Life is great. Your day job is covering all the bills, your home life is relaxing and supportive and your side hustle is starting to boom. You can feel success coming around the corner. Half of you is excited and the other half is scared out of your mind. No more steady paycheck, no more company 401k matching, no more free bagels on Friday. But on the flip side you get more freedom over your schedule, you can make a living doing something you are passionate about, and you know that the only limit to your success is you. So when do you make the leap from full-time employee to full-time entrepreneur? What are some of the things that you should have in place that will signal it’s time to ditch the 9-5? Here are the top 3 things you should have in place before you quit that secure day job:
Create a business plan
Write out your business plan. Once you've done your research, you need to write it out to see how it will all fit together. Having a business plan before leaving your day job will be crucial to keeping your business on track. Your business plan will also be something you will show to potential investors, partners, and other company stakeholders.
Have a financial plan
Before trying to get other people to invest, you need to have your own personal finances in order. If you have to worry about day to day survival if you quit your job,your focus will be off. It’s hard to be a boss when you’re hungry and your electricity is out. In addition to planning your personal finances, you will need to have a plan for your startup. You have three options; find investors, use your personal savings, get a grant or award for your project. You can do a combination of all 3 but you will still need to plan in advance because if you can't get your money together, your business won’t be able to grow because you will constantly be trying to keep your head above water.
Have legal structure
You need to have the structure for your startup in place before you can quit your job, specifically, your legal structure. There are different kinds of businesses entities to choose from and you need to consider things like; the operational complexity, liability, taxes, control, capital, and licenses. This can be very complicated and that’s where NPL Consulting, LLC comes in. I will help you develop your legal structure through one on one coaching, ebooks and soon...online classes!. Contact me and let’s get you closer to living your dreams!
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