So you’re ready to take the dive and hand in your 2 weeks notice.
Let me congratulate you for getting to this space. But before you turn in your notice, let me share with you some of the steps I took that helped to ease that transition- the second time I took the leap to become a full-time entrepreneur. You heard me right! I went back to the 9-5 grind to reset and have a redo.
My hope by sharing my story with you is to prevent you from having to go through the same growing pains I did. So today here’s my case study on myself, on how I set intentions and made measurable actions to go from being a 9-5 employee to becoming self-employed.
1. Firstly, create a budget.
This will help you to identify how much it will cost to cover all your operation expenses. Then, you will need to identify how much you need to make to fulfill your personal household expenses (cause last time I checked the rent will still be due every first of the month and Wells Fargo does not close their doors, even in a pandemic to ask for their cut).
2. Do an income analysis projection.
I mapped out each of my income streams and their potential and my goals. For example, I have two podcasts (‘Financial Fancy’ and ‘Business After Dark’ Podcasts). I make X amount of money each time someone listens to an episode. My goal is to have 100 listens for each of my two podcasts, monthly. From this, I can project my income from my sponsorships for the month and the year.
3. Take tax accountability.
If you sell a product, you might be responsible for sales tax. Even if you are a service based business like myself, you should include taxes in your bottom line. If my goal is to make $100,000 for the year, I need to make $120,000 to accommodate 20% for tax purposes.
To become a successful entrepreneur requires that your intentions now will set you on the path of being available and ready to reap the rewards from opportunities when they come.
With all that said, center yourself and your next steps of determining your intentions, followed by identifying tangible actions or goals to measure the achievement of those intentions. Because to be honest I think we work too hard and we spend a lot of time doing things that are good, but it carries a different tone and energy when you can say I want to (fill in the blank…) and then you turn around and say I will do this and this.
Before I go:
- Know you can do anything - with proper planning. We make entrepreneurship hard because we think there is some magic process and the magic is all in the set up the whole time.
- Here's a disclaimer: you will sometimes have to make space for not reaching your goals. Be capable of pivoting your actions, with the same goal in mind, if you are not producing the you were targeting.
Congratulations again on your big leap. I’m rooting for your win. Make sure you check out my two podcasts - Financial Fancy and Business After Dark - to get help with setting up your business from a bookkeeper prospective.
Now go have a great day... on purpose.
Website - www.financialfancy.com
Instagram - @financialfancyllc
LinkedIn - Charese Chambers