Part 2: What Your Transition Plan Could Look Like?
So you have settled in your mind that you ARE working towards running your business full-time. Congratulations!
Use this time to tap into your internal resources to make things happen for YOURSELF. I say internal resources because at this stage of the journey, your inner wisdom should guide you. When you allow it to guide you, you find that you are able to identify and approach external resources to help move you forward a whole lot easier.
Now it’s planning time. Leaving a job or effecting a big change is not a decision you make overnight. It’s also not a decision you do not plan for. The fact of the matter is, it costs money to start a business. You will need to make provision for the following:
- Your current monthly expenses (6- 12 months)
- Additional expenses like entity registrations; tax costs; running costs; etc.
- Peace of mind! It costs money!
The plan is obviously different for each individual as it takes into account various factors like current income level; responsibilities; goals to be accomplished, etc.
Below are a few questions to ask yourself as you start on your transition plan:
- What is my current situation (financial and emotional)?
- What do I need to settle first before I take the plunge (not just financial but also job responsibilities and relationship building/rekindling)?
- Who can I invite to work with me on this journey? (It helps to have a confidant that you are able to bounce ideas off of and share your mixed feelings as you proceed).
- What do I need to do to prepare myself adequately where my job is concerned?
- What do I need to enter the business world? (skills, resources, relationships; etc.)
These questions will yield even more specific questions such as ‘what skills do I NOT have in order to do this? How can I acquire these skills whilst I’m still employed?’ And most importantly, you will realise your strengths and your weaknesses and hopefully put in place measures to harness the former and mitigate the latter. This will help you in thinking whether or not you need a business partner and how they complement you. Perhaps you may find the task so daunting that you realise not even a business partner will be able to give you the confidence you need to make a proper success of your venture. At that point, you may be in need of a professional who can assist you identify all your challenges and put in place measures to counter those challenges. Without a thought out plan, even the greatest of intentions may not see the light of day. But over planning can also cripple action and you end up not doing anything, which is why it is important to strike a balance.
I support my clients so they are able to plan and action simultaneously because the only way you know if you’re on track or not is to JUST DO IT!
Please check out Part 3 next week Tuesday on my series: Transitioning into Entrepreneurship.