So I bet you are saying, well what will make me financially independent if a job won’t? Well the reality is that working a 9 to 5 will only get you so far. Of course you can do things like invest and save but where does that leave you? When will you be able to reap the rewards of those measures?
The fact is that true independence comes from creating the life of your dreams and taking your own life into your hands. When you are working a job, you are at the mercy of those that employed you. As the company goes, so does your income. But who really wants to have someone else controlling your income and telling you how you want to live your life? NO ONE!!!!!
Let’s be clear, a job is not a bad thing. We have all worked them and gained great experience, knowledge and education through the process. However, the American Dream as we know it is no longer just a new house with a white picket fence, but it’s about living life with freedom and experiencing everything life has to offer. What better way to do that then to create the life you desire through entrepreneurship and ownership.
I’m a big believer in holding your own destiny in your hands and YES, I understand that not everyone is fit for the “job” of being your own boss, however, there’s nothing like being able to get paid what you feel you are worth versus what someone else feels that you are worth paying. Being able to take trips and vacations with your family, breaking away when you desire or even just taking a break from working and knowing you still are making money, are some of the most rewarding benefits of entrepreneurship.
Now, having said that, entrepreneurship is NOT for the faint of heart. It takes consistency, discipline, perseverance, and time to become successful. There will be many sacrifices that are made but boy oh boy are they worth it all in the end.
So you say you want to look at coming off your job…well not so fast! In everything you have to have a plan and course of action to take to move you step by step into finally getting rid of your boss.
Step 1: Evaluate Your Current Situation and Decide What You Want to Do
It’s important to analyze where you are and where you want to be. Remember, a goal with no deadline is just a dream and unfortunately, there are too many people “dreaming” these days. Take time to sit down and write out what you desire to do. What are the things that you are passionate about? What would you like to do everyday of your life and not get tired of it.
Your passion will lead you to wealth if you let it!
Step 2: Evaluate Your Finances
Look at your finances from two perspectives: 1) How much money will you need to live on for at least 3-6 months while you are building business 2) What will be the investment to start your business
Most aspiring entrepreneurs and businesses fail to plan out their finances when it comes to their businesses. You need to count the costs which could involve attorney fees, licenses, paperwork and filings for official recognition as a business entity, building expenses, software, equipment and taxes just to name a few. Take into account each of these areas and plan accordingly. Doing so will save yourself a ton of headaches in the long run.
Step 3: Create a Exit Strategy
Ok now that you are armed with the previous details of your expenses and what you will need in order to leave that dead end job, now you have to form a plan of action. You don’t have to leave as soon as the itch of entrepreneurship hits you. In fact, most entrepreneurs start part-time while working their full time 9 to 5. I would also encourage you to do the same. This will allow you to gain knowledge and revenue while still keeping the luxury of your job as a foundation while working your plan.
As soon as you start putting your plan together, if you are not, you should start saving at least 15-20% of your incoming revenue to help with your launch. Remember this is AFTER your current expenses and expenditures are calculated and paid.
At the core of your exit plan should be these components:
- Target Resignation Date
- 6 month Income Plan
- Monthly budget
- 3-6 Months of Expenses in Savings
- Basic Business Plan (Depends on what market or niche you are in)
- Action Plan for Starting Your Business
- 9-12 month Forecast for Your Business
Once you have these components in place, then you are in a position to look at pursuing your dreams. Remember that nothing is absolute or without risk. In fact, the old saying that says “the bigger the risk, the bigger the reward” I believe applies to entrepreneurship. Most people never experience what they desire because they are scared to take a risk. FEAR is the most crippling enemy to your mind and freedom today! The reward of being able to do what you desire while offering a solution to the problems of many is the most rewarding thing in the world. I leave you with this statistic…studies show that only 27% of those with college degrees are working in their field of study. A mind boggling 91% surveyed said they are working in a job that hate! Life is too short to be working a job that you don’t like or that leads to nowhere! TAKE ACTION…TAKE YOUR LIFE INTO YOUR OWN HANDS & ENJOY ALL THE BENEFITS THAT ENTREPRENEURSHIP CAN OFFER! One thing is for sure…you don’t want to be the one that’s saying “I wonder what life would have been like if I would have done this…”.
