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5 Things To-Do to Before Quitting Your Job to Start Your Online Business

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online business logBy: Gwen Smith

Your options for becoming your own boss are limitless and can be as natural as moving from location to another. However, to create a sense of ease in your experience there are some important things to consider before making the move.

Step 1—Find What You’re Passionate About

 

First it’s important to identify what it is that you want to do. This can be a very simple process if you have a strong sense of the areas of life that excite you. If you do not, you’ll need to do some digging to find out what you like and how to narrow this area into a line of business. Here’s a resource that will help.

 

Step 2—Do Your Research to Determine if Your Product or Service is Viable

 

You’ll need to conduct your research about the area that interests you to see if there are potential customers that will be interested in buying what you have to offer.

 

Going on forums and researching topics or questions that people are asking related to your product or service is a great way to find out interests.

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Other great ways (which should possibly all be done) are Google as a search tool, asking friends and relatives for feedback and doing surveys either online or in person. Google Forms is a nifty little data gathering tool that can be embedded in your emails, on Facebook pages or sent out as a link to facilitate feedback and data gathering. You can set the form to collect feedback in a spreadsheet. 

 

Once you have data collected on the viability of your product or service, having people commit to pre-ordering is a great way to really test the product to ensure that people are willing to 'put their money where their mouth is'. A great book to get on this topic is Launch by Jeff Walker

Step 3—Set Up Your Business Part Time Using

 

Once you have a product that you’ll love and that others will pre-order or buy, start part time. You don’t need to quit your job immediately. Start setting up your business to get you into profitability.

 

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There are some important key steps to take to get started inexpensively, to get your website and other resources going. You’ll also need to decide on the entity structure and the bare bone basics needed to be in operation as well as setting up a start-up budget and a plan of action for expenses that you will need to budget for. 

 

 

Here’s a free resource to guide you.

 

Step 4—Determine What You Will Need to Live On

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This step can be before starting or after, as long as you are maintaining your full time gig, the order is not critical Determine what your walk-away income is. That is, how much will you need to make before you can walk away from your full time job?

 

Also, figure out how you will handle medical insurance, and whether or not transferring employer based retirement is possible.  Create your income goals and work diligently towards it.

 

Step 5—Create Learning Opportunities for Personal Growth and Success

 

The most important training you can give yourself as a business owner is mindset training. Your current mindset regardless of how successful you’ve been will limit you in certain aspects of your business and delay or inhibit your success.

 

You will find that some negative self-talk, doubts, fears, or limiting beliefs may come up, and may stop you from stepping forward to create a massively successful business.

 

You’ll need to invest in training and resources to build you and your business. The mindset of a business owner is completely different from that of an employee, even if you were the boss as an employee. 

 

Now the entire organization rests on you and what you do.

 

You will need to conquer your own fears and negative self-talk as you climb to greater and more loftier heights to have a very successful business.

 You will also need to have discipline to accomplish the tasks that you have set for yourself daily. It’s easier said than done. This resource will help you in discovering how to achieve breakthrough performance. Download it here.

 

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Using a correct structure to keep you on task, having strategies to expand your results allowing you to realize your dreams and have breakthrough beyond what you normally achieved is vital and necessary to having a great experience and a successful business for the future.

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