Drug testing

Making the Financial Transition

Making the financial transition from paid employment to earning a living on your own is probably the single biggest challenge facing many would be entrepreneurs. For most, the mere thought of financial insecurity holds them back from even trying. But if you have the vision, persistence and the ability to respond to market feedback the financial rewards will soon follow.

Two ways to make the transition.

There are essentially two main ways that you can make the financial transition.

1. Establish a revenue stream before you quit your job.

2. Quit your job and then build a revenue stream before your start-up capital runs out!

Establish a revenue stream before you quit your job.

Establishing a revenue stream whilst you continue to work, for most people is probably the more sensible of the two options.

The advantage of this approach is that it gives you the freedom to try things out at your own pace to see if there is a market for your pro or service before you actually cut off your regular income stream from your job.

A disadvantage of this approach is that it is often hard to devote the time necessary to get your business up and running particularly if you have a demanding full time job. Another slightly less obvious disadvantage is that the comfort of a regular income may make you less prepared to take the risks necessary to make your business succeed.

Quit your job and build a revenue stream before your start-up capital runs out!*

Now this is the riskier of the two strategies and definitely not for the faint hearted!

The advantage of this approach is that you have all your time to dedicate to your new venture. Another bonus is the uncomfortable fact that you don't have a regular income stream yet. It's incredible what you can achieve in life when you place you self in a position where you absolutely must succeed. This fact alone, if channelled effectively can rapidly propel you towards the achievement of your goal!

A disadvantage of taking this approach is the fact that it can put you under extreme financial pressure which can then impact upon the other areas of your life as well as the lives of any of your dependants. It could even mean depleting all you capital creating a need to return to paid employment.

The approach I took to set up my Coaching Business?

In setting up my own coaching business I decided to take the later of the two options. I gave up my ridiculously well paid corporate consulting job so I could dedicate all my energies into establishing a successful coaching business.

What I personally like about this approach is the uncomfortable feeling you get when you start eating into your start-up capital whether it be savings, borrowings or venture capital. This feeling has compelled many an entrepreneur to push forward rapidly and make breakthroughs that they would not have been able to achieve had they kept their job.

So which approach should you take?

This a question that only you can answer. Give deep consideration to how you feel about both approaches and determine which one is more suitable for you given your current circumstances. It is also important to consider the type of business that will satisfy your entrepreneurial needs. This may also impact upon your ultimate decision.

Regardless of your which approach you take, there is one thing that is for certain; if your will is strong enough and your idea compelling enough you will find a way!

* Financial Health Warning: if you do decide to take this approach please consult with your financial adviser first.

Damien Senn is a Life and Business Coach as well as a qualified Chartered Accountant. He helps people create compelling futures.

He is the author of the 'Senn-Sational Success Journal' and has developed his own coaching model called the 'Senn-Sational Success System'.

For your free download '101 things to do before you die' please click the following link: http://www.senn-sational.com/freeresources.htm

limousine chicago service
In The News:

Entrepreneurial Ongoing Education Advice

I would like to give some advice to all the... Read More

Protect Your ASSets in Business

Many people are starting an online business without a thought... Read More

How To Find Focus And Turn Your Talent Into A Thriving Professional Business

There are tons of books and articles available to help... Read More

CHINESE TAKE-OUT: Oriental Business Principles Demystified For Online Enterprises

"The expectations of life depend upon diligence; the mechanic that... Read More

Franchises - A Proven Business System

Franchises offer the first time business owner a proven and... Read More

Abstract Business Marketing Strategy for the Entrepreneur

If you look at those Corporations in franchising today you... Read More

Business Start Up Tips From Some Hearty Entrepreneurs

When's the last time someone asked you: "What's new?" If... Read More

Key to Starting Your Own Clothing Company

Starting your own private label clothing company is not as... Read More

Entrepreneurs - 9 Top Mistakes to Avoid

1. Isolating Yourself When setting up a business, you can... Read More

Confidence = Preparation + Courage

It always amazes me when I see someone on television... Read More

An Entrepreneur and a Life To Be Remembered

I was reminded of my own mortality today. I guess... Read More

Go Slow to Go Fast - Why Over 80% Of High Tech Startups Fail And What To Do About It

With billions of dollars of venture capital residing down the... Read More

Veteran Entrepreneurs Are Growing In Ranks

When I'm not running my own business, writing articles about... Read More

Taking Charge and Getting Results: The Choice is Yours

As one of the most successful direct sales entrepreneurs in... Read More

Will Your Business Survive Without You?

I had a health scare in December.As it turns out,... Read More

Selecting a Venture

The basic rule is simple: "Find a market need and... Read More

Youve Found Your Guru, Now What?

In my last article, "Follow That Guru", I told you... Read More

Securing Second and Third-round Venture Capital Financing

Widget sales are booming ? the competition is scrambling, demand... Read More

Identifying the Right Venture Capital Firm Partner

Venture capital firms are comprised of individual partners. These partners... Read More

Three Cs - What Startups Need to Get a Business Loan, Part 1

You want to get a good, solid overview of what... Read More

The Visionary Entrepreneur

Any success you have in life must begin with a... Read More

Solving the Million Dollar Mystery: 4 Steps To Create A Turn-Key Business

You're a smart, hardworking entrepreneur, and you're moving fast. You... Read More

The Term Sheet?s Role in Raising Venture Capital

Entrepreneurs and companies who are seeking venture capital often negotiate... Read More

Starting Up and Keeping Going

So you had that fantastic business idea, the one that's... Read More

The 7 Traits of an Exceptional & Successful Entrepreneur

How often have you either referred to or considered the... Read More

manufacturers led flood light holiday walkway lights Pete's produce ..