When my brothers and I completed our college studies, we like many others joined the working class. We knew all along that getting onboard the work environment would provide us an income that would support our families. Our elder brother however had a different view after a few years of hard work and serving his employer. Often, he would tell us that life is short, and if we were going to invest all our time, effort, energy, and willpower into serving our bosses, we may never get where we want to be. Our elder brother told us that the longer we took to build up our own entrepreneurial path, the far distant and unlikely our dreams would come true. We started planning how we would quit our day jobs and become entrepreneurs. This was what we did before starting the business we run today.
Developed a roadmap for our business
We didn’t want to set up a business blindfolded, ergo; we developed a business plan that laid the foundation and guidelines on what we would do. Although I had credit card debt I was paying off, I didn’t want it to be an impediment in leaving my day job. It wasn’t going to be a smooth journey but our determination and ability to take risks led us to starting a business. In our plan, we discussed how we would fund the business and market our ideas.
Shared our startup idea and established a network
While we would go ahead to start our business, we also thought it was wise we seek suggestions, opinions, and feedbacks from other people. Each of us started reaching out to other people, meeting with friends for a cup of coffee, and sharing the ideas. Some people were a bit skeptical about it but others encouraged us. Fortunately, we met people who have been in the same situation we were, and they told us how they maneuvered the challenge.
Created a budget
A budget was instrumental in determining what we needed to raise as capital for the startup. We developed a budget, which made us realize our financial position as at that time. Unfortunately, we were far from meeting the target. Although we all had saved some money, it was not going to be sufficient.
We decided that before we take the leap from being employees to entrepreneurs, we needed to raise enough capital. Doubling our savings was one goal we arrived at. I suggested that even with increased savings from our current jobs, it would still take time to raise the required amount. We thought it would be wise if we considered taking extra part time jobs. This really worked well because I found myself leaving the office and taking extra three or so hours every day to work in a local restaurant.
Now that we were going to miss those monthly paychecks, we needed to plan ahead on how we would meet our expenses once we exited our jobs. Although we prepared adequately before exiting our jobs, we also knew that, unforeseen situations could come our way that need emergency cash. Each of us started saving for emergency situations. This was to protect us during the time we are running our business. These plans helped us transition from working to taking an entrepreneurial activity, and it has been a big success to us.