The right time to quit your job and start your business!

Today we’re going to be discussing when the right time is to quit your job and start growing your business.

Figuring out when to leave a job is precisely what clients come to me for. To answer this question, we have to delve a little deeper into you and who you are, because it’s a unique situation and it’s different for everybody.

Here are my guidelines that I give my Ultimate Career Bootcamp and Private clients to help them pin down the perfect time to quit their jobs:
  1. You do want to make sure that you are financially secure. If you have a side business and you still have a day job, you want to make sure that your side business is doing reasonably well so that when you do quit your job, you can ramp up business pretty quickly. If you want to quit your job and start from scratch, you want to make sure that you have some savings in the bank to help you while you’re ramping up your business. If you’re not financially secure, you will do what I did, and you will have a little bit of a panic attack because finances might get too tight. And then you’ll be tempted to hop right back into whatever it is that you’re doing now and ultimately just end up being unhappy again.
  2. The next thing that you want to ask yourself is: What is my primary goal? If your long-term goal is that you want to be the owner of your company, then there’s no better time than now to quit your job. Remember that it can be daunting to take this leap of faith to start your own business. I totally appreciate and feel you if you’re in that situation right now. But you have to remember that every single minute that is spent in the corporate world is time that you’re not dedicating to growing your business. Ultimately, the longer you hold onto your corporate job, the longer it’s going to take for you to build and ramp up your business and be an entrepreneur.

The answer to the question, “When is the right time for me to quit my job?” is: Right now.

I had this little struggle within myself because I was trying to flip my Pilates business and move more into my coaching business. It was hard for me to let go of my Pilates classes and there was some ego involved. There was also a little bit of “Oh my word, am I going to be able to make bank with my business?”

But here’s ultimately what the deciding factor was for me:

I realized that every single hour that I was spending in my Pilates business was revenue lost in growing my coaching business. You want to make sure that you start to think about it this way.

Think about all the time that you’re going to free up when you no longer have to do your day job, and you can solely focus on growing the thing that you’re passionate about. That was ultimately what helped me to clean out my schedule, focus on my coaching business, and build that.

Now I am so happy that I did that because I’ve exponentially grown my coaching business, and I am so much more excited and happy about where I am at in my career.

Now I’d love to hear from you:  If you’re currently struggling to figure out when the right time is to quit your job and start your business, comment with what’s holding you back below.
OR If you recently went through a similar experience, tell us how you decided when to quit!

Be sure to share this video with two to three friends that could do with this advice right now. Thank you for watching, and I’ll see you next time.

Escape Corporate Burnout!

It seems like corporate burnout has become an epidemic. According to an article in the Huffington Post, this type of burnout is especially prevalent amongst overachievers in their 20s and 30s. It’s no wonder that we hear of so many people who are dreaming about starting their own business.

Escaping the corporate world and becoming a passionate entrepreneur, doing what you love, with a flexible schedule, and making more money is just so much more appealing. Have you ever had this dream? I know I did and hence I wrote about it in my recent Huffington Post Article.

A lot of my coaching clients get stuck in the “How to” phase of turning their idea into a business that earns money immediately. In our sessions, I help them with the exact steps and motivation they need to transition from the corporate world to successful company owners.

Here are the first few steps of the process:

  1. Do your research.

The brainstorming part can be daunting, and I have found that it’s often the part people skip or where they chicken out of their idea altogether. It’s completely understandable because it can be very overwhelming, plus knowing where to start can be tricky. Sound like you? Start here: Make sure that your business idea is something people want and need. How do you do this? Here are a few ideas:

a) Start talking to people and find out whether they want and need your idea, and if they’d pay for a product or service like yours. You can do this in person or send out a survey to your network.

b) Find other people in the market who are already doing what you want to do and start talking to them about their struggles and successes. (Note you’re not talking to these people to start copying them, you’re doing some of this leg work to see if your idea is working out there in the world already. If someone else is already doing what you want to do and have a profitable business doing so, it means that your idea is feasible. The important word here is profitable – there are a lot of people out there not making money in their businesses, make sure the person you’re talking too is successful at their business.)

     2.  How will it produce revenue for you?

This step in the research process often trips people up too.  Again you can find your answers by doing a little legwork:

a) Look to see how others in your market area are producing revenue.

b) Can you duplicate revenue stream ideas from other markets to your product/service? (Here are some examples: can you do auto renewal like most skin care products do? Or can you run workshops/group sessions like fitness instructors, instead of just one-on-one sessions? What about producing a group program like puppy training classes? Can you train/hire others to work for you to scale your product like a spa does?)

3) Is there a way for you start your business on the side while you’re still working your corporate gig?

I love this idea because it involves less risk and makes the transition process from the corporate world to business owner much smoother and less stressful. You can test if your business idea is legit and start to earn revenue without taking too much financial risk.

As a bonus, I created the Profitable Business Brainstorm cheat sheet for you.

 

Download your Profitable Business Brainstorm Cheat Sheet!

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And as Tony Robbins said in a recent interview with world-renowned life coach, Marie Forleo:

“It’s a science to achieving. If you want to achieve something, find someone who can give you the result you want.  Model them successfully because success leaves clues.  How do you do it quicker: Obsess about it, focus on it, create emotion to take action, model someone great and with some grace you’ll do it.” Watch his inspiring interview here.

Are you thinking of leaving your corporate gig to start your own business? Win a free coaching session with me by:
  1. Telling me what your biggest challenges are in leaving your corporate gig and starting your own business below!
  2. And fill out the survey! (Note you must do both to be entered to win)