So you’re thinking about quitting your job and starting a business.

 

As lifelong entrepreneur and an accredited small business consultant I will be the first one to tell you it is not for everyone, but there are some real signs and signals that I have seen in clients and in friends over the years that it is time to take, that leap so I’m going to share what those are with you.

I want you to tell me which ones apply to you and maybe even add your own in the comments so we can inspire some others if they are considering the same leap.

If your vision for your life outstrips your employer’s budget. 

It is hard to become financially independent when you are financially dependent on what someone else can or will pay you. It is easier to stay in a life smaller than what we want in order to meet our needs for things like security, but what about your needs for growth and joy and freedom and change?

Here’s what you need to know as an entrepreneur. You can meet your needs for security and your needs

for purpose and fulfillment it’s just going to take some courage and a few really smart steps to get you going.

If you are bored or burning out in your career.

This is not to say that a person can’t burnout in their business burnout is just as much about our habits as it is our interests or our passions. With the first stage of burnout actually being called the honeymoon phase, passion doesn’t guarantee anything, but it does at least give you a fighting chance. The energy, the excitement, and sometimes the abject terror that comes with having your own business keeps you from ever having a boring day.

Again, there is always more to learn, and try, and have fun with with, and do, and if you love to be challenged and you love to make your own schedule and choose your own focuses then it really might be time to call it quits on your job. 

You have a solution to a problem. 

Money follows value you don’t make it big by just doing anything you make it big by finding a certain set of people who have a certain problem they can’t fix and require a certain set of skills.

Here’s the thing about this sign, the problem you solve in the marketplace could be anything as long as you know the audience that values that solution and is willing to pay for it. BUT and be sure to write this down cuz it is a big old but, how big of a problem you solve or how well or fast you solve it is going to determine the extent of your financial success.

So my point is this, it is not enough to have a business idea or a passion, you got to have a market for it and you determine that with really good market research into not just your industry but your ideal clients which by the way is something I teach inside of my program. So if you want to learn from an accredited small business consultant start with my free class Profits Not Problems.

You have a business and marketing plan already done.

I talk about this more in my profits not problems class, that one of the biggest mistakes I see business owners make is confusing a business idea for a business plan. It is not enough to have ideas those ideas need to be validated with market research and strong planning and decision-making at the onset.

In fact, it’s been shown that a strong business plan makes you 152% more likely to even launch and 260% more likely to be able to scale so before you quit your job follow the steps I teach inside Breakthrough Boss to conduct solid market research and design a strong business and marketing plan that works for not against you.

Then you can call it quits with your first clients and customers already lining up.

You’re financially ready.

Ready looks like is different for everybody. Some people are going to seek outside funding to give themselves the startup capital including their own salary so that they have enough to live off of while they’re getting their business off the ground.

If you want to know 18 ways to fund a new business click here for a free guide.

Others might be living off of a spouse’s income while they get the business going or they might start their business part-time while they’re holding down their job and they’re just socking away all of their profits to build up a nest egg or enough business runway to finally take that leap.

How much startup capital or financial runway is enough? That exact number depends on four things. Your industry, your goals, your expenses, and your skills, since these are the things that all determine how quickly you’re going to turn a profit.

A good rule of thumb that most people will find works for them is anywhere between 3 to 12 months of business and maybe even personal expenses tucked away. That can be a lot, maybe even unrealistic. This is why I teach and really recommend you start with a streamlined business model. One that’s going to maximize sales within weeks, maybe months, max and not the average 2 to 3 years it takes most businesses to become profitable, but the most important thing to be aware of when it comes to being financially ready to start a business is your own psychology.

I’ve seen people who work better under financial pressure. You give them 12 months of startup capital and they will F around and find out they didn’t do much with it, but you give them four weeks to get solvent and they’re going to pull out all the stops. Other people work very poorly under pressure. You give them four weeks and they’re going to buckle they’re going to crawl under the covers and they’re going to stay there in paralysis, but you give them a nice long runway and they make smart calculated decisions that create real financial results. So in the words of Socrates, know thyself.

What is your risk tolerance? How do you work best?

Your business plan should tell you how much you need for expenses, but only you can say what you need for your own peace of mind.

You’re ready to challenge yourself.

I often say that business is a people growing machine in terms of how it’s going to challenge you. It is right

up there with marriage and parenting. Most entrepreneurs though they get deep into personal development because they quickly figure out that their business only grows as much as they do.

This means gaining business skills but also changing your attitude, your mindset, your approach to problems, your success habits, taking better care of yourself, so that you can show up as we say in the Breakthrough Boss, as your best self not your stressed self cuz let’s face it life is messy and business is going to be hard sometimes.

Bot necessarily because it’s always complex, it’s often really simple, just really difficult too. True entrepreneurs relish that challenge but the best entrepreneurs learn to take impeccable care of themselves through it. Emphasis on learn.

To quote Zig Ziggler, “you don’tneed to be great at any of this stuff to start but you have to start to be great”.

This means two things: you need to to start something, anything just to get anywhere but you also need to start practicing great things, great habits, great attitude, great skills great willingness to continue to learn.

The cool thing is you can do that. It might be hard as F, don’t get me wrong, but so is your 9 to 5. As someone who’s been on welfare, was a teen mom, struggled with meth, was in abusive relationships, lives with genetic conditions that can wear me down, trust me when I say I know what’s hard and I know you’ve probably done harder things than this.

Remind yourself often and if you want to know where to start check out my free class Profits Not Problems to learn which five mistakes to avoid and the six skills you’re going to want to master in order to plan, build, and scale a profitable business.

What business are you thinking of starting or what signs are you experiencing that it’s time to take that leap? Let me know in the comments and remember you are capable AF. You got this!