Are you dreaming about ditching your 9-to-5 grind and diving headfirst into running your own business full-time? Actually, a lot of people do this, or at least think about doing this, so you’re definitely not alone! Actually, there are a lot of people who are hustling their passion projects in their free time, hoping to turn them into their main gig. Needless to say, it’s not that easy to start a business, and not everyone can get a bank loan or even a loan from a family member.
So that’s exactly why this side gig is done as well, a side, so your 9 to 5 can support your livelihood, and support your gig, and just overall be a cushion. But how do you actually make that transition smoothly without losing your mind (or your savings)? Let’s break it down.
Balancing the Double Life
It’s not ideal having to do this balancing act, but it’s something that’s truly necessary. So, balancing a full-time job while nurturing your own business is no small feat. It’s like juggling flaming torches while riding a unicycle. It sounds really hard, actually, it might even sound impossible, right?
You’re working your 9-to-5, then coming home to dive into your business dreams. It’s exhausting, but it’s also exhilarating (at least on the good days it is). The key here is to be strategic about your time and energy. Now, that’s way easier said than done, but you’re going to have to try to prioritize tasks that push your business forward and don’t be afraid to set boundaries. Maybe that means no Netflix until after you’ve tackled your to-do list or waking up an hour earlier to get a head start on your passion project.
Planning Your Escape Route
You wouldn’t jump out of a plane without a parachute, right? Well, the same goes for leaving your full-time job. You need a solid plan. With all of that said, you’ll want to start by setting clear goals for your business—both financial and personal. How much do you need to earn from your business to cover your expenses? What milestones do you need to hit before you feel comfortable taking the leap?
It’s also a good idea to build a financial cushion. Aim for at least six months’ worth of living expenses saved up. This safety net will give you the confidence to take risks and grow your business without the constant fear of going broke. But again, you need to make sure everything is going great with your business before actually escaping.
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Testing the Waters
Before you quit your day job, it’s wise to test the waters. You’re going to have to try and use your free time to validate your ideas, attract customers, and generate revenue. It’s best to learn and adapt now, before quitting your job. It just makes everything more smooth.
Making the Big Move
Alright, you’ve balanced the double life, planned your escape, and tested the waters. Now comes the moment of truth – making the big move. This is where you transition from being an employee to being your own boss full-time. It’s hard to say when this begins because it can take a while (because you need a financial cushion and a strong client base already).
When you decide to take the plunge, make sure you’ve completed all the necessary steps to set your business up legally and financially. Basically, you need to do this immediately when you’re taking this full-time. For example, have you gone through the federal EIN application process? Do you plan on having employees? Is your business going to be a partnership? You need to get an EIN since it’s super important for tax purposes and can help you hire employees if needed.
You Have to Understand That This is a Rollercoaster
There might be highs, there might be lows, and you might be afraid, but for a while, nothing is going to be smooth, so you need to understand that.
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