Entrepreneurs: Keep Your Day Job!

So, you are tired of your job, it's not your dream, your passion. But your part-time business is and you are ready to step out on ______ (insert your word here) and call it quits on the 9-5, 11-7, etc! Please don't do it. I understand your frustration, I know what it's like to go to work everyday unfulfilled or simply tired of the daily grind, politics, etc. on the job.

 "but working takes away from the time to reaalllly focus on my business, my book, my invention, my______"...... Sorry, I still suggest you keep your job - but change your mindset.

Working is a trade-off. It allows you to live the lifestyle you live, pay your bills, go out to eat every now and then, take care of your kids, etc. It also allows you to pay for your dream! Trust me, you won't be able to focus at all when the mortgage is due and you can't make it because you decided to quit your job and follow your passion.

Instead of dreading going to work - put a smile on your face and think of the days coming when you will call the shots. Cheerfully respond when a co-worker or boss is unreasonably annoying...... all the while working on your plan....(evil laugh with music: tee hee hee)

Calculate how much money you need annually to live on and run the business successfully. Then begin a separate account to fund that amount. 

Author Lisa Nichols tells the story of how she downsized her home, her car, moved her and her son in with a friend to fund her dream. Each pay she wrote a check to herself and deposited it into a separate account. She says she tried to make each check bigger than the last even if it was only $5. At the end of 3 years she had saved enough to start her business full-time. Now, she is a breakthrough guru, her books and public speaking in great demand around the world.

How profitable is the business now?

Is your business generating enough income to cover the bills associated with it and allow some money for re-investing into marketing, growth, etc.? Are you adding to it from your personal funds each pay? There's nothing wrong with that, but at some point, the business should be able to fund itself. Initially, and in lean times, you will definitely have to add personal funds to keep it going. Develop a timeline as to when it should be profitable and you will be able to pay yourself even while running it part-time.

Below are some excellent resources for you to begin planning for the day you can say buh-bye to your day (or night) J.O.B!

Blog Posts:

Finish Your Business Plan In 3 Months!

Should You Be Out Of Debt Before Starting a Business?

Books:

Become Your Own Boss In 12 Months - Melinda Emerson

The E-Myth Revisited - Michael Gerber

Your Financial Coach, 

Dorethia Conner
dorethia@connercoaching.com
www.connercoaching.com