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Episode #125
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Do you think it’s not the ‘right time’ to become your own boss?
You could be right!
That does not mean you should forget about your business plans.
This could be a golden opportunity for you... if you use your time wisely.
Over the next few episodes, I’m talking about what you can do to keep your entrepreneurial dream alive, when you are forced to delay your plans to become the boss of your own business.
First, Be Honest with Yourself
I get it! The world is in a bit of a state right now.
Poor economies, weak leadership and so much conflict. It does seem the smart thing to do is to stay safe. Stay where you are. Stay small. Just ride it out until better times.
But is that really the right plan?
Many of the most successful companies in the world were started in difficult economic times. There is less competition and more room for new players if you have a good idea and can be flexible in your approach.
There are definite benefits to entering the market now rather than waiting to see what happens in the world. If you want to learn about them click the link to episode 67 “Why You Should Start Your Business Now”.
If you tell yourself you will wait until things are more stable in the world, you will never be able to get started.
So if economic circumstances alone are not enough of a reason for delaying your plans, what is really holding you back? That is what you need to ask yourself.
What seem like good reasons for delaying may just be excuses.
You have to be really honest and ask yourself, are the economy or world events really the reason or is it my own fear and self-doubt talking?
Only you will know the true answer. You will feel it in your gut.
When it Really Isn't the Right Time
Sometimes what is holding you back is a very valid reason!
It is NOT the right time for you, and that’s ok.
Maybe you want to delay because
- Your children need your attention now;
- You are caring for relatives;
- Financially you’re struggling;
- Your job is super busy as you’re working on an important project right this year:
- You may not be well right now and you can't afford to take on the stress of something new.
There are a multitude of reasons why you may need to delay your plans.
If you can honestly say they are not excuses, then you need to work through them and get back on track.
What You Can Do When You Are Waiting
Does that mean you forget about your business dreams for now and say ‘one day’ (in a few years) you will get around to it?
Or do you just give up on it altogether because it was “just a fantasy” and other people get to pursue their passions, not you?
No, you don’t forget about it or give up.
This is too important to you.
There’s a reason why you feel something is ‘off’, something is not quite right in life.
If you're not happy. If you know you’re on the wrong path. Then you need to do something about it.
The first thing you can do to keep focused on your plans is to think about “When WILL be the right time”?
You should decide on three dates:
1. When you want to start working on the business creation
When you start creating a business (even if you're not launching it yet) it takes time to put it all together. You need to factor in time to build the business foundations.
By that I mean things like your business concept, business model, choosing a name, creating an offer and building a launch plan as well as the practical details to start a business legally.
2. When you want to launch your business ie start marketing and selling
There are two strategies you can choose from in terms of starting a business that allows you to leave your career.
One is that you start a simple side hustle alongside your job. Then when you get to a point where you've managed to bring the business up to a level that will pay the bills, you can leave your job.
Or you can create everything in advance. You've tested all your ideas, you know what your business model is, you've created your offer, you've thought of a name, you set it yourself up officially, everything that can be done except marketing and selling.
Alongside that, you save a cushion of money to pay the bills and make sure that you have some kind of backup plan in case the business does not take off like you hoped. Then you can launch your business as soon as you leave your job.
Which I believe is a lot cleaner and easier, if you can make it work for you.
3. When you want to leave your job
This will depend on your job, where you are in the world, and what launch strategy you’ve decided on. If you have a senior role in the UK or Ireland for example you may have a notice period of 3 to 6 months, or one month if you have a more junior role. Other countries may have a lot less.
Decide these dates based on your personal circumstances and what you’re comfortable with.
Conclusion
You don’t need to forget about your business boss dreams just because you can't put them into action now.
By putting some key dates in place to aim for you’re showing yourself and others that it is not something you are going to forget about. You will make it happen.
That knowledge will give you the confidence to do what’s needed to transform your ideas into reality.
In the next episode, I’m sharing the first thing it’s great to do now to give you more mental clarity and clear space in your life.
LINKS MENTIONED IN THIS EPISODE
Why You Should Start Your Business Now (episode 67)
Side Hustle: 3 Reasons Why Starting One Is A BAD Idea (Episode 115)
