How do you start your own business when you can’t afford to quit your job? It takes some planning and determination, but transitioning from being an employee to being your own boss is possible. These are the steps to follow.
Every single day you work hard. You work hard to make money for someone else. Sure, you receive a paycheck for the work you do, but it probably isn’t comparable to the amount of work you do each day.
Imagine how great it would be to work just as hard, but instead of making money for someone else, you make it for yourself. Seems like a dream, doesn’t it? The good news is this dream can be a reality. All you have to do is cut ties with the big boss and become the big boss.
Here’s how to do it easily and quickly, so you can successfully start making money for yourself.
#1: Start a Side Business
Do not quit your job just yet. That’s the worst thing you can do at this point. But do check any papers you signed when you started working for your current boss to be sure there was nothing prohibiting you from starting a sideline business, or that gives your present employer rights to any work you produce on your own outside the company.
What you need to do is prepare to leave your big boss. You do that by starting a part time business on the side.
Can’t decide what type of business you want to start? Think of your passions, and then see if you can make any money from them. Come up with a few different ideas and research them to see if there is a market for them. These are some great part-time business ideas you may want to consider.
Take your time with this step because your side business can turn into your main business. Talk to people, look up information online, and come up with a plan. The plan is what will help you get your business off the ground.
When you feel comfortable, get started. You don’t have to tell anyone. You can simply do everything in your spare time. It may be hectic for a while, but the more you work now, the less you’ll have to do later when you say good-bye to your boss.
#2: Grow the Side Business
You need to make a good income from your side business to quit your job. This means you need to grow your side business as fast as possible.
Many people will use money they are making at their current job to fuel their side business. This is a good idea, if it’s possible for you. Since it takes money to make money, using your big boss is a great option.
Business loans are available for those of you who don’t have extra money coming in from your current job. Research different loan options, so you can choose the one that will give you the most amount of money with the lowest interest rates.
There may be a time in which you will need to hire someone or bring on independent contractors to take care of your side business while you are working. Only do this when you have the money to afford to pay them. Be sure you are bringing enough money in to still make some profit after having people help you.
#3: Network with People
Running a successful business has a lot to do with networking. The more people you reach out to in the industry you’re in, the more information you’ll receive that can help you. Attend networking functions in your local community or look for groups online.
As you meet people, do not only discuss what you’re doing. Find out what others are doing and see if you can help them. By lending a hand, you can learn a lot from the experiences, which could end up propelling you into amazing opportunities for your business.
#4: Reveal the Side Business to Your Boss
This step is an important one, so don’t do it until you read this completely. DO NOT tell the big boss about your business until you are making enough money to be able to live on it. Some bosses feel insulted when they hear their employees have been making money on the side. While they shouldn’t feel that way, many of them do. It’s like a betrayal to them.
This is why you should never tell your boss about your business until you can walk away and live off your business’ profits.
This doesn’t mean you are quitting just yet. You are simply letting the big boss know you are working on something that could lead you to leaving soon. It’s the nice thing to do.
#5: Say GOOD-BYE to the Big Boss and Say HELLO to Being the Big Boss
You have succeeded at this point. You have started a business, you’ve developed it, and now you are making enough money to comfortably step away from your current job. All you have to do is let your boss know you will no longer work hard to make him money. Instead, you’re going to work hard to make yourself money – and a lot of it.
It’s freeing. It’s exciting. It’s a little scary too.
It could end up being the best thing you ever did for you and family.
If you’re not making money for yourself, you’ll make money for someone else.
Remember this phrase. It’s an important one. It’s one that will motivate you as you work double hard to cut ties with your big boss to become the big boss.
Good luck and much success to you on this incredible journey!
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