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Aspiring Entrepreneur? Plan Your Escape From Your Job.

Aspiring Entrepreneur

Have you ever thought about walking away from your current 9-5 job to start your own business? What’s stopping you? It’s likely to be one of two things: common sense or integrity. Both are very valuable traits.

Common Sense and Integrity

Common sense says that you most likely have commitments, obligations, and responsibilities that show up monthly, weekly, and even daily. Would it be smart to risk any of those commitments? It could cost you big time in the immediate future or long term.

You would put both yourself and your new business under immense pressure if you went in without being prepared.

It’s significantly better to have a support system in place when starting a new venture. Your family, friends, and countless other individuals can play a significant role in your future success.

Integrity takes a long time to earn. The integrity you have earned at your current job will give you some credibility to start with. Use the integrity you have built with your employers and with your work colleagues as much as you can. These could be very useful and influential contacts in the future.

It’s unwise and unhelpful to put your integrity in jeopardy.

So, instead of just pulling the plug, it’s important to plan your escape. Common sense and integrity need to be your guiding principles moving forward.

Business Preparations

It makes good sense to do plenty of research on your new business and get all your questions answered before you make any decisions. Here are a few things you can take in for consideration.

  1. Get an insider’s opinion. Getting an insiders’ view would serve you well. Standing on the outside looking in is significantly different from being on the inside looking out. It could save you time and money as you move forward into your own business.

    – Find someone who has already done something similar and ask them, “If you were doing this all over again, what would you do differently?”The answer they provide will be the most valuable conversation you could possibly have for your new business.
  1. How will you generate a profit? This is a crucial part of moving forward with a new business. It’s important to figure out, the easiest and most effective way of generating a profit from your new business. Yes, a profit… income… not just breaking even. Both the business and you as an individual will not survive without an income.
  2. How will you scale up? Determine what you need to have in place to scale your business to grow. Customers are key! They are the people who will provide your profits and build the reputation of your business.
  3. How much time do you need to get the business started? Determine how much time you have available to get your business off the ground. Naturally, the more effort and energy you put in, the quicker everything will go.

Once you’ve determined these aspects, it should be possible to calculate what needs to be done in order for you to create a timeline for escaping from your job.

Related: I am Afraid of Being Laid Off

Start Your Business Wisely

So, now you can quit your job, right? Hold on a second! You’re almost there!

Many smart people get their business into the marketplace by working part-time from home while they keep their regular job intact. Even if it takes 9 months or a year, or even a couple of years, to get it working efficiently and effectively, it’s got to be worth it, right?

Remember to factor in some wiggle room for the unexpected… Make room for some down time and even holidays.

Talk to people who have already made a similar transition to get an idea on what is reasonable and doable for your situation.

Author’s note: I personally started my own business while still being active duty in the Navy. Becoming a licensed REALTOR-ASSOCIATE®, investing in real estate, and starting a blog and podcast. It’s been an absolute blast so far.

Check out our Average Joe Finances merchandise here

Work Smarter, Not Harder

Your new business should have no requirement for you to work 40+ hours a week. Your intent is to move on up in terms of profit and income potential and move down in terms of time needed to create it.

Consider different ways to work smarter, not harder. If hard work was any guarantee of success, most new entrepreneurs would already be wealthy.

It’s not about working hard. Your success will come from having a plan, an effective strategy, and the discipline and enthusiasm to follow through on it.

Speaking of working smarter and not harder… Check out this post by Bella Wanana regarding tax deductions here. Knowing about tax deductions and what you can claim with your business can save you tons of money.

It’s time to work out a sensible plan to quit your job once you can check off these two items:

  • You’re confident that you have a profitable business plan.
  • You’re working part-time on your business and showing some profits

Yes, this entire process takes patience. Just remember what your “why” is. In time, you’ll look back at the job you once had and smile knowing that you have replaced that income with something that’s your own.

Mike Cavaggioni
Mike Cavaggioni

Mike Cavaggioni is an Active Duty Officer in the U.S. Navy, REALTOR-ASSOCIATE®, Real Estate Investor, and Finance Coach located in Honolulu, HI. He is the founder of Average Joe Finances and host of the Average Joe Finances Podcast. Mike is building a community for people to come together to learn and build their wealth.

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