Three things you need in place before you quit your job
It’s the first of the year – a time when many of us resolve to lose weight and work out 5 days a week. It’s also a time when a lot of us dream of finally quitting our jobs to experience the rewards of full-time entrepreneurship. However, resigning from your job and launching a business without preparation is an invitation for disaster. Here are three factors often overlooked:
It’s a misconception that business credit functions independently from personal credit. While it is true that you can establish and build business credit, bankers will not ignore your personal credit history when making decisions about loans, lines of credit, and credit cards. If you can’t manage your personal credit, who’s going to believe you can manage your business obligations? The two go hand in hand.
It’s important that the people in your circle believe in you and support you as you chase your dreams. Let me share some examples from my own experience.
My daughter, Kenya, has always been a part of my business. When she was nine, she started assisting me by sorting receipts and entering data in Excel. At age 12, I taught her QuickBooks and she helped with bookkeeping tasks for my clients. She also attended speaking engagements with me and rocked my sales table! At one event, we had already packed up, and while I was talking to someone, this girl sold two more books and slipped the $40 in my wallet.
Kenya was also very understanding when we could not take trips during spring break, like most of her friends. She would tell them, without any embarrassment, that she could not go anywhere for spring break because it falls during the height of tax season. She was quick to add that she was okay with that because her birthday is right after tax season and, “Mommy ALWAYS makes it up to me then.” LOL
I share these personal stories with you to demonstrate the type of sacrifice and commitment you need from your family and friends in order to succeed as a business owner.
Most folks run when they hear these words, but it’s important for business owners to think about what they want to do, who they want to do it for, and how they plan to do it. A written plan helps you work through the answers to these questions. It also identifies where your gaps are, and the professionals you need in your corner to help you execute your plan.
Of course, it will take more than just these three things to succeed. Want to learn more about the foundation you must build? Check out my book, Business Blueprint 2.0: A Guide to Starting & Running Your Business The Right Way.