Remember our 3 Key Points to running a successful business?
Throughout our ten questions so far we have looked at some personal challenges that we can come across when running a business and some more practical issues that can arise. Either way, we are always bought back to our 3 key points.
So, the very first one is knowing that success is a journey. It will take time and a lot of effort, but it is a journey and you will get there if you stay on the road.
The second one is that fear will hold you back, but faith will keep you going. It’s okay to be scared, but it must not be a limiting factor to your success.
And the 3rd key point is that purposeful action is essential for achieving your dream. We can all have ideas on paper and in our minds, but acting on those ideas is what makes them a reality.
Keeping these in mind, this week, we are going to look at the 7th question we need to ask ourselves when starting our own business:
How do I know it’s time to quit my job and focus on my business?
This bit is always tricky. In this day and age, having multiple streams of income is the way forward to living a comfortable lifestyle, with the uncertainties in the world, especially highlighted by Coronavirus, it is important that your lifestyle isn’t solely reliant on one job.
The other reason I believe it is important to have something on the side, whether that be charity work, a hobby or a business, is that it would be tough to try and find all of the fulfilment you want in life from your job.
People often ask, can I start my own business whilst working for somebody else? The answer is, you certainly can and its actually good for both you and your employer.
Your fear of job security is reduced, you acquire additional skills than you would from your everyday job, and you have more ideas to contribute to your employers business.
Of course, your everyday job is also a great platform to test ideas for your own business!
However, for most people that start their own business, the time will come when you decide to leave your everyday job and focus on your business, so how do you know when to do this?
Here are some points to keep in mind when taking the leap.
- You want to leave wherever you are with a good name- It is important to remain productive, when you are doing two jobs you need to manage your energy wisely.
- Never steal your employers time, resources or clients- I use the word steal here as I think it’s important. It drives home the point that it would be morally wrong to start a business based on deceit.
- Learn to say no with a smile- there will be times when you can not do everything your employer asks, if it is not in your contract or affecting your productivity then you can say ‘No’. It is also important to be able to say no to yourself sometimes too!
- Don’t wait until you are burnt out- The time will come when you are no longer able to manage your energy and your productivity will drop in either the business or your everyday job. This is when you will know it is time to leave and focus your time and energy on your business.
Above all else, be sure to maintain your integrity when leaving your job. Avoid burning bridges and ruining friendships and connections that you have built up throughout your time in your job-After all these people will be your future supporters.
Next week we will look at what marketing platforms you will use to advertise your business.