Making
financial transition from paid employment to earning a living on your own is probably
single biggest challenge facing many would be entrepreneurs. For most,
mere thought of financial insecurity holds them back from even trying. But if you have
vision, persistence and
ability to respond to market feedback
financial rewards will soon follow.Two ways to make
transition.
There are essentially two main ways that you can make
financial transition.
1. Establish a revenue stream before you quit your job.
2. Quit your job and then build a revenue stream before your start-up capital runs out!
Establish a revenue stream before you quit your job.
Establishing a revenue stream whilst you continue to work, for most people is probably
more sensible of
two options.
The advantage of this approach is that it gives you
freedom to try things out at your own pace to see if there is a market for your pro or service before you actually cut off your regular income stream from your job.
A disadvantage of this approach is that it is often hard to devote
time necessary to get your business up and running particularly if you have a demanding full time job. Another slightly less obvious disadvantage is that
comfort of a regular income may make you less prepared to take
risks necessary to make your business succeed.
Quit your job and build a revenue stream before your start-up capital runs out!*
Now this is
riskier of
two strategies and definitely not for
faint hearted!
The advantage of this approach is that you have all your time to dedicate to your new venture. Another bonus is
uncomfortable fact that you don’t have a regular income stream yet. It’s incredible what you can achieve in life when you place you self in a position where you absolutely must succeed. This fact alone, if channelled effectively can rapidly propel you towards
achievement of your goal!