5 Steps to Go from Employee to Entrepreneur

It’s never been a better time to make the leap from employee to entrepreneur. The market is primed for what you have to offer and it’s yours for the taking. However, you may find yourself holding back out of fear or uncertainty.

Best-selling author and money expert Loral Langemeier is a thought leader on what it takes to become a successful entrepreneur. Her guidance helps people all over the world become millionaires doing what they love.

Here are Loral’s 5 steps to help you go out on your own:

  1. Go for it anyway

It’s not the right time. How often do these words keep people from following their dreams? The first step is to scratch them from your list of excuses for good.

Life will always have its ups and downs, surprise twists, and inconveniences. But every moment that passes, someone else is making money doing what you’re meant to do!

No matter what is going on in your life, if it’s time to go into business for yourself, make it happen.

  1. Jump with a net

The transition from employee to entrepreneur is a shift of identity and can leave you faltering at the starting line. Loral often advises would-be entrepreneurs to make the shift quickly and consistently. However, don’t jump blindly.

Create a safety net before you do. What does this look like? In most cases, build what you’re going to offer and start selling. See how the market responds before you put everything into it.

This may mean doing both for a while – remain an employee and become an entrepreneur at the same time. It won’t be forever, but this will give you some cushion to move forward with control.

  1. Think forward

When you go out on your own, it’s tempting to focus solely on your business strategy and forget about your finances. If this sounds confusing, keep reading.

New businesses often spend a great deal of time on marketing and sales but lack a solid financial strategy. A financial strategy allows you to continually think forward and anticipate future needs as well as opportunities.

Plan to create a strategy for both your personal finances and well as your business. You’ll be better prepared for the road ahead.

  1. Say YES

During transition, you may find yourself cautious about spending money. However, when it comes to entrepreneurship, you generally have to spend money to make money. The same goes for time.

In order to build your business, Loral suggests learning to live through the lens of YES – especially in the beginning. Explore partnerships, advertising opportunities, interviews, and other marketing tools. Put yourself out there and watch the return on your investment.

  1. Hire help

Here’s a crucial tip, particularly for women entrepreneurs: You don’t need to know how to do it all, you just have to lead others who do.

Women are notorious for trying to do it all, which can easily result in failed ventures or complete burn out. Don’t wait for the worst case. Hire help, especially in areas where you lack knowledge or talent. This can take your new business to the next level.

Now is a fantastic time to go out on your own. Make the leap from employee to entrepreneur today and find the success you’re meant for.