Taking the leap from employee to full-time entrepreneur can be a daunting proposition.? Even with an established side business, this process can be both scary and exhilarating.? Still, most entrepreneurs who take that bet on themselves don?t regret it. Here are three key pieces of advice from experienced entrepreneurs as you contemplate this transition:
1. Plan Your Finances
Before becoming a full-time entrepreneur, you should take stock of your financial situation.? Have you saved enough money to quit your current job?? Consider saving up to six months salary to ensure you can meet your financial needs while you are getting a full-time business up and running.? Also important is figuring out how much income you need to generate from your business to succeed and whether you can feasibly scale your current part-time business to that level.? Taking these steps now will guard against the possibility of having to return to your old job because of a lack of resources.
2. Free is Key: No and Low-Cost Work Space
Early on, keeping costs low is essential to growing your small business.? Often, a big?and unnecessary?expense is office space.? Especially if you are running an online business, you may want to skip renting an office in favor of free or low-cost locations such as coffee shops, restaurants, the library, or anywhere with public Wi-Fi.
3. Connect with Other Entrepreneurs
Ask any entrepreneur: running your own business is a tough endeavor, and no one should have to go it alone.? Find ways to connect with others in your field and in the larger entrepreneurial community.? This can range from sharing office space to the all-important job of constantly networking.? Tapping into this community will not only provide you with the personal support you need to succeed?it will also open up valuable and, often, unexpected business opportunities.
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