Posts tagged "quit"

Is it Time to Give Up on My Startup? 

November 8th, 2016 Posted by Entrepreneur 0 thoughts on “Is it Time to Give Up on My Startup? ”
closed shop

Photo courtesy gratisography.com

When you startup a business, you’re bound to get a mixture of reactions. Some people will encourage you and tell you to go for your dreams. Others will question your sanity, especially if you’re leaving a good paying job to start your business.

The online gurus will tell you to ignore the haters, and that those people lack the vision or courage to ever start a business.

With so many opinions, it can be very difficult to know when you should start one up and even harder to know when to give up on your business. After all, as many as 90% of startups fail. The odds are against you. So, at what point do things change from “be patient, work hard, and stay positive” to “this isn’t happening, and you need to walk away”?

Only you can make that decision. But if any of the situations below apply to you, it might be time to walk.

You’re More Miserable Than Ever

Remember how you never felt satisfied at your previous jobs? They didn’t stir your passion or utilize your special gifts. That’s a big part of why people look to starting a business in the first place. They want to have a job that means something to them.

That’s not to say it will be easy or comfortable, especially at the beginning. It’ll likely push you harder than any job you’ve had before. But even in the worst times, you should feel a degree of hope and satisfaction. If you don’t feel that, if you hate working for yourself more than you hated your previous jobs, that could be on a sign that you’re heading down the wrong path.

Your Marriage/Family/Entire Life is Falling Apart

Almost any parent or spouse who has successfully started a business will tell you that there have been moments where their career choice put extra pressure on their family life. It just comes with the territory. But it shouldn’t be ruining those relationships. It shouldn’t create divides that will never be mended.

Keep an eye out for breaking points in your personal life. If cracks are starting to form, it might be time to consider other options.

You’re Not Progressing at All

Getting a business to a healthy point can take time, but it often consists of continual progress. Those “overnight successes” you hear about rarely happened overnight. When you dig into the full story, you discover that there was near constant momentum towards that point of breakthrough.

The same is true for your business. Even as it’s growing, developing, and changing, it should be moving forward. If you’re in the exact same spot you were a year or more ago, it might be time for a change.

A Better Opportunity Comes Along

Some people think that starting a business means you have to see it through until the very end. If you have other people working for you and depending on your business, you certainly do have a degree of obligation to keep things going.

But if it’s just you (and maybe some part time contractors) and a great job opportunity comes along that will satisfy your occupational needs, you can certainly take it. Don’t pass up on an opportunity because you feel guilty for leaving an unsuccessful business.

Quitting a Business Doesn’t Mean You Can’t Start Another One

In fact, entrepreneurs who have had a previous business fail are more likely to succeed in their next venture. The logic is easy to see. The knowledge and wisdom you gain while trying to start a business goes well beyond anything you’ll learn from a book or classroom.

If you’re still set to run your own business someday, you can use that newfound experience to avoid many of the mistakes you made the first time around.

That’s not to say schooling and books won’t help, because they absolutely will. In need of a book that will help increase your business’s chance of success? Why not start with Business is ART? Start with the book and then try out my Odds Makers Series video training.

Buy it today!

 

I Quit!

September 29th, 2016 Posted by Business is ART, Entrepreneur 0 thoughts on “I Quit!”

Quit your jobWhen to Quit Your Day Job and Go Full-Time with Your Business

Whoever said winners never quit clearly wasn’t an entrepreneur. At some point, you have to quit many things to become a full-time entrepreneur. One of them is your job.

Unless you have a lot of money in the bank, your significant other makes a significant amount of cash, or you have some serious investment, you may very well need to work elsewhere to fund your dream. And assuming everything goes according to plan, you’ll then need to quit that job and run with your dream.

We touched on this briefly awhile back on the Business is ART podcast at the TrueChat Network (listen to BIA Episode #43 – Creative Juices) with my guest, author and entrepreneur, Mary McFarland, but it bears repeating. Sometimes you need to work elsewhere to fund your dream, and then you’ll need to quit that job to run your dream.

The question is….when do you quit the day job?

Quitting at the Right Time is Crucial

If you wait too long, you may be holding your business back, hurting progress, and burning yourself out. Quit too soon and you could fall into a nasty financial pit. But finding the right point to quit will act as a springboard to your future, positively affecting your mood, your energy, and your momentum.

It Starts with a Plan

Like so many things in business, it’s best to plan ahead. Begin by first planning out your business. I recommend doing two separate plans: a very simple strategic plan that looks out over no more than 3 years and a 1-year business plan. Start with the strategic plan because it forms the foundation for everything you will do going forward. Then move to a simple business plan. Neither of these plans should be lengthy or wordy.

It’s going to take some late nights and weekends to do this since you’re grinding away at your other job. Don’t get discouraged. Know that this is temporary.

Now, once you’ve made plans, a few things should become very clear:

  • That your idea is viable
  • When you should theoretically start making money
  • How much money you’ll be making
  • What your future growth looks like

This will then provide you with enough information to set a target date – that glorious, nerve-racking date that you turn in your resignation and jump in to the full-time entrepreneur waters. Remember, this is a target date. Aim for it. If you miss, take aim again.

From there, you’ll have to take one of the hardest looks at your personal finances that you’ve ever taken.

Accounting for Every Dollar

If you already track your personal finances and expenses, you’re a step ahead. You’ll want to know what you need to live. How much money do you and your family need to pay the bills and put food on the table? This doesn’t include the fun stuff. There will be sacrifices (not the animal kind).

If you’re not willing to sacrifice some personal comfort, you’re probably not serious enough to make your business work. That’s just the truth.

Once you have a rough idea of business growth and a list of your expenses, you should start to have an idea of when you can quit and survive.

There Should Also Be Some Emergency Savings in There

Because you don’t know exactly how your business is going to turn out, you’ll need to save up some money. Ideally, a few months’ worth of expenses. The more runway you can give yourself, the better off you’ll be.

Be Patient, but Not Too Patient

For most people, it’s going to be best to wait until your new business is making some amount of money before you quit. Going from no revenue to healthy revenue can be an unpredictable road.

However, going from some money to more money is much more achievable.

Ideally, you should go until your day job feels like a true pain point. Like it’s holding you back from taking your new business to that next level. When that moment comes, go for it. Don’t hesitate. Don’t say “well, let’s give it a couple more months to be safe.”

Give everything to your new business. You may be surprised by what happens next.

Starting a Business Might Not Be Easy, but It is Possible

..more possible than you might realize. With a viable idea, some planning, and a lot of hard work, that business you’ve always wanted can become a reality. And you can finally leave behind that job you don’t really care about.

Sounds pretty great, doesn’t it?

Increase your chances of success with the proven methods featured in Business is ART. Get the book today at Amazon! You can also sign up for my free webinar on strategic planning by clicking here. Finally, I now have online video training to walk through all of this. It’s an hour and 50 minutes worth of training packed in to 25 short videos where I’ll teach you how to set your vision, develop strategic and business plans, and identify and track the key performance indicators (metrics) most important to you. Check it out here.

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