Do You Have a 9 to 5 Exit Strategy? Here's 4 Things You Should Consider
I am rooting for every full-time employee that is also a full-time entrepreneur. A lot of gurus and influencers advise people to quit their jobs to focus on becoming a full-time entrepreneur. Well, I'm here to tell you that it is not that easy. I advise having a 9 to 5 exit strategy before you take the big leap.
Below I list four things that you can incorporate into your planned 9 to 5 escape.
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? It doesn't make sense. 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 personally use both the Acorns and Digit apps to help me save and invest.
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3. 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 structure for their side businesses and personal brands.
4. Bring Visibility to Your Brand.
Start telling people about what you do by connecting with business peers and and future clients. Create your brand story and start marketing your business to bring awareness to your brand. To find your ideal clients after you leave your 9 to 5 can be a little nerve wrecking. I suggest finding your clients while working. This will make the transition into entrepreneurship easier.
Written by: Lee Whetstone - Founder / Editor-in-Chief, Purpose Coach, Brand Marketer, Mompreneur