Starting your own business is a big endeavor, especially if it’s your first business. Business ownership comes with certain risks, especially in the beginning. However, starting a business and its inherent risks are nothing to fear if you take some specific steps prior to diving in head first. On this episode, Matt shares 10 things that you MUST do prior to quitting your job and starting your own business.
This episode is part of our Freedom Possible series, so if you haven’t already done so, get up to date with the series by using the links in the Resources section below.
10 Things You Must Do Before Quitting Your Job:
- Know why you are quitting.
- Make a list of who else this decision will affect.
- Make a list of what you’ll be giving up (besides money).
- Redesign your lifestyle to make room for your business.
- Decide how much money you will need for basic expenses for 9-12 months.
- Check your attitude.
- Get a mentor and create a supportive environment.
- After completing 1-7, set a deadline to quit your job.
- Run your business at a profit part-time.
- Leave your job on excellent terms.
You’ll Also Learn:
- What Matt believes the biggest risk in life is.
- The fuel that will keep you moving when you come up against obstacles.
- Why you should give those around you advance notice of your quitting.
- Why you need to decide what you are willing to give up during the transition.
- The reason you should design your lifestyle in advance of quitting.
- Why you may want to open lines of credit before you give up your job.
- How a sense of entitlement has been engrained into many employees; and
- Why you MUST shift your attitude if you want to be an entrepreneur.
- How to love the short end of the stick.
- The formula to getting rich with your business.
- Why you probably need to upgrade your environment.
- What you should do if you can’t find a perfect mentor.
- Where you will get accountability once you no longer have a boss.
- The types of clubs and associations you should join.
- Why you should work with your mentor to tweak your roadmap; and
- What you should include in it.
- When you should begin working your business in your spare time.
Resources Mentioned in this Podcast:
- Get your Do Over started by downloading The 3 Pillars of Creating the Ultimate Do Over at FreeDoOver.com
- Design a lifestyle that you love around your business at InternetBusinessfromAtoZ.com
- The Science Of Getting Rich
by Wallace D. Wattles
- Episode 66: Freedom Possible – Let’s Get Started
- Episode 67: The Silent Killer of Your Financial Freedom
- Episode 68: Getting to Your Financial Freedom Number
- Episode 69: Your Personal Roadmap to Financial Freedom
- Episode 70: The Two Vehicles that Present the Greatest Possibility for Your Financial Freedom
- Episode 71: Starting a Bullet Proof Business for the Future
- Episode 72: 10 Principles Your New Business Won’t Survive Without
- Episode 73: Scott Duffy and Launching a Business
- Episode 74: Gary Vaynerchuk – Throwing Jabs and Right Hooks
- Episode 75: Greg Reid is Back! Steal the Secrets of His Business
- Episode 76: Kelly Perdew – Winner of The Apprentice, Season 2
- Episode 77: Jason Van Orden – How to Launch an Automated Business that Cannot Fail
Thank you so much for joining us on this episode of the Your Do Over podcast. Please subscribe to the podcast so that you will get instant access to our new episodes.
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