Questions

Whether you made the leap to freelancing or starting your dream business, Please share what this transition felt like to you. Also if you'd like your response to be used in an article please let us know (anonymously or not)

Preparation is the key to a smooth transition. If you are in a corporate position with a consistent income, you need to strategically look at your tolerance level for inconsistent (and possible negative) income flow for 3-5 years.
Make sure you have a proof of concept before you leave your consistent income. I recommend starting your dream business as a hobby while you are still getting a regular income. Test out the waters to make sure it is viable, it fits the market need and trends. Have your board of advisers in place. Have your business plan reviewed by your board of advisers.
Outline what you need to get the business off the ground, and have a plan (and backup plan) for achieving those goals.
KNOW your desired income goals for the first 6 months, 1 year, 3 year and 5 years. Understand how many sales it will take to achieve those goals; then how many leads you need to achieve those sales (your lead to sale ratio). For instance, if you need 20 sales a week to reach your goals -- how many people do you need to get in front of and market to finally close 20 sales. Do you need to get in front of 100 people to make 20 sales? If so - what's your plan and schedule to get consistently in front of 100 people a week.
If you do all this planning and testing before you take the leap, you will feel better about stepping out.


Answered 6 years ago

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