Let be real; starting a business can be overwhelming and scary. And probably seems like there’s a never ending list of things to do to make it the dream business you have in your head. The reality? Starting and growing a business can happened faster than you think.
One of the biggest mindset hurdles in building a business is thinking it’ll take too long to be worth it. But sometimes our timelines and perceptions aren’t real.
I initially thought it would take me 36 months to start my business, but from the time I wanted to quit to actually quitting it only took 18 months — HALF OF THE TIME!
The reality is, with the right guidance and dedication you can have your dream business sooner than you think.
But I’m not a unicorn. Through our SideBiz SMART Accelerator program, I’ve helped our clients accomplish their dream businesses in record time. I tell folks that with the right dedication and hard work, you can be a full time entrepreneur in 12 months. And I’ve had several of them accomplish that (if not sooner) while also making 5 figure months.
But they’re not the exceptions. You can have that type of success. And often, it’ll come sooner than you’re prepared for. Here are key things you need in order to prepare yourself for starting your business.
- A Sunset Provision:
Your sunset provision is comprised of how much you need saved and how much you need to make. And it’ll help you figure out when is a good time to quit your job and go full time.
So in the savings pool, how much you need saved is really a scale of your own risk aversion. I recommend that people save about three to six months of their current expenses. When I say current expenses I mean rent, mortgage, your car payments, your car insurance, any other health insurance that you are currently paying for, and food and groceries.
Income means that your business is bringing in your minimum expenses plus 40 or 50%. So ideally, you are paying for all the things that you need in your life and are putting enough aside to pay taxes and not get in trouble with impulse purchases at the end of the year. What I want you to know is when your business is making 1.5 times your expenses for a certain number of months in a row and you’ve hit your savings goal, you’re ready to quit.
4. Lay the foundations of your business:
FOUNDATIONS ARE KEY. You need legal foundations, banking foundations, etc. And most importantly, you need to know the nuances of your business. You need to know the problem you’re solving, the unique solution you bring to that problem and how you’re going to package it together and price it together.
The last thing I would say that’s going to best prepare you for quickly becoming a CEO is CONFIDENCE. Starting a business is hard, especially when you are hard on yourself. If you are constantly reminding yourself to not fuck shit up, then I strongly encourage you to talk to others who have gone through the same thing you are. The more you hear from others and their success, the more you’ll believe it’s possible for yourself.
These are a few helpful tips on how to prepare yourself to successfully starting your business in a timely manner. If you want to learn more or need more business tips and inspo, follow us on social or join the waitlist for our SideBiz SMART Accelerator program HERE so you’ll be the first to know when we’re opening applications!
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