Unsuccessful people mostly fail because they try to replace income sources; successful people add. So, NO, you do not have to quit your day job before you can successfully launch that dream business. You can begin your dream business alongside and enjoy the leverage of multiple streams of income like several other enterprising and successful entrepreneurs.
There are several practical guides and examples on how you can successfully begin your dream business on the side and go on to transform it into an avenue of abundant cash flow. The best thing about each of them is that they all emphasize one thing, “all of this is possible while you’re still very productive at your current job.” In today’s world, all the odds happen to be in your favor as an entrepreneur. Take technology; for instance, a couple of years ago, we did not have all the useful devices we now have at our disposal. It was a case of all-in-or-nothing. Today we have access to the internet, social media, and a web of endless streams of information very much within our reach. With all this, the possibilities are limitless both for you and your side business.
These practicals and proven examples are very applicable in your own business as well, and here is a simple five-step guide to show you just how.
The Ultimate 5 Steps To Building Your Own 5-star Business Without Quitting Your Day Job
Define and Maintain Perspective:
Birthing your idea is the first step. You must define what your business idea is exactly, hold it in your mind, and maintain a clear perspective. Writing it down can be very helpful also; to keep you on track.
It’s okay to feel that tremendous weight of pressure at the thought of launching your fantastic idea, especially alongside your demanding day job. However, instead of perceiving pressure as a reason for concern, embrace it: allow the high stakes to challenge and motivate you. Big things don’t come easy. The high stakes will stir you to become decisive, intentional, focused, active, and productive with your actions and your goals.
When you embrace the high stakes, you will see your challenges vividly. You will also see the solutions as well. Do not jump off the cliff just yet; this is the part where you need a business thinking partner. You will need someone trustworthy who has converse but complementary strengths, one who identifies with your dream and can help you think forward. Keep perspective in mind.
Increase Productivity and Create Balance:
“Unsuccessful people try to replace income sources; successful people add.” You will not gain much if you become too hasty about quitting your current job in pursuit of greener pastures just yet. Generally, until you are sure you can earn significantly more with your time somewhere else, or doing something else, you shouldn’t quit.
Until then, you should focus on increasing your productivity at your current job. Try to increase your value at your office with the time you have. Take an interest in learning other skills related to what you are currently doing for your company at your job. This is not bad at all because when you start your own business, at some point, you will apply some learned knowledge. It’s a win-win.
When you launch your side business, try to make it symbolic so that it connects to your primary income source. This way, you can create the kind of balance that allows you to give both adequate attention.
A lot of unsuccessful entrepreneurs fail because; they kickstart that dream business on the side; they get excited and begin to ignore their primary income source. Eventually, they fail at the other and end up with one income source all over again. The key here is that you commit and try to create a balance bearing in mind that through multiple income sources, you can build real wealth.
Secure An Existing and Profitable Business:
Think of it as an investment; you should consider securing an already existing business that is profitable and open to growth. It is easier to build on the success of an already existing business that has an established business model. Through all your wealth of experience, using little effort, you will be able to chart a path for this other business to see various heights of growth. This move will also motivate you with your original dream business idea, give you security, and still make more income for you as well. So, now you have a job, but you are a boss at two businesses.
Research the intended business adequately before you go ahead with purchasing it. You should check all the records involved with the company or even get professional advice. If you can secure a business that has a clean financial history, then, you can also qualify for a small business administration loan (SBA).
Also, consider other forms of investment as well. At some point, your business(s) will be needing all the investment they can get.
No business is an island. It is crucial to increase your network game. Try to reach out using every way you can. Begin with the closest people around you that have an interest in what your business is offering. Learn from them and see how you can add to your business. Don’t just stop there, go on the internet and social media, reach out to other people that are also engaged in your line of business. Find out what they know. Get a mentor and a role model. Expand your horizons. Define short term goals for your business. Do not overburden yourself; keep it simple, one step at a time.
Hire and Leverage Technology:
Become a real boss; concentrate on working “ON” your business and not in it. Remember, you started your own business to become an entrepreneur, a boss, and not your staff as well. Most entrepreneurs fall into the temptation of doing all the work themselves. However, you can work smart and achieve even better results without completely stressing yourself out by hiring quality contractors or staff to get things done. This way, you can think more, manage the business, increase productivity, and continue to grow the business.
Also, try to leverage technology. Focus on your product and use the endless reach of technology, through social media, etc. to get the best hands to help you with your business. Do not overtask yourself, focus on the thing you know how to do best, and let others do the rest for you.
In a little time, your business(s) would have become more productive than average, and you would have contracted/employed more than a handful of people, comfortably. At this point, you can begin to consider leaving your current day job to focus on growing your business(s) entirely. Also, the responsibilities of staff paychecks will give you motivation and added momentum like a boss. Continue to focus on investments, networking, and productivity.
If you’re not making money for yourself, you are making some for someone else even if you’re unemployed. If you are already employed but still want to become your own boss, then starting a side business is an excellent way to achieve that. However, it is effortlessly easy to get it wrong with the side business if you do not first gather knowledge on how to build and sustain it long-term. Through this extensive guide, you should be able to create a business model that can strive.
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