You are making a little bit of money in your new business that you have been part-time. And you see the potential for even more earnings down the road. But, when is the right time to take that final step into entrepreneurship and fire your boss?
Over the last ten years I’ve come into contact with numerous people just like yourself, aspiring Entrepreneurs that have had the opportunity to walk into their workplace and tell their boss that he’s fired. However, I’ve noticed a trend. They are often stuck or locked into the false security of a steady paycheck and need a pretty big push to get them to take that jump.
So when is a good time to tell your boss that he is fired?
Let’s face it. It’s scary – The unknown. Most of you are probably feeling trapped by your jobs because it pays the bills. Between car, rent/mortgage, utilities, credit cards, etc you feel that you need the security of your steady “job” paycheck.
The story is all too common among aspiring Entrepreneurs. But there are steps to safeguard yourself against potential disaster and give you some piece of mind when you hand in that letter of resignation.
It’s super important to have a steady and strong support group to lean on when starting up a new business. Discuss with your significant other or those that are most important to you in your life the implications of donning that brand new Entrepreneur t-shirt. Get them on board with the idea first before making any other steps.
“A happy wife, is a happy life.” How true this is! Being a wife to an Entrepreneur myself, I can attest that if I’m not on aboard fully with his business decision there is going to eventually be some sort of strife. (Just being honest here!)
Bottom line, if your personal life is up in the air, chances are it is going to greatly affect the way you run your business.
Get Rid Of Your Debt
If you are making good money in at your “day-job” you likely are like most Americans and have the bills to match that paycheck.
Mortgage, new car every couple of years, dinners out whenever you want, not to mention all that extra money you are sinking into your business venture. All of this only becomes a vicious cycle that greatly reduces your chances of being able to fire your boss.
Like all of us, you are hoping that your business is going to take off like gang busters and you will be a multi-millionaire in no time. That is of course possible. However, you must keep in mind that when you are in start-up mode every single dollar counts and needs to be stretched to it’s breaking limit.
Be Ready to Be Temporarily Flat Broke
The difference between working for someone else and running your own business is vast. However, the blaring difference is the fact that when you work for someone else you are pretty much guaranteed a paycheck regardless of how the overall business is performing. That’s not the case when you are the owner of the business.
Get used to the idea of driving your vehicle for longer than you are used to. -Like until the wheels fall off.
Get used to not eating out and spending unnecessary cash on items that aren’t necessary to get buy.
Seek Professional Advice
Rebecca Lovell, startup advocate for the city of Seattle, works primarily with tech-minded entrepreneurs. She recommends seeking out organizations and government agencies specifically designed to help new businesses succeed.
In Seattle, for example, local programs offer entrepreneurs crash courses in customer validation, weekend-long opportunities to “scratch the startup itch” and an evening mentor series that assists with business plan idea development. Also available are programs that offer assistance to small businesses in crucial areas, such as planning, permitting, financing and regulation compliance.
When deciding whether to take the plunge, it’s important to consider all factors involved. Starting a business tends to take much more time and effort than people expect, so it may be better to keep your income for as long as possible. While quitting your job might help you develop your business more quickly the stress can be a great distraction and starting and growing a business is not a sprint, it’s a long distance marathon.
Have you fired your boss yet? If so what steps did you take to prepare yourself?