On today's solocast, Part 2 of a 6 part series I am sharing the 5 things you must do before quitting your job. These 5 things I'm sharing is a compilation of my own experience along with many other women whom I've interviewed, coached and worked with.
1. Do Your Research and Maximize Your Time
Start attending events that are entrepreneurial focused to start surrounding yourself with like minded people and also to better understand what entrepreneurial life is like. Start asking questions to get you in the mindset of what to expect when you’re fully out on your own.
- What’s the biggest challenge you’ve faced as an entrepreneur?
- What is something you’ve experience that could have been avoided?
- What is something you wish you would have done prior to quitting your job that you didn’t do?
This is a time for you to get really focused and maximize your time. Create an ideal schedule from when you wake up to when you go to bed. When are you scheduling these events, when are you sending emails, when are you meeting people for coffee? What are you saying yes to and what are you saying no to?
2. Make a List of What Needs to Happen Before You Quit Your Job
First, the biggest thing to remember is that everyone's risk tolerance is different. This is only for YOU to determine what are YOUR goals and what is on YOUR list. Write out what sort of savings goal you need to hit in order to feel comfortable, how many clients you want to have before taking the leap, write out your fears, what's holding you back, what are you afraid of?
Use these as talking points during our conversations with other entrepreneurs...chances are they went through the same thing you're going through and can help navigate the waters with you.
3. Know What You're Good At
Not everyone who wants to be an entrepreneur knows what they want to do. You might know exactly what you want to do while others have no clue and some of you don’t know which idea to chose to grow. Knowing what you’re good at can help you figure out what you want to do.
Email 10 people in your network (or call them) and ask them what is it about you that believe you’re really good at
Take the fascinate me quiz HERE. Use Lewis Howes code "schoolofgreatness"
Identify the activities that give you energy and makes the time pass quickly
4. Set Goals
Now that you've identified and collected information you are now ready to put it all together. Assuming you want to start a business and leave your job, take a look at your calendar and selected the date one year out from when you are reading this post. I recommend at some point getting a paper calendar that you can write on that shows all 12 months. There's something about being able to see the entire year in front of you that makes you thing BIGGER.
Okay, now break that year into 2 parts - first 6 months and the second 6 months. Let's say that right smack dab in the middle is when you're going to launch your business. That means the first six months are focused on researching, collecting, prepping for your big launch. Then after your big launch your focus is around the new set of mini goals you've established in the second half of the six months.
Goal: 1 year I am leaving my full-time job and taking the leap
- First 6 month goal - Prepare for the launch of my business
- Second 6 month goal - Grow my business to replace 75% of my monthly income
Then, within each of those 6 month buckets break it down into quarters, months, weeks and put goals to each of them. Here are some questions to get you started for the first six months:
- What business do I want to launch?
- What am I good at?
- Who are the people I need to surround myself with?
- How much money do I want saved before taking the leap? How do I get there?
- What does my ideal schedule look like?
- When am I going to make time for my business?
- What entity will I be?
- How will I manage cashflow?
- What does my marketing plan look like?
5. Take Action
Planning is always fun but then it is time to take action my friend. Find an accountability partner, someone who is either going through the same thing you are or someone who is one step ahead in the journey. Stay connected to stay inspired.
Today's mini interview She Did It Her Way Summit series is with Helena Swyter. All about accounting - you know, the fun stuff ;) Be sure to tune in and listen all the way until the end.