We get it: completely dedicating all your time and effort to your business can be just as terrifying (or even more so!) as other major life decisions. Career shift? Marriage? Children? Many see them as a walk in the park compared to diving completely into a startup. Taking risks is what entrepreneurship is all about and in order to fully succeed, giving 100% is a must.
The thought of juggling a full-time job with a business might be a point of pride for some. You might think it shows an ability to handle priorities and show dedication. But if you’re not completely committed to your startup, why should investors or customers do the same?
Take a look at some tips on how to make the jump to full-time entrepreneurship:
Set A Strict Timeline
Give yourself a permanent timeline of 18 months to save up at minimum 6 months to a year of living expenses. As much as possible, don’t adjust your timeline. If you’re unable to save at least 6 months’ worth of living costs, then you need to work on your financial handling skills first before even beginning to think of creating a business plan. This is a major step that you need to consider.
Secure Your Emergency Savings
Everyone talks about having an emergency savings fund before leaping into a startup for a reason. When life throws an unexpected expense at you, you’ll need cash on hand now that the security of job benefits is no longer there. This cushion will teach you to be frugal in ways you never thought possible—a skill that entrepreneurs need to have. Not all startups begin with a lot of capital so this is a big plus for aspiring entrepreneurs. As long as you have that emergency savings fund, you can safely prioritize your startup until you start raking in big profits.
Leave All Your Job-Related Crutches
It’s tempting to stay with your job if they offer you alternative options like telecommuting, part-time schedules or flex-time schedules. Just because you get less hours doesn’t mean it’s not as demanding as a full-time gig. This only serves as a distraction for you and takes away time that you should devote to your startup.
Grow Thicker Skin
It’s not uncommon for those in your inner circle to be concerned about your choice to leave your job. They might question whether it’s a good idea or ask about what your plan would be if you don’t make enough money. These kinds of questions might come from a place of love or concern but despite that, it’s important to be around people who truly support your ventures.
Draft Your Business Plan While Waiting
Since you already have a timeline, your next step is to create a thorough business plan while waiting. Imagine sending in your resignation letter without a draft in hand—that lack of preparation will only mean an unstable start. Think of your business plan as the strong foundation that every entrepreneur should have. Include back-up plans, solutions for expected obstacles and potential options for networking and finding investors.
Going in as a full-time entrepreneur means dedicating more than the required 8 hours a day. If you dedicate only half of your time, expect getting half of the best results. You owe it to yourself and your business to go all in!
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