You might have the desire to quit your full-time job for specific reasons. You’re not feeling any fulfillment anymore, or your work is taking so much of your time, but your compensation is inadequate for your needs. What do you decide to do then? It would help if you started with something that interests you, as a hobby. You have been tinkering for years but only on a part-time basis. Only when you have extra time on the weekends or holidays do you have the opportunity to pursue the passion which gives you satisfaction and happiness.
But you’re afraid and indecisive. You’re confused about how to convert your hobby into something that is income-generating on a sustainable basis. If you aren’t one of the millions of people who have been dragging their feet, day in and day out on thankless jobs, be consoled with the fact that you’re not alone in your dilemma. Yet, it’s easier to say than done. You’re going to risk everything on an untested concept or idea of yours for a livelihood based on a passion. You’re not sure if your intended customers feel the same way enough to patronize your newly created business. It’s a big jump from being an employee with an assured income every month coming your way to an entrepreneur whose money stream would still be unpredictable in the first few critical months.
Adding to the uncertainty is that we are living in a bizarre period of history in which a virus has wrecked so much havoc on most families worldwide. And because of this widespread economic and health destruction, it goes with flames, our entrepreneurial dreams too.
But you may be one of those dreamers who desire to buck the odds, prove the statistics wrong, and still make a go of it. History has proven many times that real entrepreneurs started their businesses during a period of great uncertainty. They rode it out, entered into a period of prosperity, and then leveled on a sustainable basis. The most critical period is the first year or two of testing water.
When you are in the middle of pain while building up your business, there will be episodes when you would think of giving up. You might ask, what is it in others why they succeed and you cannot? It’s not easy to answer this question. There is no definite formula to achieve success. Self-help books or people you admire can only guide you up to a certain point in your entrepreneur journey. The rest of the way, it’s more of your hustle and tactics that can make you climb up till you reach the mountain peak.
The Academy of Management Journal has conducted several studies that proved that people who established their own company without letting go of their present work are more likely, 40 percent of the time, to succeed in their endeavors. These people have favorable results compared to those who dropped everything and focused on their newly established enterprise. Perhaps, the reason is that, during the period of unpredictable in the infancy of the new business, the preserved job at least still provides a steady source of income.
The added comfort of the income from the long-held job helps reduce the short and long-term risks of the new business. The individual who took the partial risk of starting a new livelihood still has peace of mind for providing for himself and his family because of his steady job. The added comfort of the income from the long-held job helps reduce the short and long-term risks of the new business. The individual who took the partial risk of starting a new livelihood still has peace of mind for providing for himself and his family because of his steady job.
If the new enterprise eventually goes south, he still has something to rely on financially and not be wholly devastated economically. eBay creators Pierre Omidyar and Henry Ford are great examples of this type of entrepreneurship. They built their careers within stable organizations, but at the same time, they let their dreams fly on their off days or weekends. Their permanent jobs gave them security while they pursue their untested concepts slowly but surely.
One disadvantage of this setup is that the process of building a new business will take double your time compared to when you’re focused solely on it. Comparably, the results will statistically be seen, double the time too. With this introduction and this suggested way of thinking, we shall be giving you additionally.
5 keys to your success in business entrepreneurship:
Tip No.1. What do you want to do?
Do you still aspire to be promoted to a higher position in your current job? Or are you just going with the tide because you need the compensation? At the same time, at the back of your mind, this passion of yours’s been nudging you to be converted into a source of livelihood. Can you be able to juggle two things simultaneously?
Tip no.2. Work on your passion as if you have two full-time jobs.
Don’t think of your side hustle as an alternative but rather as a full-time source of income too. Give both of your compensation sources the attention they need when their time of the day comes to you. Think of both as balancing acts for your peace of mind.
Tip no.3. Analyzing your second source of income has enough money stream to sustain you and those who depend on you.
If at some point in time that you are already operating your second money stream and you deem that you can sustain a regular monthly revenue that can make you quit your primary job, then this means that it’s time to part ways with your old job. But if you think that the money coming in from the second hustle is erratic, think twice or more before quitting your old line of work.
Tip no.4. Include your money in a savings account.
Extra money in the bank means you have managed your finances well. There will be a time when you will need it to start your dream business. It’s good not to borrow money from a bank or someone who trusts you because it means you won’t owe anything to an institution or person if the business goes south. The money you save will also come in handy for any emergency which might occur anytime. No matter what, money saved is money that can be put to good use for the immediate future.
Tip no.5. Look for ways to work in quality mode, not quantity mode.
Because you won’t let go of your original job, you will be hard-pressed for time for your side hustle. Rather than putting in a lot of hours for your second source of income, try to look for ways to manage it efficiently. One thing you could do is computerize your operations. This drastically cuts the time you need for routine paperwork, which you can convert into digital efficiency. Also, make use of the miracle ways where the internet can help your business. Gone are the times when you have to pay for every advertisement you post on TV, radio, billboards, and the papers to promote your business. This time, the internet can expose your passion to an extensive network of people for free or for a fraction of the cost of traditional advertising.
When you take action, you will create changes in your life. You won’t ever know if you took a brave step or what will happen next when you do nothing. But merge you’re once in lifetime decision well with common sense because gut feeling for a passion is not always enough. Courage is great in itself, but couple this virtue with persistence and logic, and you will go a long way in achieving both personal and financial happiness!
“The journey of a thousand miles begins with a single step.” ~ Lao Tzu
“I never worry about action, but only inaction.” ~ Winston Churchill
“The successful person makes a habit of doing what the failing person doesn’t like to do.” ~ Thomas Alva Edison
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Beware Of “Get Rich Fast” Programs!
There is nothing like having your own online business. You make the decisions, and as one song says, you “win or learn.” However, creating your own company can be tricky, especially if you build from the ground up. There will be constant questions that must be answered, such as:
How will we consistently draw in customers? How will we stay up with trends? How will we do all of this and not break the bank? It quickly becomes obvious that one thing is needed above all else.
Information Is Needed
Without accurate facts and data, wrong decisions get made. When a fork in the road comes up, a turn can become a dead end.
What is the most common way to find information right now? If you said, “Google it!” you are right.
Unfortunately, Google isn’t an encyclopedia. It is a place where people upload information and sometimes that information isn’t as reliable as we would like it to be.
In fact, some people put false information online to see what effect it might have.
The Importance Of Straight Facts
But if you, as a new business owner, go to Google and receive false answers to your questions, you could lose your business. At the very least, you might lose money, time, or a good reputation.
One Type Of Scam
One of the most damaging falsehoods also known as a scam is the type that asks for people to “invest” in a company. Then, that company will help the person earn unbelievable amounts of money.
Go For Honest, Competent Mentors
It takes work to locate mentors and assistants who will help your business take off and do it without taking your shirt.
Our company has people like:
- Simon Coulson
- Paul O’Mahoney
- Barry Plaskow
- Itamar Shafir
Excellent online marketers who will train and do the legwork. Come to the Largest Online Marketing Event given for new business owners in 2021.
To Learn More about the biggest Online Marketing Event for Newbies this year and potentially sign up for the Free Training, Click Here to Learn More.
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Additional Bonus Resources
Now available for download is our Critical Constructs ebook Library of key resources available for download now, today -immediately. These are books we produced for various training purposes over the years that we have now made available to you, all free to our readers, members and customers, as our mission is to provide you with the information you need to succeed in achieving your dreams.
You will not need all of these today, as you will most likely only need the ones related to the business model you decide on but you will have these handy should you need to use them to research specific areas that you need to understand. So we don’t expect everyone to need these items all at once but it is important to have the library handy and available as you need it.
The following books are in the library as of this writing but we are adding more all the time so there may even be some new ones that you may not be listed here.
These are some of the bonus resources that will be downloadable that you receive after joining. You will be notified how to pick these up from a specific download location after signing up.
These include Special Reports, ebooks, Ultimate Guides, and checklists. They are usually in pdf format so that they can be viewed on any device.
- Building the Perfect Sales Funnel
- Business Branding
- Creating Your First eCommerce Website
- Facebook Marketing Mania
- Essential Guide to Sales Funnels
- Newbies Guide to Setting Up a Sales Funnel
- The Quintessential Guide to Marketing Ads
- 21 Income Streams
- 99 New Small Business Ideas
- 220 Success Principles