My Top 3 Tips For Starting A New Business… Before You Leave Your Current Job Or Business

Let’s be honest, most corporate professionals have dreamed of leaving their 9-to-5 jobs behind to pursue entrepreneurship. The idea of running your own business and controlling your time and your earning potential is incredibly appealing, especially when stories of people who successfully quit their day jobs seem to be everywhere. But how do you know when you’re ready to take the leap?

It’s a question that I get all the time: “Harv, I really want to start my own business. Should I just quit my job and go for it?” My answer is always simple.

I’m going to outline my top three tips for starting a new business before you leave your current job. After being in business myself for decades (and struggling for 12 long years), this advice comes from my firsthand experience — and could save you a LOT of valuable time and money in the long run.

You might want to take notes! Here we go…

1. Make Sure You Have Money Coming In Before Starting A New Business

One of the things that really bothers me is when people drop their steady income in order to start something new. I’m not just talking about a job here — I mean income.

They go from making something to nothing. Zero. Nada. Zilch.

Let me break it down: 

There are two types of people in the world — there are waders, and there are divers. 

Divers just jump head first into things. They’re the people who are willing to take a big risk, just go for it, and put all their attention and focus in one area at one time. 

Then there are waders. They are the people who like to take it slow, test the waters, and make sure conditions are just right before making a move. 

So, which one are you? A wader, or a diver? Simply asking this of yourself will help you decide how and when to start a business (or not).

Regardless of who you are — a wader or a diver — when you’re starting out in business, it’s crucial that you take care of cash flow. 

There is no point in jumping in and running hard only to find out you’ve run out of cash two months in. Instead, it’s super important to make sure you have money coming in, so you can give your business the chance it deserves.

So, if you think you’re a diver — suck it up for a little bit. Don’t lose your income. You can lower it, yes, but don’t lose it. 

Why? 

Because if you’re starting out in business and cut yourself off financially, you won’t be happy, and you won’t be successful. You’ll be stressed, scared, and full of anxiety. 

You’ll start coming from a place of scarcity, as opposed to abundance. There won’t be any joy in starting a new business, and it will feel like a burden… before it’s even had a chance to become a success. 

No matter which route you take, be sure to take care of your cash flow and make sure you have money coming in.

2. Perfect Your Side Hustle

Whether you’re in a business that isn’t doing well and you want to start a new one, or you have a job and you want to start a business that you think you’ll love… here’s the route I recommend you take:

Keep your current job and work your business part-time until it’s stable enough for you to fully transition.

Of course, this would mean working overtime, late at night, and on weekends. But if this sounds unappealing to you, you shouldn’t start a business. If you want to be successful in business, you will have to work weekends, and you will have to work at night. Boo-hoo!

The truth is, when you own your own business, at the beginning, you will have to work your freakin’ buns off, with 1,000% attention and 1,000% focus. You do whatever it takes. That’s how it works.

I didn’t make up the rules. It’s just the way it is.

So again, stay in whatever current situation you are in now (whether it’s a job or another business), and work nights and weekends on a part-time basis, earning some income with your new business, until it’s making enough income for you to fully transition. This is something I go over in more detail in my free signature web class, Zero To MultiMillionaire. You can click here to learn more about it.

3. Get Hands-On Experience In Your Field

This is a big one so pay close attention.

If you’re starting a new business similar to what you’re already doing, then you’ve got a nice head start! But if you want to jump into something new and different than what you’re doing right now, what do you have to do? You need to get hands-on experience!

Think of it as an investment in your business and your future success. Even if it seems like a downgrade at first, think long-term: You’re investing in yourself to gain the knowledge and skills to ensure that your business will succeed.

When I knew I wanted to start my own business, I was 95% sure that I wanted to open a restaurant. So I started working in the restaurant industry. I was a broiler cook, a sous-chef, a host, a busboy, a waiter, and a manager at a pie store. Every night, I went through the garbage to see the boxes they threw out, and who their suppliers were. I had seven different restaurant jobs in four months. I would leave each one, sometimes even before I got paid fully because I was simply there to learn.

I learned the most important thing about the restaurant business for me: that I would never be in the restaurant business. Can you believe it? This was the most valuable advice I could’ve ever received.

When you work and get hands-on experience before diving headfirst into starting a new business, you go to school on someone else’s dime.

You want to be inside the business — not outside looking in. Success is a learnable skill. Learn everything you can about being in that business: the pitfalls, the good stuff, where the money is made, and where the opportunities are.

80% of all new businesses fail within the first five years. You’ve heard that statistic 100 times, and it’s true — except for one thing: 65% of all new businesses succeed if the person is already in that industry.

If you are creating a new niche within your industry of experience, then the chances of your success skyrocket.

Like any other major decision, leaving behind a steady paycheck and benefits in favor of startup life is one that must be carefully considered. Quitting your job without a solid plan in place is financially and professionally irresponsible, and likely won’t turn out the way you expect. If you’re thinking about starting a business, be prepared to do the work, be humble enough to admit you don’t know everything, and learn everything you can about how to do the work before you put in your two weeks’ notice.

Add These 3 Tips (And More) To Starting A New Business

Friends, I can assure you that if you follow my guidelines above, your chances of business success will increase.

But if you want to dramatically increase your chances of success even before you’ve begun starting a new business or leaving your current job, join me in my free signature web class called:

Zero To MultiMillionaire:
“The Ultimate Business Success Formula”

I’ll be teaching 6 proven principles to go from broke to rich that I am certain can do the same for you and your business.

In this class you’ll learn:

• The unique character traits 90% of ALL self-made millionaires have in common, and how you can have them too
  
• How to identify and eliminate the things you might be doing that are preventing you from success
  
• Specific business strategies that will actually produce real wealth in your life
• And much, much more!

Just click here to reserve your spot or select a time and date below that works for you. See you there!

What tips do you have that have helped you become successful in your business? Share in the comments below!

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