I’ve decided to go all-in and launch a full-time business startup! I quit my full-time job and I greatly reduced my cost of living. Now I’ll be able to focus 100% of my time and energy on my full-time business startup without interruption and added stress.
I know that you get out of something what you put into it. So I’m putting it all-in!
I have a family, so this decision has been carefully calculated, and the risk has been carefully mitigated. When you’re single, you can live on your friend’s couch if you fail. This isn’t the case when you have a family.
I would never recommend quitting a good full-time job to launch a business startup unless you’re 100% confident you have what it takes to succeed. Also, your family must be completely on-board with your decision. And one more thing – you should have plenty of money in the bank to cover living expenses for an extended period of time.
Your confidence and financial security are your top priorities. How confident are you that your full-time business startup will succeed? Have you performed your due-diligence? Do you have a strong target market ready to buy what you have to offer? Let’s dive into this.
If this is your first full-time business startup, the risk will be monumental. How sure are you of your ability to manage yourself? Covered in Top 10 Tips From Seasoned Entrepreneurs, the survey Small Business Pulse Survey – Lessons Learned From Launching A Business, published by The Alternative Board shows that most people go into business to be their own boss.
Be your own boss
So what does it really mean to be your own boss? I wrote an entire blog post covering what it means to be your own boss – check it out!
So if you really understand what it means to be your own boss, and you’re confident you can do it, your chances of success will be greatly increased. This is because everything else will change. No matter how much planning you do, course-corrections will always happen.
If you can manage yourself and your business startup, you’ll be able to keep moving forward after encountering each bump in the road.
Having many years of experience running a business in the past, my confidence is very high. And my family was involved with many aspects of that business. They helped me create and distribute flyers and signs along with various day-to-day activities.
When I set up my first strip-mall location, they helped me paint, decorate, and organize the place. My family knows what it means to be part of a full-time business startup. They really have my back!
Understand the risks
Risks, hazards, and pitfalls exist throughout the business startup process. There are pros and cons to business. Be sure to study the cons before the pros of business – know the risks of business before going all-in.
Too many doomed businesses
Far too many people start doomed businesses. The business startup failure rate is eight out of ten in less than two years. So, please understand the cons of business ownership. They must be realized. They must be understood. You shouldn’t launch a full-time business startup unless you have what it takes to succeed!
Hazards of a full-time business startup
Failing at business can be very devastating to you and everyone connected to you. You can lose your house, end up divorced, become disassociated by everyone you know or worse – you can end up on the street. Food stamps.
These are very real outcomes. So please take the cons of business ownership SUPER seriously. My goal is to help reduce the business startup failure rate by discouraging business ownership by those who are not fully confident they have what it takes to succeed. Then I wish to encourage those who are.
Turning an idea into a full-time business startup is quite a large undertaking. A full-time business startup requires great patience. You must be dedicated. Practicing careful strategic business planning and execution through each step of your venture is paramount.
You’ll do this over a great many months before you can get to the prize at the bottom of the box. Your prize may be financial freedom or a market-share milestone. It is success, as you define it.
Patient due-diligence is the name of the game with a full-time business startup. You must perform proper market research and you must know all about your competitors.
Business is a marathon
You’ll dive into the nitty-gritty each step of the way to protect your full-time business startup from being blind-sided. Business is a marathon, not a sprint. So take it step by step!
Be hungry and stay motivated
I’ve put myself in a position to be motivated. Sure, I do have money in the bank to cover my living expenses for a year. That’ll keep my family safe and secure.
But I’ve moved from a large five bedroom house to a small, inexpensive apartment. And I saved money by paying for six months up-front. I’ve sold my fancy cars and replaced them with a used, small, economical car which I own outright. No more large monthly payments.
I own some property and plan to build a nice house on it after my business succeeds. So living in a small apartment motivates me every single day. Having limited funds drives me to make money vs. spend it. Do you see where I’m going here?
Some birds put sharp objects under their nest. After their offspring learn to fly, they remove the soft bottom to expose the sharp objects. This motivates the young birds to fly away and start a new life.
I’ve done this for myself. It’s time for me to fly away and succeed with my full-time business startup!
Thank you for reading:
Launch a Full-time Business Startup-Go All-In
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