Are you in a position, known as a job, and you are thinking, “I have this idea, this passion, to do XYZ, time keeps moving and I just need to leave this J – O – B, and go do it!”. Are you thinking this thought right now? And how often do you think this thought? Good for you for thinking.
It is great that you have a drive and a passion inside of you. Numerous people are just floating. The topic of floating is an entire article to be published in a major publication to be released soon. A word of caution – take heed. Create a plan. If possible have a partner or another person to conduct your new venture with. Together work on a plan. Specific actions items and dates attached. Work with an experienced coach to bring accountability and to ask you both questions which will push you and bring about enlightened thinking.
Initially complete as much of the foundation items as possible before leaving your job. The job is bringing in income. Your new venture must show the ability to replace that income before you leave your job. What exactly does this mean? It will mean different things for different people depending upon their overhead and their monthly budget.
One item it does mean for everyone is to prove that your concept will be one that people are willing to pay money for. You may be offering a service or a product. It cannot be created in a bubble. You must know, for a fact, if people will pay for the service or the product. For certain people, which is likely the majority, an income stream must be seen from the new business venture prior to exiting their job. In the planning process dream big – on paper! Begin to map out the growth plan you are shooting for and by when.
You may be thinking, “Mitch, seriously, why?” It is critical to conduct this activity now as this will form the basis for certain items which must be completed sooner than later. One item might be to set up the proper business entity by working with a CPA and a lawyer. The same for the banking relationship. If your path for growth is slower, it is possible that you will want to wait a little longer before taking these steps. Either way it is wise to speak with a CPA and a lawyer about your plans early on in the process.
In summary, don’t jump ship without a plan and a strategy. If you do not know how to create one contact me. We will work together so you have what you need to follow your passion.
Mitch Tublin is an advanced certified executive and personal coach who resides in Stamford, CT.
