author
After a stellar 29 year career in the consumer products manufacturing industry, Steve Smith converted his knowledge and experience into a successful business and executive coaching company. In 2008, he opened GrowthSource Coaching in Orange County, CA