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How to build your business before quitting your day job

How to build your business before quitting your day job
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Like diving from a cliff the first time, leaving your job to dedicate yourself to your own business can be quite daunting prospect. There should be much more consideration to making a decision to quit your job than simply “look before you leap.” There are ways to approach this without burning bridges, while building wealth and increasing the likelihood of success in the new venture.

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Determine a good crossover point, so that you can enjoy the best of both worlds. Why not maintain those relationships developed during your career while gaining some early traction? Much of what works and doesn’t work in a venture can be figured out before making a full commitment to it. You can work toward a bottom line measurement, where profit trajectory from the business crosses your income needs, before you make the leap. This is not always easy to do but will be worth the effort.

If done well, quitting your job to dedicate yourself to your business will be a natural transition, even if this is your first time. Here is a list of ten things to work on to determine a good crossover point. In other words, don’t quit until:

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  1. There is a good product or service offering in place. An idea, set of samples, prototype and the like do not count. There needs to be a real business opportunity in here. Wherever possible, it should be proven, backed by a good plan and operating on a sound business model. It takes solid front-end marketing to determine that. There is rarely any value in quitting a well paying job on just a hunch there is a good business opportunity. Whatever it is, it needs to be priced for sale and priced for profit with all the costs of overhead, production, sales and distribution factored in.
  2. There are real customers. Unless you are selling quilts, family and friends are not considered customers. Whether your customers are end users, distributors, retailers, businesses or the general public doesn’t matter as much as whether or not they are real and sustainable.
  3. There is enough money in the bank to sustain a prolonged dry spell. It can take three years to develop a business to the point there is enough profit above and beyond the needs of the business to generate a healthy income for the owner.
  4. The business becomes more enjoyable and satisfying then the job. This is easier for people who hate their job than it is for those who are very passionate about their work. There needs to be passion and enthusiasm for the new venture, otherwise it is bound to fail. This is always true if you are the one leading it and doing the sales. With few exceptions, this also holds true if you are simply taking over an existing business with a track record and organization in place. The attitude of the owner affects the whole enterprise.
  5. The product or service offering is not being trampled by a major competitor. If a big competitor can afford to and does make a big effort to undercut your offering and has the ability to out-market, out-produce and out-sell you, the business could quickly become a race for the bottom.
  6. The business will not likely go broke within three to five years. The sad reality is that about half of all companies are simply not around five years after they are started. About a third of the ones that close do so because they lose money, another third break even and the remainder are profitable. There are many reasons for a company to close its doors, but not making a profit is obviously the main one.
  7. You develop the self discipline it takes to tough it out in your own business. Not having a boss or system in place to keep you working makes it easier to become distracted and lose focus on the needs of the business. Putting off necessary sales calls to head off to the beach on a nice summer day is a surefire way to undermine the chances of success.
  8. You have become an expert in your chosen area. Leaving a 20 year career in the insurance industry to start a venture manufacturing a new health food snack bar is likely going to become problematic. People in both the insurance and food industries will be skeptical unless clear expertise has been developed in the relevant areas. This is why it is often easier to transition from a job to a business in a similar area or expertise. An insurance veteran offering a new product or service in the insurance field will have less trouble establishing credibility as an expert.
  9. You have enough of the right “friends” in the area. A productive network is a great asset in building a business. If you have the right people in the right places available at the right time, your business is much more likely to succeed than if you don’t. Use tools like LinkedIn, Facebook and industry networking events to enhance your network.
  10. You have key mentors and advisors in place. These people can help you develop the business long before full deployment. Call on more of your growing network of “friends” as things develop. These advisors can also help with determining when to quit your job (or the business).

It boils down to really knowing yourself and knowing your stuff before going into your new venture with a full commitment. You should know the area well enough to be able to write a book about it. This helps eliminate the tendency to respond to the frequent “once in a lifetime” opportunities that come along.

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Develop the business under trial conditions as much as possible while you are still maintaining your job or career. You won’t likely be able to generate much volume or profit during this phase. It is often hard to go out and make sales calls during the day while you are working 9 to 5 job. However, it is quite possible to do substantial test marketing and research without having to quit your job. There can usually be enough product or service development work done where needed to get it into a saleable enough form to get orders from real customers – enough to prove out the business and maybe make a small profit. Plus build your network, expertise and credibility in the area.

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Develop your business to the point that you simply are forced to choose between your job and the business. Do that, and you’ll be much less likely to hit rock bottom when you make the leap!

If you have any additional suggestions, please post a comment.

Peter Paul Roosen and Tatsuya Nakagawa are co-founders of Atomica Creative Group , a specialized strategic product marketing firm. Through leading edge insight and research, sound strategic planning and effective project management, Atomica helps companies achieve greater success in bringing new products to market and in improving their existing businesses. They have co-authored Overcoming Inventoritis now available.

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Last Updated on October 30, 2018

How to Motivate Yourself: 13 Simple Ways You Can Try Right Now

How to Motivate Yourself: 13 Simple Ways You Can Try Right Now

Who needs Tony Robbins when you can motivate yourself? Overcoming the emotional hurdle to get stuff done when you’d rather sit on the couch isn’t always easy. But unless calling in sick and waking up at noon have no consequences for you, it’s often a must.

For those of you who never procrastinate, distract yourself or drag your feet when you should be doing something important, well done so far! But for the rest of you, it’s good to have a library of motivational boosters to move along.

Whether you’re starting a buisiness, trying to los weight or breaking a bad habit, you’ll learn how to motivate yourself with different techniques in this article.

13 Simple Ways to Motivate Yourself Right Now

Despite your best efforts, passion, habits and a flow-producing environment can fail. In that case, it’s time to find whatever emotional pump-up you can use to get started:

1. Go back to “why”

Focusing on a dull task doesn’t make it any more attractive. Zooming out and asking yourself why you are bothering in the first place will make it more appealing.

If you can’t figure out why, then there’s a good chance you shouldn’t bother with it in the first place.

2. Go for five

Start working for five minutes. Often that little push will be enough to get you going.

3. Move around

Get your body moving as you would if you were extremely motivated to do something. This ‘faking it’ approach to motivation may seem silly or crude but it works.

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4. Find the next step

If it seems impossible to work on a project for you, you can try to focus on the next immediate step.

Fighting an amorphous blob of work will only cause procrastination. Chunk it up so that it becomes manageable. Learn how to stop procrastinating in this guide.

5. Find your itch

What is keeping you from working? Don’t let the itch continue without isolating it and removing the problem.

Are you unmotivated because you feel overwhelmed, tired, afraid, bored, restless or angry? Maybe it is because you aren’t sure you have time or delegated tasks haven’t been finished yet?

6. Deconstruct your fears

I’m sure you don’t have a phobia about getting stuff done. But at the same time, hidden fears or anxieties can keep you from getting real work completed.

Isolate the unknowns and make yourself confident, you can handle the worst case scenario.

7. Get a partner

Find someone who will motivate you when you’re feeling lazy. I have a friend I go to the gym with. Besides spotting weight, having a friend can help motivate you to work hard when you’d normally quit.

8. Kickstart your day

Plan out tomorrow. Get up early and place all the important things early in the morning. Building momentum early in the day can usually carry you forward far later.

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Having a morning routine is a good idea for you to stay motivated!

9. Read books

Read not just self-help or motivational books but any book that has new ideas. New ideas get your mental gears turning and can build motivation. Here’re more reasons to read every day.

Learning new ideas puts your brain in motion so it requires less time to speed up to your tasks.

10. Get the right tools

Your environment can have a profound effect on your enthusiasm. Computers that are too slow, inefficient applications or a vehicle that breaks down constantly can kill your motivation.

Building motivation is almost as important as avoiding the traps that can stop it.

11. Be careful with the small problems

The worst killer of motivation is facing a seemingly small problem that creates endless frustration.

Reframe little problems that must be fixed as bigger ones or they will kill any drive you have.

12. Develop a mantra

Find a few statements that focus your mind and motivate you. It doesn’t matter whether they are pulled from a tacky motivational poster or just a few words to tell you what to do.

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If you aren’t sure where to start, a good personal mantra is “Do it now!” You can find more here too: 7 Empowering Affirmations That Will Help You Be Mentally Strong

13. Build on success

Success creates success. When you’ve just won, it is easy to feel motivated about almost anything. Emotions tend not to be situation specific, so a small win, whether it is a compliment from a colleague or finishing two thirds of your tasks before noon can turn you into a juggernaut.

There are many ways you can place small successes earlier on to spur motivation later. Structuring your to-do lists, placing straightforward tasks such as exercising early in the day or giving yourself an affirmation can do the trick.

How to Stay Motivated Forever (Without Motivation Tricks)

The best way to motivate yourself is to organize your life so you don’t have to. If work is a constant battle for you, perhaps it is time to start thinking about a new job. The idea is that explicit motivational techniques should be a backup, not your regular routine.

Here are some other things to consider making work flow more naturally:

Passion

Do things you have a passion for. We all have to do things we don’t want to. But if life has become a chronic source of dull chores, you’ve got a big problem that needs fixing.

Not sure what your passion is to get you motivated? This will help you:

How to Get Motivated and Be Happy Every Day When You Wake Up

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Habits

You can’t put everything on autopilot. I’ve found putting a few core habits in place creates a structure for the day.

Waking up at the same time, working at the same times and having a similar productive routine makes it easier to do the next day.

This guide will be useful for you if you’re looking to build good habits:

Understand Your Habits to Control Them 100%

Flow

Flow is the state where your mind is completely focused on the task at hand. While there are many factors that go into producing this state, having the right challenge level is a big part.

Find ways to tweak your tasks so they hover in that sweet spot between boredom and maddening frustration.

Easily distracted and hard to focus? Here’s your solution.

Final Thoughts

With all these tips I’ve shared with you, now you know what to do when you’re feeling unmotivated.

Find your passion and develop a positive mantra so when the next time negativity hits you again, you know how to stay positive and motivated!

Featured photo credit: Pexels via pexels.com

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