Leaving your 9-5 job to work on your own business can be daunting, especially if you don’t have a plan. This guide will help you start with the right mentality and discover the right steps to take in order to ensure that you’re able to grow your new business while still enjoying the financial stability of your 9-5 job while you save up funds to support yourself while you get your new business off the ground. If this sounds like it’s something you’d be interested in, then keep reading!
Determine what you really want
Are you sick of the corporate world? Feeling unfulfilled in your current position? If you’ve been thinking about starting your own business, now is the time to take the leap! But before you hand in your resignation, there are a few things you should consider. Here’s how to leave your 9-5 job and start working for yourself:
1) Map out your financial needs for the next year. Do you have enough money saved up to cover rent, food, gas, and insurance? What will happen if something goes wrong with your company and it doesn’t generate any income for that time period?
2) Have an emergency fund. Saving up just one month’s worth of living expenses can be enough to keep cash flowing until you can find another full-time gig or get back on your feet if something goes wrong with your company. Keep this money separate from your other savings so you’re not tempted to use it prematurely.
3) Be prepared for all possible outcomes: Whether you decide to quit your day job cold turkey or slowly transition over the course of several months, make sure you’ll still be able to pay your bills even if things don’t go as planned.
4) Put together a portfolio of what you do best: It may seem like common sense but many people make the mistake of not really knowing what they’re good at when they decide to work for themselves. Whether it’s photography, videography, baking or writing articles online – figure out what makes you unique and create a portfolio showcasing these skills.
Budget for expenses
The first step is creating a budget for your expenses. This will help you keep track of your spending and make sure you are not overspending. You will need to account for your startup costs, such as office space, equipment, and supplies. You will also need to set aside money for marketing and advertising expenses. Make sure you have a realistic budget that you can stick to. If you run out of money before the end of the month, consider moving in with friends or family until your finances stabilize. And remember to always maintain contact with your employer! There may be times when they may be able to offer assistance if things get tough.
The next step is learning how to manage time effectively. Once again, budgeting will be key here because it’s important to make sure that you spend enough time working on your business without neglecting other areas of life – including sleep!
Start by setting specific goals for yourself every day and trying not to exceed those limits (ex: Work until 12 pm then take a lunch break) even if there’s more work available later in the day.
Manage Expectations
The biggest thing to remember when making the switch from a 9-5 job to working on your own business is managing expectations. It’s important to set realistic goals for yourself and your business. This will help you avoid burnout and keep you motivated. Additionally, it’s essential to manage your time wisely and create a solid work/life balance. This can be difficult when you’re first starting out, but it’s important to remember that your mental and physical health are just as important as your business. Finally, don’t forget to lean on your support system of family and friends during this transition. They can be a great source of encouragement (and free labor!)
Create an Income Stream Plan
Making the decision to leave your 9-5 job to work on your new business can be a difficult task. But with a little planning, it can be done successfully. Here’s a step-by-step guide:
1. Assess your financial situation. Make sure you have enough saved up to cover your living expenses for at least six months.
2. Give notice at your current job. Giving two weeks’ notice is standard, but you may want to give more depending on your relationship with your employer.
3. Create a marketing plan for your new business. This will help you attract customers and generate income from day one.
4. Get organized and set up a dedicated workspace in your home.
Work On Your Business After Work Hours
The best way to leave your 9-5 job is to work on your new business after work hours. This will give you the time you need to get your business off the ground without having to quit your day job. Plus, you’ll still have a steady income coming in from your day job.
1) Find an idea worth pursuing: Whatever idea it may be (ie., baking cakes for birthdays), find something that interests you and is worth pursuing.
2) Build your skills: Build up your skills related to this idea (ie., learn how to bake).
3) Create a plan: Create a plan for what needs to happen in order for this idea to become successful (ie., set up baking classes).
4) Reach out to friends and family: Reach out to friends and family about the idea and see if they’re interested or not interested.
5) Get feedback on social media: Post about this idea on social media sites like Facebook or Twitter asking people their thoughts, opinions, concerns, etc.
Have Support From Family And Friends
Making the switch from a 9-5 job to working on your own business can be troubling, but it’s definitely doable with the right mindset and support system. Talk to your family and friends about your plans and see if they’re willing to help you out in any way, whether it’s with finances, child care, or just moral support. You should also look into joining entrepreneur groups or online communities where you can connect with like-minded individuals who are going through the same thing. Finally, make sure you have a solid plan in place for how you’re going to make your business successful. With a little bit of planning and effort, you can make the transition from employee to boss in no time!
Don’t Give Up Too Early!
You’ve done it. You’ve finally saved up enough money, put in your notice, and said goodbye to your 9-5 job. Congratulations! But don’t get too comfortable just yet – the hard work is only just beginning. Starting a business is no easy feat, but it is definitely achievable with the right mindset and a whole lot of determination.
Partner with United Funding Group
In these uncertain times, it’s more important than ever to have a reliable partner you can count on for funding, especially with a Startup business. United Funding Group has a long history of helping small businesses weather tough times. We offer a variety of funding options that can be tailored to your specific needs. So if you’re worried about how inflation will impact your business, give us a call. We’re here to help.
Contact UFG, Today!
United Funding Group provides funding for all types of businesses, regardless of industry. We provide merchant cash advances for many industries, including retail, service, restaurant, and real estate investment. Whether expanding your business or opening a new one, we can get you funded quickly and easily. Contact us today to learn more about merchant cash advances from United Funding Group, UFGFunding.com
