Making the Leap!

[smart770]

I'm not a Soloist yet, but my 12 mth contract will be up in about 3 mths from now. I have been 'thinking' about making the leap for ...too long now. How do you do it?! It is a real dilemma for me. I have the Golden Handcuffs on. I have wife and kids to support. Bills to pay. Mortgage to cover, etc. Where do you get the courage and confidence to make the leap into your Solo adventure?

I guess I'm looking for inspiration. I have a few good ideas (at least I think they are) for a business. I have done a fair bit of self analysis about my purpose and desires, etc, perhaps too much. I have good business and life experience too! It should be easy, shouldn't it. Perhaps I'm missing something.

I'd be interested to hear if anyone has some insights for me. I'm pretty new to using Forums like this. So I'm just laying out my heart.
Love the Flying Solo book. Resonates with me heaps. Perhaps this is what is motivating me presently to seek clarity. Thanks in anticipation.

[Chris Bates]

Hey Mate,

Welcome to the forums. The golden question, when's the right time to go solo? haha

It was a bit easier for me, whilst my partner and I have a mortgage, we have no kids. We're young so it was a bit easier for us to take a risk. One thing I consistently read in my research, is have money behind you.

You can't focus on your new venture and making it grow to its full potential, if you're constantly worried about the bills back at home. If you have enough money saved up behind you that it could cover you for 6 months without a wage, then you're going to be a lot less stressed.

Tell us a bit more about your idea, what do you want to do? There's plenty of people here that would kindly share their experience with you.

Cheers,
Chris

[Brent Van Der Wel]

Welcome to the forum. The best tip I think is to learn from those around you - so you've made an excellent start!

In terms of courage, Richard Branson talks about 'covering the downside'. Don't bite off more than you can chew and make sure you speak to a good financial planner to ensure your family has adequate protection in place.

In terms of inspiration, the reason for wanting to go out on your own should be the greatest help! If you have deterimation to reach your goals, you will eventually - just be patient! Good luck!

[smart770]

Chris, appreciate your comments. Hope I'm using this reply thingy correctly?!!

I've been in sales and marketing in the corporate arena for about 20 years and it is about time to make the leap. Agree with the other comment that the future vision is one way to inspire me. Trying that now!

I'm thinking of becoming a Career Coach as one idea and the other is quite different from this - residential home cleaning. Yes, I know very strange.

I think I resonate better with the former idea but it is ironic that I'm having a few challenges with managing my own career! It fits with a lot of natural skills and talents - marketing and selling yourself, other aptitudes and interests too.

The cleaning idea is no so much as a cleaner but more of a marketer and manager of a business.

Thanks for the reply and I'm sure there are many people reading these forums and visiting the site who are in a similar position of wanting to make the leap but not quite sure of the unknowns.

Smart770

[Accounts Studio]

Hi Smart770

I agree with one of the other posts - make sure you talk to a financial planner to check that your family is covered first and what you can afford to do and not do before that starts being affected. Can you keep hold of your current job, or maybe cut it down to 3 or 4 days a week and start your own business in the other days? Or perhaps try and switch to a part time employee job with someone else so that you still have an income coming in whilst launching your business? If you are going to go down the path of career coaching -maybe try and find a niche market within that area - eg career coaching for teenagers, women, retirees who want some sort of part time income etc. You could specialise in a particular type of career. Make sure you have done all your research before you make the leap and have a detailed budget / cashflow that is realistic (you can get a free business budget template if you sign up to my newsletter on www.theideasbook.com.au )
Hope that helps a bit.

[sam_leader]

Hi Smart770,

Welcome to the forums. The 'when is the right time' question is a very common one! Fortunately there are lots of articles on our site that can help you out.

Check out this section: http://www.flyingsolo.com.au/a171896320.html

And I can particularly recommend this piece by my colleague Peter Crocker: http://www.flyingsolo.com.au/p184017...-business.html

You may well find the comments illuminating, too!

Good luck and look forward to seeing you around the forums.

Sam