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Want to quit your job and start a business? Read this first.

 
 

Quitting your job and starting a business is easier said than done. There are a lot of emotions that come into play not to mention the whole, "How am I going to eat and pay myself?" conversation. I've worked, mentored, coached people into leaving their 9-5 and starting a business. I've seen what works well and what doesn't work. 

The thing to know is that leaving your job and launching a successful company can be done. Here are a few key pointers and questions to ask yourself before quitting your job:

What's your comfort level?

The only thing certain about entrepreneurship is that it can be unpredictable, especially in the beginning.

In the beginning you’re still figuring everything out from your product offering, target market, your marketing strategy, your expenses, what a normal day looks like, consistent clients and no day is ever the same. Your income is usually never the same either. You have to be comfortable with being uncomfortable and have the persistence along with the patience to ride the wave that all entrepreneurs experience in the beginning.

What do your monthly expenses look like?

This is so important. Before you do anything tally up your monthly expenses and see what amount you need to clear in order to survive every month especially in the beginning. Monthly expenses can include rent/mortgage, car payment, insurances (renter’s/home owner’s, health, car, dental), student loans, utilities,  food, going out, phone (this may look different if you have a family). It is vital to know what you’re working with.

When I quit my job I had the luxury of doing so at a younger age; no family or kids although I had just about every other expense listed above including a student loan payment that could have passed for a rent payment ;)

You have to do what is best for you and everyone's situation is different.

Where there is a will, there is a way
 

How much do you have saved?

No amount is the right amount because everyone is different. We all live in different cities, have different expenses. The important piece is to ask yourself, “What am I most comfortable with?” And it also depends what is on the other side for you when you quit your job. When I left my corporate job and started freelancing I had a seven month project ahead of me so having a large savings wasn’t something I believed I needed, but again everyone is different. I highly recommend having anywhere from 3-6 months of savings to support yourself because you can’t predict the future, you can only influence it. Having a savings is like having an insurance policy.

The last thing you want to do is think about how you’re going to eat while building up your business. Having to think about basic needs during that time will take away from your ability to be creative and grow your business.

Once you figure out how much you need on a monthly basis, times that by how many ever months you think you need in order to be comfortable.

What are you doing on the side?

Depending on how serious you are with quitting your job and pursuing entrepreneurship this may look different.

The most successful people I’ve seen, who have quit their job to pursue their own business are the ones who launched their business while working their 9-5. These folks became laser focused with their side hustle and extremely disciplined with their time outside of their 9-5. They worked a few hours on their side-hustle before going into work, worked their 9-5 and came home to work more on their side hustle. 

Building up a side hustle takes focus, persistence and work. You will find yourself saying no to happy hours, foregoing weekend events and not going out because you want to be an entrepreneur and you understand that short term sacrifice is worth the long term gain.

Expenses to factor in when you’re an entrepreneur

Being an entrepreneur has its own set of expenses like figuring out your own health care insurances (especially if you’re single). If you go through the government exchange as a single person with the lowest quality package who is fairly healthy, you could be looking at anywhere from $260 - $300 a month, not including dental. Dental can be anywhere from $40-80 a month depending on what you chose.

Disability insurance is another one. You may have been receiving disability insurance as part of your benefit package from your employer but when you start your own business, you are your employer. I can’t stress it enough to have some form of disability insurance. Disability is for if something were to happen to you that made you unavailable for work this way you would still have some form of income paid out to you so you could live.

Lastly, taxes. For every dollar your business brings in set aside roughly 20-30% for taxes (this percentage may vary depending upon your income and how you incorporate). Create a separate checking out for taxes that way when it comes time to pay your quarterly taxes you have money set aside.


Create a plan

So you’re working your 9-5 and you want to start your own business, now is the time to make a plan. To help you get started, consider the following:

  • Monthly expenses

  • What do I want the next 3-6 months look like?

  • How will I structure my days

  • What am I saying yes to and no to?

 

Remember, no one is the same.

I've worked with people that were able to leave their job in 6 months, others it took almost two years to get themselves in a position to where they felt comfortable. Remember, everyone is different and no one is the same. But the sooner you get started, the sooner you get started. 


 

Podcasts to help get you going:

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Want to be featured on She Did It Her Way website?

Hello hello loves!

Happy Wednesday! There is so much energy flowing through my body I cannot wait to share so much of what I've been learning over the past month in tomorrow's solocast....so stay tuned!

Today's blog post is semi blog post, semi asking for help. I want to feature women who have taken the leap to start their own business so that they can share their wisdom with other women who are thinking of taking the LEAP themselves. 

I call the transition from corporate to entrepreneurship: The Lead Up, Leap and Land (more on this later!). But for now if you're someone who has quit your job to pursue entrepreneurship, and haven taken the LEAP we would LOVE to hear from you. 

All you have to do is fill out the form below :)

Ahhh this is going to be amazing! Can't wait and thank you guys!

 

Love,

Amanda

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How hungry are you?

Howhungryareyou-.jpg

Forget about what everyone else is doing. All that matters is what YOU are doing. Forget about what everyone else has whether it is a successful business, a nice home, a nice care, freedom, flexibility, financial abundance. What matters is what YOU have and what YOU are doing.

We all face headwinds in life. We all have our own struggles. Which oftentimes is what we identify with. “I’m this way because of BLANK (insert a struggle).”

What we fail to recognize most of often (again, not all the time) but we undervalue the tailwinds that help us. Leaving us ungrateful and unhappy.

If we’re not careful we can let our headwinds define us, leaving us in a victim mindset. I know this because I’ve been in this mindset before. I used to let many things victimize me when I was younger.

Only as I got older I learned that it wasn’t productive, nobody cared and it wasn’t going to lead me to a successful life.

 

But what’s the single most important key to success?

 

It’s hunger.

 

Hunger trumps ego. Hunger is a muscle.

 

Biography is not destiny.

 

Hunger creates destiny.

 

How hungry are you to get where you want to go?




 

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My 3 Favorite Money Management Tools

Happy Wednesday! First Wednesday of April - can you believe it? We have officially entered the second quarter of the year. Woah. Today’s post is inspired by my spring cleaning of my finances this past weekend and getting to learn more about the money management tools I already use. I enjoy tools that are intuitive and help me make my life more simple.

 

MINT

Mint has been around for quite a few years ago. I remember when I first got introduced to Mint and thinking,

“What, you want me to connect ALL my accounts from student loans, credit cards and bank accounts to one location?”

It freaked me out a bit at first from a security standpoint but also thinking about how much time it was going to consume to import an learn a new system. (INSERT pole vaulting over mouse turds here aka I was making up something bigger in my mind than what reality was.) 

Once I got over those two fears and took time to link all my accounts, set budgets, it made it so easy to login to my Mint account and get my financial snapshot in one click. They also have a super easy to use app as well. Plus, every month they update your credit score which is pretty neat too. Or at least I think so!

This past weekend I set new budgets as some goals were accomplished and new goals were set. Mike (my fiance) and I both did this. We also talked about what are plans are for when we get married and how we want to manage budgets. Would love to hear what’s worked well for you guys reading this post too!

I use Mint for my personal finances only.

 

GOOGLEDOCS

Good ole GoogleDocs. Before I fully committed to Mint I built my budget via a Google Doc. I wrote out all my monthly fixed expenses and put the date in which they were deducted from my account. I think put a budget on the variable expenses - think grocery and clothes shopping, gifts, travel or anything that changes month-to-month.

I manually monitored this every month by hand and comparing to my bank accounts about every other day. The goal is to not make it so complicated you overwhelm yourself. Baby steps!

I have used GoogleDocs for both personal and business in the beginning.

 

FRESHBOOKS

I’ve used a handful of bookkeeping systems for my business in the past; Xero, Quickbooks, 17 hats, you name it. I believe the key to finding one that works for you is doing your research. Different types of industries may be better for one bookkeeping system over the other. Freshbooks is perfect for my consulting practice and She Did It Her Way. Invoices are a breeze to create, easy and simple interface and a lot of it I can do it all from my app. Plans start as low as $15 if you’re just starting out. Having a bookkeeping system makes tax season painless.

Plus, their customer service is AMAZING.

 

What are some of your favorite money management tools?

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3 Easy Ways to Maintain Your Health as an Entrepreneur

3 Easy Ways to Maintain Your Health as an Entrepreneur

Hi friends!

Okay, here we are. Blog post uno. Remember how I said in this episode I wanted to starting writing more for She Did It Her Way, welp I’m doing it. My goal was to publish two posts in the month of March but it looks like I will be posting one. And hey! That’s okay! I’m so excited that I’m getting at least ONE out instead of NONE. 20 minutes of working out is better than zero minutes of working out, right?

Life lately has been a bit crazy - in a good way. Although I can’t help but ignore the amount of stress my body has physically and mentally endured. From back to back Europe trips (while it may sound glamorous I was over there for work and the days were super long and required a ton of energy. None the less, still grateful for the opportunity), managing business banking accounts, to planning a wedding, still maintaining a workout routine, it gets to be a lot at times. I have no doubt that many of you if not all of you can relate to what I’m talking about!

 

MEDITATE

Meditating has been a game changer for me. I can tell a major difference when I do and don’t do it. It makes me calmer, helps me focus on the task at hand while being present and my mind is so much more at ease. I use the Headspace app because it guides me through different mediations from being healthy, focus to creativity. If you’re someone who is unsure of meditation, I get you.

Before I started I was super resistance to the idea of sitting in silence for 10 minutes and wondering how in the world it was going to benefit me. What I can tell you is that if you can get your mind in the right place before you do anything for the day, your day will be in the right place. Try 10 sessions for free with Headspace. <---this is what I use and love it ;)

 

SWAP OUT FRUITS FOR VEGGIES

Say whattt? I know, crazy right. Almost every morning I have a smoothie and it wasn’t until I started following Lee From America that I was inspired to replace my banana and mangos with frozen cauliflower and avocados. Did you know you can actually build up a resistance to bananas? I didn’t. While my smoothies now aren’t as sweet as before, that’s okay. I’m more focused on maintaining consistent energy levels throughout the day so I can get more work done and not crash.

 

TAKE YOUR VITAMINS

With traveling a lot, changing time zones, it can put a ton of stress on your body, physically and emotionally. Sometimes you don’t even know it. About a year ago I noticed my energy was always low, I felt drained all the time. I’m a healthy eater for the most part. If you ask my close friends they may tell you that I’m too self aware of my body but that blog post for another time ;) so I was utterly confused as to why I was feeling this way.

My friend Stephanie Grutz, who came on the podcast, and whom I trust is a holistic nurse practitioner, prescribed to me probiotics (for gut) and adrenal fatigue pills. As women our adrenals play a massive role in our energy levels and indirectly impacting our ability to get sh*t done. Steph is amazing and has her own line of vitamins which you should check out! (and no, this is not sponsored, I just love and trust Steph :D)

 

What are ways you stay healthy as an entrepreneur?

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