Getting started as an entrepreneur can be hard work. You may have to keep your day job for a while in order to pay your bills. However, the downside is, any newfound business will need a lot of attention. That may mean working on your business during lunch hours, nights, and weekends without seeing any immediate returns.
I worked on my startup business while at my day job when no one at the job was looking. I set up a system in which if someone called my Google voice number, which I used as my business line, it rang not only my cell phone but my work phone as well. I always had to pretend the calls were work-related. Looking back, I realize that wasn’t a best practice and I don’t recommend you doing the same.
After working on my business during my 9-5, I would do additional work as soon as I got home unless I went to a networking event. I’d go home and exercise, look at a deal, speak to listing agents, email updated personal financial statements to my mortgage lender, read books, talk to tenants, coordinate repairs with contractors, and the list goes on.
I even devoted huge chunks of my weekend toward attending additional networking events, meeting with team members, and watching educational YouTube videos. In the midst of all that, I’d still found time to travel to Pennsylvania to see a property I had under contract. I can’t leave out the errands I had to take care of too.
Being an entrepreneur can be time-consuming. It can be nerve-racking as well. You don’t have any assurance or guarantee that all of your efforts will pay off. Maybe in the back of your mind, you’re questioning if this new business will prove profitable.
I recommend if you’re starting a new business, keep your day job until your business income exceeds your paycheck. That way, if it doesn’t work out you’ll still have a job and you can start another business at a later date. However, in general, these four steps will get you closer to your goal of entrepreneurship:
Step 1: Find Your Industry or Niche
Step 2: Research Your Market
Step 3: Educate Yourself
Step 4: Build Your Business Slowly
It’s always best to choose a business that you love. For when the going gets tough, and it will, at least your passion will keep you going through hard times. Lastly, when those thoughts arise that you’re burning yourself out without any guarantee of success, replace them with thoughts of how you’ll be so successful you’ll no longer need your day job!
At 26 years old I bought my first investment property. By the age of 30, not only did I have 30 properties in my portfolio; I submitted my two weeks notice to my day job. Those four long years of using every ounce of my spare time towards my real estate investing career were well worth it! If you’re interested in learning how you too can quit your day job via real estate click this link to Book A Call.