Firstly, tread carefully and take time to think about how you may transition from your job to working on your profitable passion project. There really are many ways of doing this and I believe everyone's circumstances are different so I won't be able to cover everything in this blog post.
Variables such as your personality, your work habits, your current repertoire of skills, your financial responsibilities and commitments, your supports and money saved, will all need to be considered. Other factors such as the economy, the type of transition, timing of opportunities and competition also need to be weighed up as a part of the equation.
Taking all of the above into consideration, planning is imperative. A well planned small business venture stands a much higher chance of succeeding than one which is started on a whim. This reminds me of a valuable lesson I learned after losing my wife to cancer back in 2004. A close neighbour kindly advised me not to make any rushed decisions whilst I was still grieving the loss of my wife, but I had already done that and soon after sold up our home and moved from New Zealand's North Island to the South Island. This in itself was not a bad move, but if I had taken time to plan it, I would have been in a better financial position at the end of the day.
I know it is so easy to get caught up in your feelings, you may be fed up with your boss or disappointed with organisational changes which are being imposed on you. Your job may be just too stressful to bear. You may be bored with your job and day dreaming about how you could turn your hobby or an interest into a work from home small business. Rather than type up your resignation letter, start creating your escape plan. Research the market, research your competition, audit your skill base and determine which skills you will need in order to successfully drive your small business. How can you acquire these skills? Can they be acquired whilst working in your current job? Can they be acquired through voluntary work?
Successful entrepreneurs assess in advance the skills they need to drive their businesses. For many, they may decide to develop their own set of skills as an ongoing process. Many entrepreneurs will team up with people they know have strengths they themselves don't possess, but are needed to ensure their business ideas have the best chances of success. Some will also outsource these skills.
Take time to write up a budget, maybe transitioning to part time work could work for you. This could provide you with more hours in the day to work on your business ideas.
Be prepared to make sacrifices such as waking an hour earlier to work on your business ideas, missing out on your favourite television program so you can spend even more work on your project in the evenings.
Remember the law of compounding effect, little increments if constantly applied will in the end provide big results. Things may not happen overnight, but if you stick at it on a regular basis you will see results. It just has to happen.
Hope this post has been helpful.
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