If you ask your parents about financial stability, they most likely achieved it with the job they worked for several years, in many cases, decenniums. There was a time when a job allowed you to live comfortably and save and plan for retirement. In many households, only one decent income was sufficient. Times have changed. Today, for many millennials, achieving financial stability requires more. Consequently, across the board, thousands are making moves to self-entrepreneurship. Maybe you’ve thought about business ownership or freelancing. If you want to follow your dreams, either by setting up a business for yourself, or just going freelance, it’s not just about jumping ship. The best way to ensure that your foundation is rock solid and unwavering when you walk out of your place of employment’s doors for the last time is to build your enterprise up gradually. How can you do this?
You Need Business Acumen
As wonderful as it sounds to be the boss of your side hustle, especially when you don’t feel fulfilled in a job, making a sudden change and leaving your job immediately may not be a wise decision. If you want to be an entrepreneur, it’s not just about the talent, the skills, the motivation and drive, it’s about a mindset. As a business owner myself, I can tell you applying an employee mindset to a business will only make it fail. It’s a different world and it’s not taught in school. Your theory of your entrepreneurship degree may not be helpful. There’s an insightful article on forbes.com detailing how to think like an entrepreneur. This will help you retrain your mindset, so you have that focus and concentration that’s necessary.
Giving Yourself Time
Rome wasn’t built in a day, and a business doesn’t earn you big bucks overnight. You’ve got to give yourself time to ensure you master your craft. Gradually, the more skills you acquire, the better the freelance enterprise will go. In the beginning, it is obviously easy to stress about the success you may not having, but the important thing is to keep working. It is also tempting to compare yourself to competitors or others who have been in the field for a while. Challenging yourself is necessary, however, remember that they did not get there overnight either. Your business growth also depends on the product or service you’re offering. I recently had a conversation with some entrepreneurs who have experienced some success on Amazon. The highlight of the conversation was the fact that they had to break some barriers over some time. On brockrjohnson.com there is information on building up an Amazon seller account which today is a common venture.
Leave When You’re Comfortable, Not When You’re Frustrated
As your business start seeing your success, you may feel that you’ve got what it takes to jump ship. Moreover, you are working late into the nights on your freelance career or side hustle and having to get up early to go to your day job is getting old. As a result, you feel that your day job is a waste of time. However, be cautious about quitting the job. There is also a financial stability component to be aware of. Your salary may be the only constant stream of income at the time. You need to make the transition as smooth as possible. And yes, there will be days when you are pushed you to your limit but if you want stability long term, be wise. The time to leave is when you see inevitable growth in your business and/or when you no longer need the paycheck.