Six Steps to Freedom
I was at a family party over the weekend and was chatting with people I hadn’t seen in a while. Naturally, they asked me what I was up to for work these days. So, I explained that yes, I am still an entrepreneur and have been out of corporate now for two and a half years.
As I was talking with one person explaining how much happier I was not having the long hours at work and the commute I realized just how true that was for me.
The number one driver when I left was freedom. I wanted to be free to do work that fulfills me and free to make as much money as I want without someone else controlling my schedule.
I’m still building my business. And after making a pivot from the accounting business I initially started with to business strategy coaching, I had to sort of start over. So, I’m still working on bringing in the revenue number I’d like to be bringing in.
But during this discussion the other day, I realized I wouldn’t trade all the hard work of being an entrepreneur for going back to having someone else control my time. Even without the corporate salary and security. Or what seems like security. They can let you go at the drop of a hat so how secure is it really?
Being an entrepreneur can be tough some days. When starting out, you may find you have to do everything yourself because you don’t have the money to invest in an assistant or marketing help or any of that. So, you’ll find yourself trying to do the work you started your business to do as well as all the other tasks that need to be done.
It can lead to some long days and weeks. And you might even still be working a full or part time job until things get going.
Right now, I’m sort of in between. I’m phasing out the accounting work but still have clients as it pays the bills while I fully transition and pivot my business.
So how can you get traction quickly so you can start to see consistent income coming in? Consistent income is the path to taking your business full-time. You must develop systems and processes that bring in a stream of clients so you can meet your goals.
Here’s what I’ve learned over the past three years since I started my side hustle that then turned into a full-time business:
1. Get clear early. Take the time to make a plan. Think about why you’re starting your business, who you want to help, and what you can offer to help them. Write this down. Think about it for a few days, revise, and then keep revising.
2. Keep track of your finances from the beginning. You can’t grow your business if you have no idea how much money you have.
3. Set goals and break them down into manageable tasks. Continually work toward and assess your progress toward your goals.
4. Take action every day that moves your business forward. I see too many people get stuck in spending their days doing client work and not taking the time to bring in new clients (raises hand). You have to have a steady stream of leads coming in or you won’t have a successful business.
5. Don’t stay stuck. Get help. You have to invest in your business, or you won’t see growth. I had to hire a coach to get unstuck and get moving. Sometimes bouncing ideas off someone else is incredibly helpful to get moving in the right direction.
6. Know when to cut the full-time job. I see too many people who want a full-time business but never take the risk of jumping into it full-time. You can only grow a business so much when you spend all day working for someone else while trying to get your business off the ground. Now I’m not saying to be reckless and quit your job without having enough income. But plan for how long you’ll keep the full-time job. Start saving and make an exit plan. Freelance or work part-time or save up money to support you while you work to bring in clients.
I’d love to hear what point you’re at in your business. Are you still working full-time? Have you made the leap into full-time entrepreneurship? Let me know!
