Ask for a Sabbatical: interested in spending more time building your business, but aren't interested in leaving your company just yet? Ask for a sabbatical. Pick a day and time, and stick to it. Set yourself time-sensitive goals to ensure you stay on course, otherwise, it's easy to get months down the line and realise you haven't really ticked anything off your to-do list. Build on the weekends: set aside fixed time each week that you'll dedicate to working on your business, this will be crucial to making any progress.
Lack of time is the biggest challenge you'll find when building a business alongside full-time employment, it's easy to sideline unpaid work when you're so busy doing your paid work. Using your job as a platform from which to build a new business is a safe and smart route to entrepreneurship, as long as you can dedicate the time to work on it. Unless you're able to raise investment and pay yourself a salary, you should be prepared to feel the intensity.
Having all of your time to dedicate to the business should mean that you'll make progress and generate the first revenue more quickly.ĬON: You'll have to deal with the fear and pressure. When you quit your job to go solo you're putting a lot of pressure on yourself to make it work very quickly. PRO: You'll have lots of time to work on your business without having to worry about your day job. Make sure you weigh up the pros and cons of each and see what fits best for your business. For tips on raising investment, check out articles from .uk. There are a number of avenues for raising finance, from crowdfunding (like we did for Escape the City) to angel investment. Raise investment: it's not easy, but by raising investment you'll be in a better place to pay yourself a salary as you build out your business. This requires a lot of prep and work before you leave your job, but it can certainly be done. Generate revenue asap: get your business to a place where you'll be achieving revenue to pay yourself asap before leaving employment. Earn money on the side: use any existing skills to make a side income, join a freelance network like upwork or reach out to existing contacts in order to secure a few contracts so you can worry less about the money and more about the building. Use your savings: build an adequate runway so that you can support yourself as you build your business, be sure to factor in costs for up to a year and always allow for more budget than you think you'll really need. We'll talk a bit more about this in my next email, including a tool we've designed specifically to help you practically plan your financial runway for your escape. Quitting your job to work full-time on your business is always a temptation when we are ready to launch an idea. If you're seriously considering taking this route, be sure to consider your financial runway and what needs to happen before you take the leap. Here are three different approaches to starting up, there are pros and cons to each so it's up to you to decide what works best for you and where you are right now. But this isn't about anyone else, this should be about what feels right for you. Define success for yourself and stay strong - it is hard to maintain your definitions of success in a world that is constantly bombarding you with other people's ideas for how things should be done. The clearer you are about the most viable businesses for you, the more you will save yourself difficulty further down the line.
If you behave as if there is just one way to build a business, you will put a huge amount of pressure on yourself. There is no one way to build a business - choose your own path.
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