What I'm about to share is for people who want to start their own business, but are moderate to low risk takers.
You know who you are.
You're a saver. Your money is in low-risk investments. You drive reliable cars. You prefer to stay at home.
BUT you have a burning desire to start your own small business. And, if you do, it would be one of the riskiest things you've ever done.
Don't sweat it.
What I'm about to share is based on my experience only. I'm not offering any legal, financial, or business advice. What I did worked for me and my family. There might be some gold nuggets that'll work for you, too.
I'm going to tell you what I did as a moderate risk-taker married to a low-risk taker that helped significantly in preparing to start my own business with little stress.
So let's talk about all the good stuff:
Saving Money
You likely already know how to save money, so I won't get into the details here.
But I will tell you this much—
Before I moved from a full-time job to becoming a solopreneur, we saved. And saved. And saved. We focused on the things that are important to us.
We've been squirrelling away for our retirement since we married. We'd put money into our children's education accounts. And ensured we had two years worth of readily available funds if my business made absolutely zilch.
All of this was done while I was employed for years.
When you don't have to worry about money, it frees you to work on building a business that feels right, instead of a business built on panic and pressure. Because when you're panicking and pressured to pay the bills, you're highly likely to make some bad decisions and be a very unhappy and stressed out business owner.
Why become a business owner if you're miserable?
Getting Out of Debt
This one goes hand-in-hand with saving money.
We paid off our mortgage. When we needed a new car, we bought a used car we could pay in cash. We've always paid off our credit cards every month so we don't carry a balance.
Even when we had our kitchen renovated (we're not just talking changing the cupboards and counters—it was a full scale, tear the wall down and rip everything out scenario—see the pics below!), we only went for it once we had enough money to pay for the entire cost upfront. No loans. It took 22 years, but that's OK. It helped me to practice patience and hope. And I can't express enough how much I friggin' love our kitchen!
The point is, we (really, my husband; I learned from him) developed the habit to stay out of debt whenever possible. It's part of who I am now.
Carrying debt is a heavy burden. But practicing getting and staying out of debt helps you get very clear on your priorities and the things that matter most to you.
Honing Your Skills & Gaining Experience
For about 5 years before I made the move to become self-employed, I intentionally found an employment that would help me to practice what I was learning.
On my own, I was learning to write copy for sales landing pages, emails, and websites, and I wanted to apply what I was learning in a paid job.
Gratefully, an opportunity came my way. I had been following a Canadian business owner on social media. I wrote down a goal to either be hired by her or to hire her as my business coach.
In the end, she hired me.
The job was very challenging, but I learned the most at this job than any other in my life.
While there for over 4 years, I was constantly learning. About social media, about marketing, about running a team, about copywriting, about running a business...I had the opportunity to work closely with my employer and I watched and learned during her business coaching and marketing calls.
I didn't only have the chance to hone my copywriting skills, but I also learned a slew of other things related to running a profitable business. And I got paid at the same time! Can't beat that!
My suggestion—if you can, look for a job where you'll at least get a chance to hone the skills you want to develop and, if possible, work closely with a successful business owner so you can learn from them.
Building Confidence in Yourself
I'm not going to sugar coat it.
Starting your own business involves risk. And it also requires deep confidence in yourself. Not just confidence in the skills and abilities you already know about, but a deep belief that, even if you don't know the answers or have the skills yet, you'll figure it out.
Some of the best ways that I've build confidence in myself before starting a business:
Intentionally getting out of my comfort zone and proving to myself that I can do hard things (like running a 5K [don't laugh!], skydiving, getting a book published, travelling to a new place where I new no one and forcing myself to talk to total strangers, finding solutions to seemingly hopeless situations, and not quitting when things got really tough in my personal and professional life).
Listening to podcasts daily on personal development, spiritual growth, mindset growth, and business development.
Consistently rising between 3 and 3:30 AM during the week so I could run through my routine before the kids woke up. My routine involved reading scriptures, prayer, exercise, and studying topics related to copywriting and business.
Saying hard things to people that were senior to me, even if it meant I was standing out and alone.
Doing those things helped me to believe in myself. Because if I didn't believe I could figure things out, or prove I could do hard work, or move forward even when I wasn't sure, I would never have started my own business.
Continuously Learning
Learning is one of my very favourite things.
I've signed up for a dozen or more courses over the last decade and completed almost all of them, often working on them at 4AM when I had my full-time job.
Before starting my own business, I wanted to learn as much as I could about all aspects of running a business.
And I'm still learning.
I've already finished three courses in the last few months and am currently working on another three, tackling them one at a time.
Continuously investing in your learning and recognizing you have a lot to learn is essential to starting your own business.
Counselling With Your Family or Significant Other
I left, what I deem to be, the most important for last.
If I did not have the support of my husband and children, I would not have moved forward until they were comfortable enough for me to move forward. Having our finances in order made it significantly easier for them to give their support.
I am not an island onto myself. This isn't just my dream. As a sole income-earner, my decision would affect all of us because we're a family. And the people in my family are the most important people in the world to me. This is also their future. So their buy-in is essential to me.
I didn't suddenly tell them, "Hey, I'm putting in my 2-week notice tomorrow. Yep, going to work for myself now." I talked about having my own business for years before I actually did it because I wanted them to be prepared for the transition and I wanted them to know my intention.
They heard me talk about it. They saw me work towards it. They knew I was serious about this—it wasn't a passing whim.
So when the time came, deciding to put in my notice was an easy conversation and the transition from being an employee to a business owner was smooth.
How Long Did It Take Before Starting a Business?
I worked at this over 13 years. But it wasn't until 2017 that I had a firmer idea of what I wanted my business to be (and even then I changed my mind several times)!
Giving myself and my family time to prepare and really consider options was needed.
And I wouldn't change it for the world.
Apply To Suit Your Own Circumstances
The things that I shared worked well for my circumstances. You know yourself and your circumstances best so apply what's helpful and don't worry about the rest!
ABOUT THE AUTHOR
As a published children's author, StoryBrand Certified Guide, copywriter and marketing strategist, Sandra Beatty helps service-based business owners convert web visitors into leads by implementing a website and marketing strategy, and getting clear on their messaging.
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