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!
