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The Ultimate 9-5 Escape Strategy For Building A Successful Business

Working and planning for 9-5 escape
Having an escape strategy plan is instrumental to the success of your business

Everyone's desire is to enjoy their freedom. We could imagine a time when we get to wake up without an alarm clock, randomly take days off to go snowboarding or hiking, and spend most of our time on projects that interest us.

Most times, to attain that freedom, we need to learn a few lessons because we have assumptions about what we desire to do to enjoy this freedom. For example, many people's beliefs about starting and running a business are way off base

There is too much information out there, and filtering through the get-rich-quick schemes may be challenging. Everybody talks about making money online or getting rich with real estate and making easy money with minimal effort. Do not be tricked into thinking that it's easy.

I'll show you the five steps you can take to escape your 9 - 5 rat race.

1. Set a monthly income goal and break it down.

Before you even think of leaving your job, it's very important to be aware of how much money you need every month to survive without a job or even right now, along with your job, how much money you spend to survive. Take account of your monthly expenses such as your monthly subscriptions, grocery or food, monthly rent, and other bills. When you have a clear picture of your monthly expenses will inform you of how much you need to make in your side business or investment. In this case, I advise you to set your monthly goal a bit higher than your normal expenses because the world of entrepreneurship or freelancing may not bring in the same amount of income or revenue consistently every month the first couple of months you start or even years for some. When you reach your target income, you know you already exceeded your current income. This means you have extra to carry on to the next month or invest. The good thing about breaking down your goal is, it makes it appear achievable. If you have a monthly goal of $2500, break it down to $625/week.

2. Work on your business on the side first before leaving your job.

Starting a business as a side business does not always require leaving the 9 to 5 job immediately. It's less risky, and it allows you to test your idea, offer an market. You still enjoy some level of financial security if the business doesn't go well. Another thing to consider is, make sure it's a business idea you love and are passionate about. That does not mean you won't go through the learning process of other aspects of the business. No entrepreneur knows it all. When you pursue your passion, make sure it serves a purpose in the market and your market is ready for your product or service. On a day you don't feel like working, you would be motivated to get to work on your business.

3. Learn how to run a business.

As an employee, you often don't have to worry about taxes because your tax automatically goes off your payroll, but when you become a freelancer, sole trader, or self-employed, you have to worry about doing your own taxes. This means spending enough time to understand how taxes work, and the best thing to do is find an accountant. An accountant is in the best position to educate you on taxes, budgeting, and how to keep good records of your transaction. When you don't keep any records, you are more likely to pay higher taxes.

4. Save three months' worth of emergency funds.

You may wonder why. Businesses do not always go the way they want, so having three a month's worth of emergency funds will allow you to keep living and pay your monthly expenses even on the days you don't make sales in your business. There could also be an unforeseen circumstance where you would need this emergency fund to keep you going. It's a backup fund for your business and yourself.

5. Change your mindset and take the jump.

In my experience, one of the biggest fears of leaving my nine-to-five job is the notion placed by society that one cannot survive without a 9-5 job, so when leaving a job, we look at the worst-case scenario. The thought of what will happen if we don't make money or make enough, how will the bill get paid will hinder us from escaping the 9-5 even if we desire to. It will help if you change this mentality. If you have these negative thoughts, you will always encounter problems when you want to quit your 9-5 job. You need to learn to think positively. Read books, or preferably, get a coach

When you come into the business world, things are a little bit different than the corporate.

And you may feel like it's taking too long to see the result; no worries, you're doing what many people don't have the gut to do. When you're building a house, you first lay the foundation because of what you want the building to withstand or uphold; it's the same as building a business. There's no cookie-cutter approach to building a sustainable business. If it's that easy, everyone would have had a business and be financially free. It takes time. It takes effort. It takes a lot more hard work than an employee or being an employee. Yes, you are working for yourself. It's fun, but it's actually more work than going to your job. If you need any help transitioning into entrepreneurship, schedule a free call; my team and I will assist you with clarity and make a plan for how you can proceed.

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