Making the switch from Employee to Entrepreneur can be challenging.
If you are trying to make the switch and having a hard time, then this article is for you!
Chances are you grew up being told go to school and study hard so you can find a well paying job. Now that strategy does work for some, the lucky few that manage to be at the right place at the right time and join a company where they enjoy their dream job as they quickly climb the corporate ladder.
But that is not how the story works out for the majority of the population.
Most people are working at low paying, deadbeat jobs that suck the life out of them. They wake up every morning wondering “is this what life is all about?”
Some are just thankful to find a job, someone that will hire them to do anything so they can pay their bills and make ends meets.
Despite all the statics that point in the opposite direction, very few seem to make a connection that the majority of billionaires and multi-millionaires are not employees. On the contrary, they are the ones creating the jobs for the rest of humanity.
Sometimes all you need is a shift in mindset and know that when it comes to business, your options are endless.
So how do you make that switch?
In a recent article in entrepreneur.com Geoff Woods, an entrepreneur, real estate investor and podcast show host outlines 5 steps to just that.
1. Recognize that you have a clean slate in front of you. You don't have to stick to what you used to do as an employee. With business the options are endless.
2. Identify what you were born to do. Select a business that caters to your passion, skills and values.
3. Find the right mentors. Find people who have been there and done that and let them help you.
4. Turn your day job into a game. Some are challenged by competing with others. Why not compete with yourself and try to set daily goals that you reach and exceed.
5. Give yourself the choice to burn the ship once you’ve got another boat. Unless you are currently unemployed, got fired or laid off, there is no need to cut your current sources of income. Start a business on the side and once it is doing well, then you can quit your job.
In my case steps 3 and 5 have had the most impact on my journey form employee to entrepreneur.
I continue to look out for and surround myself with mentors, people who are living proof that this can be done. Mentors don't necessarily have to be older than you. Its not about age, its about what they are doing and what results they have. Two of my best business mentors are in their mid 20s. Even my fitness coach is in his 20s. I don't let that deter from what they have to teach me.
In the podcast linked to below Geoff Woods interviews Justin Lafazan, a 19 year old entrepreneur that has many success stories under his belt already. It is definitely worth a listen.
Point number 5 has allowed me time to build my business at a steady pace and with a positive cash flow.
Multiple Streams of Income
Something I tell all my students now and coaching clients is focus on a business with multiple streams of income: Services, products, affiliate (referral) marketing and leveraged systems like licensing, franchise or dealership model. When one channel does not perform well you have other sources to balance it out.
Most newbies fail because they only offer one thing. Then they panic and get desperate trying to make their business work.
Typical Steps Most People Take
Usually they start with a business based on a service which means they are still trading time for money, except now they have to work harder and have no benefits, medical coverage or vacation pay.
Or they set out to create a new product that they think will revolutionize the world and spend a lot of time and money building it before they know if anyone will buy it.
Or they build a business based on affiliate marketing and they spend their days spamming people's emails and social media feeds with ads and promotions no one wants to see.
Or they join a network marketing company and harass their friends and family to join and turn every social outing into a recruitment meeting.
That is why most people would just rather be employees. They don't have to deal with all that *&^%$*&(.
If you don't have a service or product to offer start with the licensing model first, with companies like network marketing, franchise or a dealership. They are a great place to dip your toes in the water and get a feel of what is needed in business… learn while you earn. But don't go spamming your friends and family asking them to join.
Take this opportunity to learn how to build and market your business properly and attract the clients who really need your help. Once you know what you are doing, you can apply that knowledge to any business you have in the future.