You’ve always had your eye on that organic farm in the country, and it’s finally come up for sale! Alternatively, maybe there’s a little voice inside you who says there’s something to all of your friends telling you that you make the best vegan fudge chocolate cake they’ve ever had. Is it time to quit your day job to pursue a dream?
But you’ve got a great day job with a stable company. Sure, every day isn’t heaven, but you’d have to be insane to walk away from the money and benefits to follow a dream. That only happens in the movies, right? I couldn’t throw everything away and be successful, could I? Isn’t it better for me to ignore that little voice?
Most of the time, yes.
The Small Business Administration reported that in less than five years up to 50% of those who do end up crashing on the rocks like a wooden ship are those who didn’t pay attention to the lighthouse.
However, then there are those who listen to the little voice, follow their dreams and live happily ever after. Maybe that’s you. Albert Einstein, an average patent clerk at best who showed no signs he’d go on to become the most recognized name in the history of physics, once said, “Never give up on what you really want to do. The person with big dreams is more powerful than the one with all the facts.”
What are the best ways to follow your dream and hopefully not end up like the wooden boat?
- Research — Einstein’s quote aside, do you know what it takes to succeed with your new venture? Have you thoroughly studied how to operate the business and who your competitors are? Do you have a trusted mentor you can go to with questions as they arise? Why have people failed in the past when they’ve opened up this kind of business and what is your differentiator? You need to become schooled in many aspects of running your business before you open your doors.
- Financial Planning — How much money is it going to take to get your new business off the ground? What can you expect for revenue in the first quarter, first year and first few years? What happens if you’re off by 20%. How long can you live on a salary of $0? Analyzing how your professional financial life is going to proceed, will tell you a lot about how your personal economic growth will progress. Are you willing to make the necessary sacrifices?
- Expect the Unexpected — There is no “perfect time” to follow your dream, and you will never be able to remove all obstacles, either the ones you see or the ones that will blindside you. Also, while you probably envision yourself as a success, stick to realistic timelines, shit will happen. Through learning and experience, you may find that your dream is about 50% accurate. Your final results may be different than what you start out doing. Stay flexible.
- Take Your Head Out of The Clouds — Doing your own thing is romantic, and you’ll probably feel an initial passion that you haven’t in the past. However, after the bloom comes off the rose, are you going to want to put 10-12 hours per day, seven days a week into something that comes with a guaranteed lower salary, no benefits and no retirement plan (at least for the first year). People often call their business, “their baby” and that’s true. Chances are there is now an attachment to something that one can’t just walk away from on a whim.
- Do Not Burn Bridges on the Way Out — Just in case your juice bar doesn’t set your town on fire, and people stick with their sodas, leaving you to shutter things less than a year after it opens, make sure you’ve allowed returning to that cushy job as an option. It’s admirable to follow your dream. I did it and wouldn’t look back, but please, do everything the right way as you’re leaving. You never know what the future holds and it’s better to return with your head held high than with your tail between your legs.
If you are investigating the possibility of quitting your day job to follow your dream, let’s talk. You don’t want to go it alone. Contact us to schedule a complimentary consultation at http://maricarmenpizarro.com/contact-mari-carmen/
