How to Leave Your 9-5 and Start a Business From Scratch
Are you ready to make the transition from employee to entrepreneur? If so, congratulations! That is a big and exciting step in the right direction, and I want to start by commending you for going after your goals. Even if you aren’t 100% sure about leaving your 9-5 yet, the fact that you’re considering such a brave and — let’s admit it — scary move is worth celebrating.
I was even in your shoes myself just a few years ago. Before I launched Olivia Jenkins Consulting, I was working my dream job and pursuing my MBA in Marketing. The choice to leave my job and start my own consulting firm was NOT one I took lightly, but it ended up being one of the best decisions of my life. Now, I get to build my own dream every day instead of making money for somebody else.
I’m assuming that you are reading this because you want the same thing. But before you can take the leap and launch your own business, there are a few logistical puzzle pieces you NEED to keep in mind to ensure your own security and set yourself up for success early on.
Know your numbers. Yes, you’re going to have to do the math. Grab a sheet of paper or open up a blank document and write down your current earnings in your job, as well as your necessary expenses. How much will you need to earn in your business (keeping tax provisions and your expenses in mind) in order to leave your day job? Are you willing to take a pay cut at first if it means you can go full-time in your business? If so, be sure to create a budget that details your living expenses, financial commitments, and day-to-day spending so you can see where you can save.
Start your business before you leave your day job. It is okay to start working on your business and marketing your services before you officially leave your day job. This definitely requires a lot of your attention, but it allows you to potentially earn revenue and gain recognition before you go full-time, making the transition a lot smoother.
Set a deadline to leave your 9-5. Give yourself a time limit so you don’t get stuck in ‘decision paralysis’ and never actually go off on your own.
Just do it. Eventually, you are going to have to make the jump. I often see people stay in their day job far too long because they are comfortable, not because their business isn’t financially ready to support them. You need to remember that your business will always be a side hustle if you don’t take the leap and go full-time. There is so much potential to tap into those extra hours you would have…don’t let that go to waste!
Prioritise clarity and direction. Make sure you are prepared to transition into entrepreneurship, so that when you are eventually working in your business full-time, you have a clear plan and know exactly what you need to be doing to reach your goals. The best way to gain clarity and direction when you’re going through this type of transition is by seeking the support of an expert coach or business consultant so that you don’t spend your days feeling lost or like you are going around in circles. When I work with my clients, we make sure they have a clear path towards their goals complete with the actionable steps and implementation guidance that will help them get there. To learn more about how you can work with me, head to my Services page!
With these tips, you should be well on your way to bidding your 9-5 goodbye and embracing entrepreneurship with confidence. Until then, I’m always here to support and guide you — be sure to stay connected with me on Instagram @oliviajenkins.co and shoot me a DM if you ever want to chat about working together closely.