How to Become a Full-Time Entrepreneur

October 5, 2016

You’ve got your eye set on entrepreneurship. Now what? Taking the plunge to launch your website and quit your day job may seem like a daunting task, but is it really as overwhelming as it sounds?


There is a lot out there on the internet that talks about the characteristics of an entrepreneur. Talk that contradicts itself. Ultimately, it’s all about motivation and belief. The single belief that says, “I can do this and I will do this.” And then showing up to do it.





Oh don’t worry, I get that it’s scary AF. It wouldn’t be normal if you weren’t a little fearful. Stepping out of your comfort zone into a world of the unknown is not for the fainthearted, but nothing worth getting isn’t scary at first. Right?


It was Dale Carnegie who said: “Inaction breeds doubt and fear. Action breeds confidence and courage. If you want to conquer fear, do not sit home and think about it. Go out and get busy.” Whether you’re starting from scratch or want to take your side hustle to the next level, your first step is just to start. To put one Entrepreneur foot in front of the other and to get moving in the right direction.


If you’re like me though, you’ll need a plan; somewhere to start moving from. An idea of where you’ll be going and some insights into how to get there. Here are some tips on how you can become a full-time Entrepreneur.


Find Your eCommerce Sweet Spot


This is for those of you who are starting from Zero. Before you quit your day job, you will need your business idea. Brent Gleeson’s 3 Steps to Launch You First eCommerce Website on Forbes is still highly relevant and outlines the process perfectly. They are as follows:


Step 1: Choose an industry and product.


By researching and evaluating price, margins, local availability, shipping requirements and your industry passion to find the right eCommerce direction for you.


Step 2: Find the right manufactures.


Research supplies through Google Shopping and local directories to set up your supply and distribution plans.


Step 3: Set up your website.


This step involves choosing the right eCommerce platform or cart for you, choosing a domain name, setting up your hosting and lastly, your web design and logo.


For a full how-to-guide, visit our Four Corners to Starting an eCommerce Site blog.


Soften The Financial Risk


Do you have your savings lined up and ready to go? Almost all people who have made it through to the other side will agree that starting a business and going full-time entrepreneur does have risks. But you can soften this risk by saving up some cash flow before the leap. This can help if you’re starting from scratch to keep cash flow going until the sales begin to grow.


Calculate how much money you will need to start your business by working out the following:


Asset Costs


These include things you will need long-term for your business such as equipment or storage.


Expenses


These will include running costs such as building your website, legal costs, or salaries to employees you may hire.


Startup Costs


The amount of money you need to set up your business and how much you need to sustain until the sales pick up. The rule of thumb is that you should have enough money saved to cover the business for six months.


Get Ready for Big Changes


Quitting your job and going full-time entrepreneur is going to come with some big lifestyle changes. Although working for yourself does provide more freedom and control, there is a certain level of responsibility that you would need to be prepared for. Basically, what you put in, is what you will get out. But, although you say goodbye to health benefits and vacation days, there is no better feeling than reaping the rewards – yourself – from a job well done.


Here are some lifestyle changes you should consider:



  1. Working Space. Will you be working at home or getting an office?
  2. If you’re working from home, will you have the space and quiet you need?
  3. Get ready to be a self-starter…the only boss breathing down your neck will be you.

Quit Without Burning Bridges


Now is not the time to air those grievances. Regardless of how you feel about your current employer, when it’s time to resign, keep it as clean as possible. Keeping things friendly will ensure you don’t burn any bridges that could bring in more business or help you down the line. When resigning, be direct, don’t over explain and stay polite.


Get Your Entrepreneurial Skills Fired Up


There are certain skills a business owner needs to fire up when they make the leap. If you’re planning to go full-time entrepreneur, you will need bucket loads of these and it’s never too early to start leveraging them.


Personal Branding


No matter if you’re starting full-time today, next week or next year, personal branding is a must. This allows you to build a personal following as well as trust. From active social media accounts to personal blogs, personal branding will help you generate traffic to your business site.


Resilience


Never truer entrepreneur inspirational words have been spoken than by Benjamin Franklin who said: “He that can have patience, can have what he will.” Business is not easy. Being an entrepreneur is not easy. It’s a life-choice that takes patience and resilience. Your ability to roll with punches, manage stress and to be patient in the face of that stress is a key entrepreneur skill.


The Hustle



I first started really understanding this term when I began to follow @GaryVee on Facebook. Every budding, aspiring, acting or established entrepreneur needs to be able to hustle. Sure, hustling looks different to each of us, but ultimately it means doing as much as you can, to get as much as you can out of your business and your personal brand and leveraging your time like a pro.


Know What You’re in For


And lastly, speak to friends, follow mentors and research what the pros experiences. They have been where you are and have made it through to the other side. So learn what you can from them, about what it means to start a business and what their biggest successes and failures were, to help you make a smoother transition.


Do you feel motivated yet? Remember — if you believe you can do it, work hard at doing it, and acknowledge that even if mistakes are made, you can learn a hell of a lot from them – you can’t go wrong.


“Experience is simply the name we give our mistakes.” Oscar Wilde

Business & Finance Articles on Business 2 Community

Author: Nicole Blanckenberg


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