What do you do when your heart and gut tell you to dive into entrepreneurship but your bank account is screaming no way! If you are making the transition from employee to entrepreneur, then you must develop an exit strategy.
Here are some tips on how to create your own employee to entrepreneur exit strategy.
Set a Date
Life always gets in the way so make sure that you set a date as to when you would like to make the transition. This allows you to create a schedule and set goals around that date.
Review Finances
While it won’t always be easy to replace your current income with your business earnings, clearing out debt is essential. Consider applying for extra credit, you don’t need to use it but it can serve as emergency money. Keep in mind that you may need to incur extra debt while your business ramps up.
Create Your Vision
Make sure you have a clear vision of what you want to achieve. If you want to own the hottest sushi restaurant in your city, then use that as your vision. Create a vision board or consider hiring a business or life coach that can support you and your vision.
Talk to Family
Support of family and friends can be very powerful. Make sure you discuss your plans with everyone that can and will be affected by your transition into a business owner.
Watch Your Health
As an employee you probably have had your health insurance covered by your employer. Be sure to look into self coverage before making the leap to ensure you can be covered by private health insurance.
Networking
Being a full-time entrepreneur can mean a lot of alone time. Start connecting now with fellow entrepreneurs and join support groups and meet ups.
Taking that final step off the edge of the diving board is a big one, so make sure you have a solid exit strategy.
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