I am definitely not in a position to tell anyone to quit their day job, but I decided to write this in response to a request that I recently received:
“Great guide it is definitely a keeper. My business has grown. I took your advice and started working different venues and shows and overall this has been successful. Yet, my dilemma is this I want to leave my job of 10 years because it is not where my joy resides and I feel staying here is only blocking my blessings. My joy comes from the people I touch and make feel good by creating (my t-shirt line). I need a 3 month plan to make this a reality. I know I can do this. I am confident in myself and my product. Help!” -A.
Wanting to leave the 9-to-5 world and live your dream is a feeling I know all too well. Did you ever read my 5ive to Fabulous Transformation story? I define my 5ive to Fabulous Transformation as:
- Turning a $5 dream into a fabulous business.
- Leaving the 9-to-5 world and creating a world of your own.
- A way of life and the lessons you learn while you live it.
Key Transitioning Recommendations to Keep in Mind
Create a Financial Cushion
It’s hard to build your best business when bills need to be paid. Desperation can often lead to poor judgment and devaluing the business, so the first thing you will need to do is create a financial cushion that would replace the funds from your current job. Sometimes aspiring entrepreneurs (usually recently laid off), come to me looking for a business they can easily start up and generate money from within 30-90 days. My response is usually the same, “start ups don’t pay up right away.”
When I started working at home I had a small savings to rely on and at one point I also took out a small personal loan, which helped balance out a slow period until things picked up. Whether its creating a savings, getting a personal loan, or having someone (spouse, family member, etc) to assist in taking care of your primary bills, you need to start with a financial cushion.
Monitor Your Spending
When I was featured in Ebony Magazine, the story was really about the reasons I and many African Americans have chosen to migrate back to the south.
When I decided to work at home full time, in addition to building a starter savings I also decided to relocate. The cost of living in North Carolina is significantly lower than it is in NY and NC is actually one of the top 10 states in the country for women business owners. The first month I worked at home I brought in about $500 in sales, so with a savings and minimal expenses I had could stretch much further.
I’m not telling you all to move to NC (smile), but I am saying you need to realistically think about how much money you need to maintain your lifestyle. Can you cut back on anything or completely remove certain expenses all together? Don’t wait until you’ve left your job and end up in a financial bind to make these decisions, think about them now. And sure to read my ‘Wealth Building‘ series, my tips on Keeping More of the Money You Make, plus listen to my “Money Mindset” System to get a better sense of the techniques that I use to monitor my money.
Have a Clarity Session
Watch my clarity video on setting your profit and sales goals. This video is definitely an eye opener for those entrepreneurs who know what they are passionate about, but aren’t clear on how much their start up currently brings in, can potentially bring in, or they need to bring in to maintain a thriving business.
When I was working a 9-to-5 I could put money into my business without really analyzing the ROI (Return on Investment), because my paycheck took care of the bills. When there is no longer a 9-to-5 paycheck, you’ve got to be clear on how much money your business can bring in on a regularly basis to meet your needs and profit goals.
Create a Marketing and Sales POA (Plan of Action)
When you leave the 9-to-5 world, unless you have a sizeable cushion to hold you over for at least 6 months, you need to make those first 90 days count by creating a Plan of Action: strategies you can use to promote your business, drive traffic to your website and ultimately bring in a steady stream of customers.
You can start by watching my Plan of Action video below from my 1st She Rocks the Web Workshop to help point you in the right direction.
Also take a look at my tutorials on:
– Boosting Profit and Sales
– How to Startup and Stay in Business
– How to Keep Customers Happy and Coming Back for More
– How to Work with Customers Who Need You, but Can’t Afford to Pay You
Master the Art of Maintaining Sales in Your Business
Once you officially become the BOSS, it becomes your job to keep things steady. If you’ve ever taken a look at the SistaSense Marketing Formula, you’ve seen that I talk about turning tens into thousands; different methods I use to daily generate income from $10 sales to $100+ sales and build an income of approximately $4500 monthly.
Depending on your financial needs and goals, the numbers for you need might be different from mine, but the idea is the same. A big part of your business time should be devoted to building a list of ways to keep your income steady.
How do I keep my sales steady? I do a combination of the following:
1. Create and sell low price point products that require minimal expense or time to maintain. These products sell well among people looking to try out my offerings without investing too much. They also work well among customers with small budgets.
2. Create and sell high price point products because you need fewer $100+ items than $1 and $10 items to reach thousands of dollars in sales revenue monthly. High price point offerings like my web design services get me to my sales goals faster.
It takes more time and work to close clients when your price points are higher, so for this reason I use a combination of low price point offerings and passive income opportunities to supplement my primary income as a web designer.
3. Create passive income projects that you can use to balance out your income. I have a range of passive income revenue coming in from affiliate programs, Adsense, and subscription-based offerings that I add to sistasense for additional profits. Participate in my Monetize Your Blog 31 Day Challenge to review different ways you can tap into additional income streams online.
Within this short guide I’ve included additional videos and how-tos that can help you create your 3 month exit strategy from the 9-to-5 world and get started on a plan for your work at home future. Remember that you can always schedule a call with me if you’d like for us to sit down and personally discuss your unique situation.
In the spirit of entrepreneurship take a look at this post on AwesomelyLuvvie.com: The Most Delicious Resignation Letter Ever!
She wrote, “When you know it’s time to quit your job and move on to greener pastures and whatnots, it can be hard to write the letter of resignation. Finding the right words takes time. And do you type it or write it out? Wells, this dude in the UK found the best way to quit his job.”
Click here to read her full post. This is creative, interesting and all about taking a minute to appreciate those risk takers who dare to dream and pursue their passions via entrepreneurship.