Are you tired of your boss looking over your shoulder, second guessing everything you do?
You’re not alone. In fact, 36.3 million people left their jobs in 2020. That number was nearly 1.5 times that in 2021.
While not all of those people left to start a business, many did. Whether a brick and mortar, eCommerce, freelance, or other type of business, the number of businesses launched by people tired of their full-time job continues to grow.
If you’re one of those people who dreams of becoming your own boss, you’re in luck.
We’ve put together a list of tips to help you break free from the ties of the 9-5 world and launch bravely into your new life as a business owner or freelancer.
Why leave your 9-5?
Not everyone wants to run their own business. Many people enjoy the comfort that a 9-5 job provides.
A steady paycheck. A network of peers. Benefits worked into your package. These are just a few benefits of working full-time for a company.
So, why then would you want to leave all that behind?
Here are a few reasons you might leave your 9-5 in favor of becoming your own boss.
- Follow your passion
- Be your own boss
- Choose who you work with
- Determine your own hours
- Work from anywhere
There are many benefits to launching and growing your own business. For starter, you get to make all the decisions. But, I highly recommend having a trusted crew around you to help with that.
Enjoy the freedom of being your own boss, but make sure you are set up properly for success before launching in!
Here are four top tips to help you succeed and make the transition a smooth one from your 9-5 to the life of an entrepreneur.
Do something you love
One reason people leave their 9-5 is because they settle for a job they don’t love. When you become your own boss, you have the chance to change all that.
If you want to be truly successful, choose a business line you’re passionate about.
Do you love cooking? Start a restaurant.
Are you a skilled writer? Offer your copywriter services on a freelance basis.
Love the beach life? Set up a stand and rent kayaks, umbrellas, and other beach necessities.
Whatever your passion, follow that passion and create a business around it. If you launch a business you’re passionate about, you’re much more likely to stick it out when times get tough.
Running a business is not easy. That’s no secret. So, set yourself up for success by loving what you do.
Be prepared to wear multiple hats
When you first launch your business, you need to be ready to handle jobs and tasks you may never have experienced before in your career.
When I launched Gaenzle Marketing, I built my own website, did all the finances, wrote all the copy, and hired people, just to name a few tasks I took on.
That means I was:
- The marketing department
- The finance department
- The HR department
- …and so much more
That has changed as the company has grown and I’ve been able to bring on some talented support, but if I hadn’t prepared myself mentally to take all that on, I may have burned out and thrown in the towel.
It’s not going to be easy, but if you go in knowing what you’re in for, you’ll be much more likely to make it through until you have the revenue to hire some support.
Get your finances in order
Speaking of wearing multiple hats, one of the most important hats you’ll wear is the hat of CFO (Chief Financial Officer).
The expenses for your business are all on you, and failing to keep track of them is likely to crush your chances of success.
First, you’ll want to have a financial calculator tool in place to easily add up all of your expenses, your revenue, etc.
Next, you’ll want to be sure to have a separate bank account for your business and personal funds so you can keep the two separate. Failing to do so can be a business killer.
Third, get set up with a book keeping tool designed for small businesses. I recommend using either Freshbooks or Quickbooks.
Make a point of staying on top of your finances for your business, and you’ll always know where things stand. This way you can make necessary adjustments to ensure your business stays on the right track.
Surround yourself by smart people
“It doesn’t make sense to hire smart people and tell them what to do. We hire smart people so they can tell us what to do.” – Steve Jobs
The good news is, as your business grows, you can bring on talent to take some of the weight off your shoulders.
One of the most important skills an entrepreneur can develop is the ability to delegate.
As the business owner, you’ll have tons of responsibilities. We talked about wearing multiple hats earlier, but that’s not sustainable.
From the start, you should have a plan in place to bring in people to take on the tasks where you:
- Lack in experience
- Have no interest
- Can’t handle the workload
Think about your budget for hiring, and gradually bring in people to take on tasks and responsibilities that don’t make sense for you to do. This way, you can focus on the bigger picture of helping the business grow.
Final thoughts to help you rock your new business
Does this all sound appealing to you? Then leaving the 9-5 life to start your own business may be the right direction for you.
Choose a business that allows you to focus on doing something you love, then get all the right things in place to help it grow.
Don’t give up too early. The first year especially will be very tough, and you may be tempted to walk away.
Before you do that, take a step back and talk to others who’ve been there. Get support around you. The last thing you want to do is give up when success if just around the corner.
Get yourself in a success mindset and eliminate the fear that’s dragging you down.
Best of luck to you on your journey. If you have any questions or you’d like to share your own entrepreneurial journey, drop us a line in the comments below.