Know When It’s Time To Launch Your Own Business
Antonio Marsocci we’ve met so many people who’ve fallen victim to lost opportunities. From fashion designers, to boutique owners to luxury shoe-makers. Our inner circle has seen ambitious and inspired entrepreneurs stay imprisoned in their 9-to-5s because they never knew when it was time seize the opportunity. This wasted skillset and opportunity goes on to manifest itself in burnouts and a future spent agonising over unfilled potential.
Of course, this is not to belittle the bravery that comes with leaving a steady (albeit unpredictable) job. But if you have been fostering a flourishing luxury ‘side-line’ for a while now, and wonder when it’s time to promote it to business, read on;
- Time is stopping you scale
If you’ve brought your potential new business to life by working weekends and evenings, then a big bravo! However, it’s going to reach a critical point when this limited time is simply not going to offer the opportunity to scale a business. Business building goes way beyond the simple act of doing and encompasses creating long-term sustainability.
If you have reached a point where time has become a constraint to your vision, it’s likely you are ready to start letting go of those apron strings.
- You have enough cash to survive
Of course, we’d all love to jump ship when our new business is widely profitable but it’s more realistic to know that you have enough cash flow to survive your new vision in its infancy. Take stock of your current situation and make some projections on what you need to survive until you can start to pay yourself a liveable salary. Be careful to not compare this to your current full-time take home pay, we’re talking about you in maintenance mode, the most streamline you can be.
Of course, money shouldn’t hinder your dreams but it’s important to be realistic to avoid a trail of debt in a year’s time and no idea how it happened.
If you believe that you have a pot that can sustain the cross-over, it’s probably time to make the leap.
- You just know
There never really is ‘the right time’ to produce an offspring and this also holds true when the baby is a business. The idea of everything falling into place is a myth. It’s up to you to create conditions that make you feel totally at ease with reaching for the next step.
With that in mind, think about what you need to take your business to the next step. Once you determine the real factors that have to come together, make yourself accountable. Create a timeline and set a deadline – then jump, whether you really feel ready or not!
It’s always going to be a difficult decision to leave stability for a volatile cash-flow and hours that look more, well, 9-midnight but if you know in your gut that you want to get your venture of the ground, it’s probably already time to make that happen.
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