Many gurus and influencers advise people to quit their jobs to focus on becoming full-time entrepreneurs without providing a solution on how to transition from employee to CEO. But, I advise having an exit strategy before you take the big leap.
Below I list five ways on how you can successfully and strategically leave your 9 to 5 with no regrets.
1. Eliminate Your Debt.
Before you leave your 9 to 5, you should minimize or completely get rid of your debt. As a new full-time business owner, why carry such a financial burden with you? Keep track of your bills and expenses and figure out a way to keep your finances in order.
2. Have a Hefty Savings Account.
Make sure to have at least six months of savings before you leave. Your savings should cover your monthly bills and investment needs for yourself and your business. I use both the Acorns and Digit apps to help me save and invest.
3. Make sure your business is making consistent revenue.
Before taking the big leap, make sure your business is making enough monthly revenue so that you can reinvest it back into your future. It should also be enough to cover expenses.
4. Create Systems For Your Business.
Even if your side business is making money, you need to develop systems. The plan is to leave your 9 to 5 for good, not just for a few months. Operate like the CEO that you are and stop doing business on the fly. Make your company work for you. In my Leading with Purpose program, I help clients strategically develop systems and business structures for their side businesses and personal brands.
5. Bring Visibility to Your Brand.
Start telling people about what you do by connecting with business peers and future clients. Create your brand story and start marketing your business to bring awareness to your brand. Finding your ideal clients after you leave your 9 to 5 can be a little nerve-wracking. I suggest finding your clients while working. This will make the transition into entrepreneurship easier.
Written by: Lee K. Whetstone, Founder, Editor-in-Chief, Purpose Coach, and Brand Strategist