Making a Plan to Go Full-Time
In last week’s episode, we discussed why it’s so important to be in the right mental state before making the leap to go full-time. It’s a big decision, one that requires a lot of hard work and planning. In today’s episode, we are digging deeper and taking you through the next steps of becoming a full-time entrepreneur. Everyone’s path is different but these steps helped make it possible for us to turn our side hustle dreams into full-time reality.
Map Out a Plan
“If you fail to plan, you plan to fail.” This quote could not be more true for going full-time. Yes, it’s a leap of faith, but without a solid plan in place of how you will make sure you can financially covered could hurt you in the long run. Figure out what your next year will look like.
Know Your Numbers
Part of mapping out a plan is knowing your numbers. How much money do you need to make in order to live the life you want? Once you know that, times that number by three (one part for your normal bills, one part for taxes, and one part to go back into the business.) Knowing what you need to make allows you to price your services or products at a rate that will help you succeed. It can be so scary at first to see those big numbers looking back at your but if you break it down quarterly it can feel like a more attainable goal. There is power in knowing where you stand financially. You don’t want to play a guessing game when it comes to money.
Find Your Support System
We cover so many ways to make sure you are financially and legally ready to go full time with your business in this episode. But what’s just as important is to make sure you have the support system around you to make sure you are mentally prepared. Running your own business can feel very lonely at times and you want to have the right people by your side who will support you no matter what.
Tell us where you are in your journey to full-time entrepreneurship!