Before you quit your job to focus on your side hustle…
DO you hate your job? Are you feeling duller and more restless with each passing day, just knowing that you are not pursuing your passion? Do you loathe having a manager over you, and feel as if you would be better off investing all your time in your business? It’s not an uncommon feeling, and many of the entrepreneurs who have turned their dreams into empires will tell you that they started off as employees with side hustles, until they eventually left their jobs to focus on their own thing.
They will also tell you, though, that it is a bad idea to tender your resignation the moment you have your bombshell business idea. There are some things you need to ensure are in place first. Jumping from the employment ship doesn’t mean you get to paddle off into the sunset as an entrepreneur — it means you are taking a deep dive into uncharted territory on your own.
Andre Heslop is the 26-year-old entrepreneur behind Envision Communications Agency, a full-service communications company that he established while he was part of another production team which focused on graphics, videography and photography. Although he is the managing director of his own company, Heslop still has one foot in the door as an employee, as he is also the marketing coordinator at the Private Sector Organisation of Jamaica.
As a full-time entrepreneur who also works a 9 to 5, this millennial knows the importance of balancing both and that planning is essential when considering taking the plunge on your own. He shares these tips with All Woman:
Set an exit timeline
“Ensure that you have a written plan with set timelines on when you plan to transition. If you fail to plan, you plan to fail,” Heslop says. This will coincide with your existing business plan, and other key factors discussed below. He adds: “Follow your business plan. Remember that plan you had from the inception of your business. Go back to it and make adjustments where necessary.”
Save
Heslop points out that it can be quite some time before your business is turning enough profit to take care of your needs, or even run on its own without you pumping funds into it. You must be prepared for several months of this. “Ensure you have capital to support your growing business and to maintain you for a set period,” he recommends. “Make sure that you have accumulated a certain amount of savings for your business, considering that you will need to make investments as you go along to keep your business afloat.”
Nurture relationships
While you may feel like dancing on your manager’s desk on your last day, and leaving in a cloud of dust, Heslop advises that you play it cool and keep it professional, both with your employer, co-workers and your clients, if you have a client-facing role. “Sometimes young business owners forget about who supported them from the onset,” he notes. “It is important that you keep your original clients in the mix, and nurture relationships with those who were there from the start.”
Keep learning and growing
“Read. It is important for young entrepreneurs to fill their minds with good content from those who have successfully built their own business,” Heslop urges. “Have a growth mindset. Ensure that you are always thinking positively and realistically, as you are about to make the transition. Sure, all will not go as planned, but remain positive and never doubt yourself. Envision growth for your business.”
Be bold
“Be ready to take bold steps and risks,” the millennial says. “You might have to sell an asset in the beginning, but it will be worth it in the end. You might have to settle for less by making sacrifices — learn to live without certain luxuries for a period. At the end of the day, you will know when you are ready to take the big plunge, until then, like what I am doing, continue to build your network and net worth. Make yourself a person of value for both your employer and your employees. Take it in strides and be patient.”
