Even though the title of this post is how to transition from your day job to your dream business, I didn’t transition at all; I jumped, I leaped and hopped in.
One day I was in a job, and the next day, I had a business.
Not everyone is a risk-taker like this, which is understandable. And unless you don’t mind going through a roller coaster ride. I don’t recommend it jumping in to start your business like this. The best way to quit your day job is to transition in a calculated way and have a plan.
Here are some tips to get you started.
#1 Save money
Whatever you think, you will need to support yourself once you start your business times it by 3. Somehow more often than not, things don’t go exactly as planned. And when it comes to money, this is where it hits the hardest.
That being said, you need to lower your standard of living before you quit your job. One to get used to living a frugal life and two, so you can start saving money that you will use for living expenses once you start your business.
When I decided to quit my job, I did it in a few weeks. But in that time frame, I shaved off a bunch of bills.
The first thing to go was cable. Who needs cable when there are Hulu and Netflix and even YouTube. Cutting Cable saved me close to $200 a month.
I stopped ordering take out and eating out. If you calculate how much money most Americans spend on take out and restaurants a year, it can almost cover paying for a small apartment in some cities.
It is much healthier to eat in, and it’s also fun to cook. So if you don’t know how to cook, get a recipe app, and start learning. I like the Paprika app I have been using it for years.
Check all your subscriptions. It’s very easy to have 5 or 10 subscriptions that seem cheap, but that may add up to $100 or more a month. I started looking at all I was subscribed to.
For example, I was paying for Evernote when I rarely used it other than bookmarking blog posts. I realized that the free version was more than enough, and I canceled the paid subscription.
Cut down your grocery bills. I buy my food at Sam’s Club, and I was very attached to my brands until I realized that Sam’s branded items were just as good or even better than the name brand ones. Buying the store brands will lower your costs usually a dollar or more per item.
Make sure not to go shopping hungry. When you are hungry you will buy a lot more than you need because your hunger will be doing the choosing, not your brain. Always make a list and stick to it.
Find fun, free things to do. When you are transitioning to your dream business, it’s not the time to spend money on movies, concerts, or any entertainment.
But that doesn’t mean you can’t have fun.
Invite friends over and have money night at home. Have everyone bring something. For example, one person can be in charge of bringing popcorn, and another of buying the drinks, and so on.
Got to the park and bring your lunch.
Go sightseeing as if you were a tourist in your town. We usually don’t appreciate where we live and never do the things tourists would do, which generally don’t cost much. Usually, museums are free for residents, go to exhibits and free events. Search Facebook for events in your area.
So start being a tourist in your home town.
#2 start learning all you can about starting a business before you start the business.
I did it backward. I started doing all the learning after I quit my job, which meant I was learning as you go.
That’s not a good tactic because you will end up working 12+ hour days since while you are learning, you are not making money. Also, you’ll end up using up your living funds. No matter how you slice it, not a pretty picture.
Read books about starting a business. If you don’t mind reading, I personally love to read, but not everyone has the time to read. Books are an excellent way to get quick knowledge about anything.
Take courses. The reason online courses have become so popular is that with the fast-changing world due to the internet is very difficult to learn the latest techniques with books.
Courses are continuously updated so the material is usually more up to date than books which these days can be behind one or more years.
#3 Join support groups.
The reason I decided to set up the Women Entrepreneurs Collaborative is because how lost and lonely I felt that first year as a Woman Entrepreneur.
Yes, there are Facebook groups and forums, but that didn’t help me when I was stuck, and no one I knew could help. I resolved most problems by watching hour after hour of YouTube videos and googling everything.
If I knew then what I know now, I would have cut my learning curb in half.
There’s are reasons why taking history lessons is so important when you are in school. And that is that history repeats itself. So we can make decisions according to other’s mistakes and successes.
A shortcut to your success is to learn from others who have been there and done that and where successful in doing it.
An advantage that we have as humans is that we are able to mimic each other. We watch others, and we can quickly pick up what others are doing.
So why re-invent the wheel? Learn from other people that are successful. Join mastermind, memberships, and support groups.
You don’t have to wait to join groups for after you start your business, why not get things started now in advance as you transition into leave your day job?
When I decided to start my 2nd business, it took me 5 months to just setting my websites for the membership sites set up. I did save myself tens of thousands of dollars doing it myself.
The only reason it took me that long was that I was running my first business simultaneously, but the only reason I was able to do it myself was that I joined a paid membership to learn to the technical aspect of setting up a membership site. I cut my learning curb 75% or more!
I tried the free route, I was searching, watching videos but I was spinning my wheels. It took me a few years to learn that marketers have a way of giving free content.
You get lost of the “what,” and why” but very little of the “how.” So it’s very similar to eating fast food. You stuff yourself, and then a few hours later, you are hungry again.
You are never quite satisfied. That’s what most free content feels like. You think, wow I got it. This is a great article.
But when you sit down to do what is said, it has no substance, and you only scratch the surface.
By making your plans way in advance you will increase the odds of succeeding in your business.