Last week, I received this question via email from Jasmine, a new HBW reader:
“I see you quit your job and just took the leap – but how?”
I love being able to answer questions like this because I know it sounds both inspiring and confusing when I share that I quit my job almost 4 years ago to work for myself full-time. Some people read my story and assume that one random day, I just jumped up from my cubicle, shouted “I quit!” and never looked back. But the truth is, I spent years laying the groundwork before I left my job. I loved my nonprofit career and didn’t leave my organization in a huff. I did a bit of planning and hustling that allowed me to make the successful transition from employee to being self-employed. For starters, I began building my personal brand in my industry in 2007, launched a consulting business on the side in 2008, and had already secured two major clients by the time I handed in my resignation letter.
From all the emails and messages I receive, not to mention my work with private coaching clients, I know that many women want to make the move from 9 to 5 to full-time business. What might that journey look like for you? Here are four specific steps you can take right now to make the leap in a strategic, effective way.
1. Set a Deadline for When You Want to Leave Your Job
When do you want to leave your job? For most people, “yesterday” would be the accurate answer to this question! But due to financial, family and life obligations, most people are not able to just up and quit right away. So let’s look at this from a more realistic standpoint. If you were to hustle hard for just one year, 365 days from now could you build your “side hustle” to the point where you could earn enough money to quit your job? Absolutely! The key is to commit to your decision by taking consistent action. Most people don’t believe it’s possible for them to ever leave their jobs, so they never give their full time and energy to the business. As a result, they never make enough money, never book enough clients and are never able to quit their job. It’s a cycle that only YOU can control.
2. Figure Out How Much Money You Need to Earn Per Month
I call this your “freedom number.” Most women are reluctant to write down how much income they would need to bring in with their side business in order to quit their job. Why? Because running the numbers makes the dream that much more real. As simple as it sounds, this number is the beginning of your plan to leave your job. You have to know the monetary goals you’re striving for so that you can spend your time wisely. For example, if you bring home $3,500 after taxes now, you would probably want to earn at least $4,000 in your business to account for additional expenses related to self-employment. Once you have your “freedom number,” you can start planning for how many clients and customers would need to purchase your products and services in a given month. It’s empowering to know your numbers!
3. Redesign Your Lifestyle to Make Space for Your Business
Sorry to be the bearer of bad news, but nope, you can’t get it all done with the routine you have now. If your goal is to earn enough money in your business so that you can quit your job and work for yourself, you’ll have to make some hard decisions about how you use your time. You’ll have to cut down on the hours you spend hanging out with friends or watching TV so you can work on your business. Many of my clients end up creating a new daily routine where they take advantage of the early morning block before work (5:00-8:00am), evenings or the weekends to get things done. Many women also choose to invest in babysitters for their kids for at least one four-hour block per week so that they can concentrate on business projects with no distractions. If you want to build a business that replaces your 9 to 5 income, there’s no doubt that your lifestyle will have to change, sometimes drastically. Are you willing to redesign your life to make room for this new possibility?
4. Find a Mentor or Coach to Help You Reach Your Income Goals for Your Business
I’ve met a number of aspiring entrepreneurs over the years since I’ve been writing, teaching and coaching on this topic. What I’ve found is that most people focus on the wrong things right out of the gate. Many clients who come to me were too worried about getting their logo or website just right while not taking the time to find customers. I’ve seen too many ladies spend too much time collecting Facebook likes instead of closing deals with clients. The great thing is that now, there are a lot of resources out there to help you reach your business goals. Many of them will cost you nothing, like blog posts and free ebooks. But the flip side of having all this information at your fingertips is the very fact that there is SO much of it that it can be difficult to know where to start. That’s where working with a business mentor or coach can be very beneficial. I’ve personally spent thousands of dollars over the past few years to learn about marketing, speaking and sales from experts I admire in the personal development industry. No matter what level you’re at, there’s always a part of your business that could be improved. A simple Google search will turn up a zillion business coaches to choose from!
If you’re ready to quit your job and get serious about your business, make today the day you decide that you’re going to do something about it. Look before you leap! By taking the time to plan for your goals, you’ll be much more likely to achieve them.
Leave a comment below: Do you want to quit your job and work full-time in your own business? Share ONE thing you can do this week to move forward on that path.
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Rosetta Thurman is the Founder of Happy Black Woman, a supportive community that empowers women to create their ideal lives through personal development and entrepreneurship. Join thousands of women who have completed the only online course that gives you all the tools you need to get unstuck, set clear goals and rediscover who you truly are. Learn more about the 31 Days to Reset Your Life program here.
Rosetta Thurman is a nationally-recognized author, speaker, mentor and coach dedicated to helping women create their ideal lives.
God woke me up this morning I’m so glad he did I’m 74year young and restless learning how to use this tablet neice always pray before you take on any task God will direct your path may not be when you want it but it always on time God is good all the time God is good God loves you and family and aunt YvonneRagsdale@aol.com loves you more
Great article and tips. I don’t know if I want to leave my 9 to 5 because I do like a what I do. I do however like know exactly what it takes incase I ever want Chasing Joy to become the main income source.
Rosetta, I am like so impressed with your wisdom. Recently, I was shocked about the reaction to some of the moves I took by a few ‘close’ friends when it came to business detail and taking entrepreneurial leaps. All your articles minister to me. I am so thankful To have this resolve in my spirit, and I must say, I find refuge in your readings
. Ashe”.
And. By the way… (Africa Is my retreat getaway where I plan To move for a season.) I will let you know when I get there.
Great tips Rosetta! I made the leap (actually more like pushed out of the nest!) a few years ago and while the going has not been straight up and sanguine, it’s been worth it!
Two things I’d encourage people that want to become self employed – don’t be afraid of the dips, the ups and downs – it’s part of the journey. Just keep re-drawing and adjusting as you go along, but don’t let that keep you from taking the first step. You don’t have to figure out everything before you take the leap. (I moved continents 2 years ago, had a great start-up back home but after the move I had to everything from scratch again. Major re-drawing!)
Another thing if you don’t have money to hire a coach or mentor right of the bat, there’s lots of free info that can get you started. So research (read/watch/listen) like there’s no tomorrow! Develop a voracious appetite for information and slowly you’ll get better and brighter!
Great post and pointers!
Thank you so much for this article!
I’ll admit, I didn’t think this article would apply to me (today was my first day of work!) but I’m glad I read it because I understand the need to plan WAY far in advance before committing to work full-time on a side business.
Great tips, Rosetta – you’re so informative!
Congrats on your new job :) It’s never too early to start planning, especially if you know that eventually you want to be self-employed.
I have begun to compile a list of potential people or organizations I might approach to offer a workshop or presentation in my area of interest and expertise– holistic approaches to transitioning to a green lifestyle, as a means of determining if it will be possible for me to earn a living at this.
Excited for you, Jill! So cool to see how you’ve moved from blog to business idea so quickly. Please keep us posted on your progress :)
Great advice, Rosetta! I completely echo your advice on redesigning your lifestyle. It’s always more tempting to sleep in, but I’ve gotten used to getting up at least 1-2 hours earlier in order to work on some aspect of my business. It’s a lot of hard work, but when you see the rewards, it’s well worth it.
I also agree with point #3. We focus so much on the end result—working for ourselves—that thinking about the numbers can sometimes feel overwhelming . But knowing what you need to do and where you need to go can help you to take the next step.
A few things I’m focusing on in my business this month is to finalize my contract templates, agreement templates, billable spreadsheets, and finalize my pricing so I can begin bidding on requests for proposals in several weeks. I’m currently awaiting the final documents for my LLC formation, and I look forward to getting them towards the end of the month.
Thank you so much for responding to my email! I’m so excited! I love your blog and your story. Contrary to your article, I did think you just popped up one day and said “I quit!” I think this post makes a lot of sense thought. It’s so ironic, today I was talking to my BFF about my plan to leave my current job for another because I am not moving up in the company and she said “Why waste your time climbing a ladder that you are going to end up leaving to start your business?” She told me to utilize the flexibility I have at my current job to start planning my next move out and into my OWN!
Your friend gave you some great advice! Thanks for asking the question.
This post is spot on, Rosetta! I’ve been working to build my business all year and while I lust over the idea of working for myself, I know it’s not the right time yet. My husband is a stay at home dad and is working toward finishing his degree (he’ll be done in December). Once he re-enters the job market and I find a new job (I’m actively looking for one now), my plan is for us to stay a two income family for a while to build a comfortable nest egg. I also want to work toward building my business, increasing my network, and gaining a client base, so that when I make my transition, it’ll be relatively smooth.
Sounds like you’re building slowly but surely with a solid plan, Amber. Good luck in your business!