Sam walks through three steps before quitting your job to start a business: keep your current income while building the new one, start part-time to test ideas and build habits, and learn the field first so you don't waste your own money on mistakes.
How do you transition from employee to being a business owner? If you're ready to start a business and venture into the world of entrepreneurship, these three steps will ensure you succeed. Step number one don't cut off your current income. The major mistake people who want to start a business make is they drop their current income to zero in order to start something new. I don't think this is a smart move. Why add more stress to your life? I get that you want to commit to something and want to go all in, but you still have to live. If you're starting out in business and cut yourself off financially, you won't be happy. You'll start coming from a place of scarcity as opposed to abundance and there won't be any joy in your new business. It will feel like a burden before it's even started. When you're starting out in business, it's crucial to take care of your basic livings before you start. Your goal should be to replace your income as quickly as possible before before you fully move over. Step 2 Start part time Being a business owner is not a luxurious stroll in the park. You need to show up daily and commit. It's a different lifestyle being an entrepreneur than an employee. So start part time. Use this time to build your habits, test your ideas and explore. If working late nights or weekends sounds unappealing to you, then you should really re examine if being a business owner is right for you. An entrepreneur is willing to do whatever it takes to succeed. If your weekends are more important than your success, it's best you stay in your current job and structure. Step 3 Get educated in your field. Most people succeed when they start a business within their current field. However, if you want to jump into something new, you'll need hands on experience first. It's always easier and wiser to learn on someone else's dimension before using your own money. That way you can learn the ropes, gain important experience and also see if you even like the new industry you're jumping into. Follow these three steps and you will not only get off to a great start with your new business, but you'll be happier and enjoy the process more. I'm excited for you and the impact you're going to create in this world. Sam.
