Make your chances of success more successful by following these two rules.
I thought I was all lined up when I left my job to start a company. I’ve done my homework on the market. Many people I interviewed. I’ve saved money up. I’d do anything that nobody had ever seen before, I was sure.
And then I started to reconsider my decision five months later. My work on the market turned out to be not so comprehensive. False men, I asked. And I was sure nobody else would have seen the insane idea before? Well, after all, it wasn’t that strange.
Until I made a big shift, I was going to struggle to get customers. I eventually went back to a marketing role in full-time. Three years later, I left for another business, and this time I took the right direction. I had several customers paying and every month I made more money than my fixed costs and through LinkedIn I created a brand.
Before you start your business, these are two things you must know. Know my mistakes and accomplishments.
1. Understand your monthly fixed costs to the bin.
I had enough money to continue my business trip, what I felt was at that time. Ok, I’ve been mistaken. Way wrong. Way right.
As I sat and actually listed all my monthly expenses, I knew that. Have you ever seen and never believed a number in Microsoft Excel? I assumed Excel might have disabled the math functions. It turns out I’ve got a lot more money a month, the figures were right. It brought my world to the edge. I figured that once the statistics were added, I’d have to wait another day for my entrepreneurial voyage.
What your big fixed expenses are, you should completely learn. It normally costs your rent or your mortgage, your car, and you’re insurance. You will also learn how much money you spend on fuel, food, and health. You can also use apps to monitor the expenditures as they help you to make a realistic estimate of the amount you spend every month.
After you know how much you pay, it’s time to see if you can every it. Will your mortgage be refinanced? Will you the cost of insurance? Can you eat out in restaurants how many days a week? If so, do it before you go?
Most experts say that you need to save at least six months before you leave. If you don’t have anybody, it’s six months, depending on your salary. When a family is present, double or triple the number of months will be saved.
2. Develop a personal long-term brand that is not attached to your company.
I figured I’d be much better than any other entrepreneur when I began my business trip. My confidence was so high. I figured the best thing ever was my tech business, and I spent a lot of time dreaming about it. So I stopped writing because I had nothing to write about, until I wanted to shut it down.
I used these sites of social media selfishly. Therefore I chose not to “change my personality” for each individual company but to create a business that would operate across many firms.
For me it was writing about career development, given the fact that I never really developed a business around it. My supporters and my devotion are still streaming. So start developing your brand while you are still working with your boss. You will have an audience to listen if you want to leave and start your business.
Finally, it’s fun to start a business but full of ups and downs. You never regret starting a business, but before you are ready, you will regret leaving your job. Happiness!