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Trevor Monaghan
  • Total posts: 84

Hi Liteon

You need to immerse yourself with learning business fundamentals and do lots of industry specific research. I agree with the other comments that you should keep your other income sources going until your new business can sustain itself. I’m not suggesting that you procrastinate, quite the opposite, you need to spend 5 hours per day from today reading books, attending seminars and talking to other business owners in your industry. You are on a steep learning curve that needs to gather momentum before you even think about leaving your job. If you can’t commit to 5 hours per day or you don’t have the discipline then you probably aren’t suited to running a business.

The three books I like the most for business owners starting out are the E-Myth, 7 Habits of Highly Effective People and Eat That Frog. After reading those 3 books you will learn alot about yourself and whether being a business owner is right for you.

I heard a great anonymous quote the other day that went something like “you start a business to work your butt off for 16 hours a day so you can avoid working 8 hours a day for someone else.” For most small business that’s what happens. Starting a business is the hardest thing you will do in your whole life but it can be the most rewarding thing if you do it correctly.

For your research the most important thing to do is talk to your potential referrers and get a feel for how much work they refer at the moment and who they refer it to. Be blunt and ask if they will refer to you too. I know this may be awkward but unfortunately all of the profits in business are gained by the people willing to have the awkward conversations.

Good luck. If you reply here and tell us what industry you are going into I’m sure we can all give you some more specific advice about what to do next.

Trevor Monaghan
Chartered Accountant
Climax Business Strategies