If you have a day job when starting your business, how did you make the transition to leaving and going full time into your own business?
This can be such a difficult one to answer but affects so many ladies trying to juggle the security of a day job and the desire to run their own business.
There isn’t a perfect answer and it will be different for everyone, but here a few ideas to help get you thinking.
Give yourself a deadline.
Firstly, set your self a deadline of when you want to leave your employment and make that jump into self-employment. If you don’t, the security blanket of a monthly wage may just hold you back from ever making the leap.
Give long term notice
If it is possible, give your employer long term notice. Let them know you are wanting to set up on your own but don’t want to let them down and they may just be understanding (as long as you not going into competition with them). It’s a win for you as you now have your deadline and need to build your own business to sustain you by the time you leave and it’s a win for them as they have longer to find a suitable replacement and get them trained up.
Go part time
If possible go part time. No, it’s not always possible and your employer may not be too keen if they get wind you are setting up something of your own, but if you don’t ask you don’t get.
Take up temporary work
Make the decision to leave your employment but line up some temporary work for 6 months somewhere else to help the finances whilst you get off the ground. Look for maternity cover positions which would be an ideal timescale for this option.
If you can save up enough to cover your outgoings for six to 12 months, this will help provide that much needed financial buffer that you need. Having 6 months savings and also getting systems in place so your time can be spent finding clients and not getting it ‘off the ground’ will be worth its weight in gold.
Cash in on savings
Do you have any savings pots, pension funds, long hidden premium bonds etc that you are willing to cash in to support your business financially in the early days? If you do and you are not prepared to cash them in, I have to ask the question how committed are you to your business and do you really believe in it. Harsh yes, but when I hear women say they need that money in case the business fails, they are already admitting defeat.
Take a holiday
This is a holiday in the loosest sense of the word. What I mean is take a holiday but work your butt off to see how many clients you can get during this time. Book appointments in advance if you are in the service sector. See how much money you make. Try to get these clients to book repeat sessions and to recommend you. This ‘holiday’ may just make you realise what you could do if you took the leap of faith and went for it.
Take the leap of faith
Yes, you have to be brave for this one but sometimes you simply have to do it. It will be a sink or swim situation but there is nothing like not have that security of employment to get you focused to bring the money in,