Knowing When to Quit

Knowing When to Quit

Newbie entrepreneurs often follow ‘gurus’ & buy their training materials.  They read blogs, join forums, digest social media platforms & wonder how all these other people are successful but not them.  They listen to amazing stories of how these idols got started, how much money they make & get really despondent.

Some ‘gurus’ even advise giving up the day job!  But to leap into running a business full time without considering the consequences is foolish.

The time & money balance…

You may be unemployed or in debt – so where do you find the funds to start your own business?

Or you may be employed or have small children – so where do you find the time to start your own business?

If you are thinking of setting up on your own & don’t have family commitments, a mortgage, rent to pay, kids, or a car you then are really fortunate so take life by the horns & go for it!

However… most people do have real life responsibilities & what they are looking for is a better life away from a J.O.B. [just over broke]   People are enticed into the online business world thinking it must be easy to make more money but fail to understand that a business is a business whether online of offline.

The equation:

I am constantly amazed, when I ask new clients, that many have no idea of what they actually need, in money terms, to keep them going & that ought to be the first consideration.  Work out what you spend each month & write it all down… food, rent/mortgage, gas/electricity, telephone/internet, kids piano lessons – everything you can think of.

Divide that sum by 7 for a daily rate & then again by 8 to get an hourly rate; that will give you a rough idea of what you need to earn

While you are still working start to put away enough money so that you can survive for a few months while you build your business.  That buffer will decrease stress levels & stop you making rash decisions.

If you are employed block out some time every day to set up & run your fledgling business while you still have an income.  This is hard but if you really want to work for yourself you will have to really push yourself.   Build up your income until it is substantial & stable enough to support you.  Then you can make the decision to go it alone full time.

Some personalities though need the adrenalin of being on the edge to get anything done.   If life is okay & all the bills are paid & there is just a distant dream of better things – then you might just have to jump off the deep end & take massive action.

I have seen more people come back from losing thousands [& millions] & start again & be more successful than people who are just searching for more.  It appears, the more painful the situation, the more driven the person is.

So…

You need to have a WHY.  The bigger the WHY the more likely you are to do whatever it takes to succeed.

You need to take massive undistracted action.   That might mean taking ‘holiday’ time from work & going to the library for research; creating a new product, writing a sales funnel or learning a traffic generation strategy

If you don’t know how to do something, you have to either learn to do it yourself or outsource it.  Learning to do things yourself takes time & may hinder any momentum you had.  Some people will putting off starting the business for weeks or months though.  The upside of learning is that you will be very clear on the details when the time comes to outsource your projects.

Outsourcing means you move faster but you will have to decide if that is best for you.   If you have never built a website, or blog, or landing page… do you really want to spend weeks figuring it out, or will you just hire someone to get it done?

Get a coach?

Most people do better, accomplish more & reach success faster if they have a coach.   We all function more efficiently if we have some level of accountability – if you would like to talk to me about coaching please send me a note here

Success

Once you have a taste of success, you will never look back.   Small successes create confidence & once that fire is lit there really is no turning back.   I don’t think I’ve ever seen someone make money in their new business and then drop the whole thing to go back to a job.

Having your own business can give you time & money freedom & instills a sense of self-esteem that enhances every other aspect of your life.

Knowing when to quit & starting your own business means overcoming your fears.  Once you achieve some level of success, you’ll be able to overcome even greater fears & go on to accomplish more than you ever dreamed possible.

The bottom line is:

Decide what you’re going to do. Give yourself a deadline. Then move heaven and earth to get it done, and you will succeed.

Have you quit?  Are you planning to quit?  Do let me know how you get on …

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