Full Time Exit Plan: Smart Steps for Starting a Side Business That Will Grow
It can feel like a step too far to give up your day job and launch yourself into your own business which is why the sensible strategy for many who have ambitions to control their own financial destiny, is to start a side business and see how things go from there.
Here is look at how to build a business slowly, including why it makes sense to take small steps rather than a giant leap, how to use a smart startup strategy, and how to tell when it might be time to quit your day job.
Take your time
It can be very hard to give up the option of getting a regular paycheck every month even when you have ambitions to set up your own business and take a greater level of control over your future.
There are a number of good reasons why it can often pay to experiment with your business ideas and see how entrepreneurship suits you before you tell your boss that you won’t be coming back.
If you have a passion for a particular pursuit or a skilled trade in your locker there is every chance that you can use these skills to generate a good income if you launch a business and decide to sell these services to others.
When you are not sure what you want to do for a business or want to gauge the level of demand before committing full time to the business, putting your toe in the water and running a side business could be a smart strategy.
Startup capital sorted
If you are going to be a launching business where you need some tools of the trade to do the job, you would have to find the capital investment in one hit if your chosen route was to quit your job and commit to the cause 100%.
A savvy alternative would be to use your existing regular income and the money you generate from your side business to help you build up the equipment and tools you need as well as getting some financial reserves behind you.
If you need a vehicle like the RAM 1500, for example, and have a list of tools and other equipment which you will need to be able to trade full time, it could work to your advantage if you get all these things in place over a period of time.
That way, you will have everything you need when you decide to quit your day job and there won’t be so much pressure on your finances in the early days if you already have everything you need and even a bit of cash behind you.
Set some goals
If you want to know when you are ready to go full-time with your business idea, a good way of determining the moment of truth would be to set yourself some goals.
Setting some weekly and monthly goals will tell you where you are with your business and when it is time to take things to the next level.
For example, setting some financial targets to hit each month and see how quickly you hit them, will help you to drive the business forward and turn it into more than something you do when you finish your day job.