It's no secret that I love being an entrepreneur and am excited about what the world of online business has to offer.
Once I put myself out there, I needed a plan. And I needed to write that plan down or I would have never known what next steps to take in order to create a successful online business.
I know some of my friends and family may think that I am extremely naive (or crazy!) for wanting to leave my ‘secure’, salaried, 9-5 job and make the switch to being an online entrepreneur. But trust me when I say, I have thought about this a lot. I was BEYOND ready to take that next step in my life.
Working for yourself is not always all butterflies and rainbows, and I realize that. Not everyone has success with it, and it doesn't always work out. Some regret the choice to switch to being an entrepreneur…
But some (like myself) LOVE that they took the leap and made the switch. There are definite positives and negatives of working for yourself, and also working for others.
For me, personally, I see more positives in working for myself rather than the other way around. I wanted to prepare myself as much as possible also.
Here are some simple ways you can prepare to leave your 9-5 and become an entrepreneur.
This was the most important item on my to-do list. You definitely want to increase our savings before you make the switch. You want to be prepared just in case there is an absolutely horrible month of income or any unexpected expenses arise.
I went through my bank statements and analyzed every single transaction. I cancelled as many recurring payments as I could. Did I really need Netflix? I wouldn’t have time to watch it anyway!
Create a new budget
Because I was switching from a salaried position to a more variable income, a new budget needed to be created. Every month will most likely have a different income level and this needs to be thought about. I definitely wanted to continue to try to live on less of my income as well.
I didn’t want to feel like I was struggling because I was stressed about not having a predictable income.
Build your online business NOW
It is important to build up your online business before you decide to leave your day job. Of course, this doesn't always work perfectly for everyone, but this is how I approached becoming an entrepreneur. I had a number in my head for where I wanted my online business income per month to be, and I was determined to reach that number before I made the switch to entrepreneurship.
Health insurance can be very expensive on your own. Also, health insurance costs can vary widely. You can get a very inexpensive plan that will require a large deductible and only be helpful when you have an emergency, or you can get something more expensive that will require you to pay less when you visit the doctor. You can also consider a health share plan where you share health costs with those on the plan.
Entrepreneurship doesn’t require a ton of upfront expenses. You pretty much just need a laptop and internet. As your business continues to grow, you will need things such as an email provider, opt-in software, advertising, website, etc.