When is it time to make the leap from Moonlighting to Full-Time Entrepreneur?
How do you know when it’s a good time to quit your day job and put 100% of your focus into your dream business?
BUILD A SAFETY NET – There is an old saying “leap and the net will appear” … sorry kids, but that is hogwash. There is no flock of bluebirds that will swoop in to save you from splatting on the jagged rocks below after hurling yourself off the cliff. YOU have to build that NET!
Here is your leap from Moonlighting to Full-Time Entrepreneur Checklist – don’t skip these steps before taking the leap!
____ Be 100% Debt Free of all consumer debt – personal and business!
____ Emergency Fund of 3-6 months expenses (minimum!)
____ Build a strong support system – Family, Friends, Colleagues – people who will step in and help you when you need refueling
____ Obtain any certifications, education, and experience you need BEFORE quitting your job. It is VERY difficult to go to school AND build a business at the same time!
____ Have a strong projected (secured by contract or purchase orders) income for the next 6-8 months – or to cover your projected sales cycle.
____ A written marketing plan that includes a sales funnel and an understanding of your sales cycle.
____ 2-3 months of content / intellectual property
____ A written Business Plan that clearly maps out your first year (growth stage) and what stage you plan on being in for the next 18, 24 and 36 months (rapid growth, sustained growth, managed plateau or maturity.
____ A good business mentor, coach and/or mastermind group to help you strategize, give objective feedback, support and accountability. The shift from employee to entrepreneur is not a smooth one – it’s a tough transition – and trust me, re-entry is even worse!
Need help taking the leap? JOIN the LEAP! From Moonlighting to CEO Mastermind starting in January!
In the meantime, Hit the Heights and build that net!