One of the biggest roadblocks for many “Want-trapreneurs” looking to launch a service based business (or any type of business for that matter) is maintaining their current income base. It’s hard to leave the security of a guaranteed salary, health insurance, paid vacations and the almighty 401K, I get it – I’ve been there.
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When I sit down to coach people who are living in limbo land – the land of “I really want to be out on my own” BUT “I need to still make 6 figures”.
I first address the need versus want. What many perceived as a necessity is simply a want that can be given up. It’s no secret that many of us live far richer than we need to – everything from the $5 daily allotment of coffee to the big house and the fancy car to eating out 3x a week. When you really track what you are spending your money on, you quickly realize there is a lot of fluff. You need a roof over your head, basic utilities paid and food on the table, access to health care (don’t get me started on this one) – in other words, you NEED the basics, you WANT the other stuff.
After we create that need budget we come down to what type of salary is vital for your existence. I’m not saying you need to sell your car and your house and go live in a tent, but I do force people to be realistic. The more fat you cut, the less money you need to leave your 9-5 and go out on your own.
Once this is out of the way – I dive deeply into their current situation. I often find many people really love what they do, they like who they work for but they have an “itch” to go out on their own. They want to have control over their destiny and work for themselves versus someone else. They’ve done a great job, have aced their reviews but there is just something missing.
If you want to start a consulting gig that aligns with what you are currently doing in your 9-5 job, your #1 big prospect should be your current employer. Many, not all, will embrace the concept. They get to keep great talent at a reduced cost – no longer paying taxes and benefits. It will also help them bridge the gap until they find a replacement if indeed they decide to do so.
I usually suggest to my clients that they flesh out their idea with some smaller clients that aren’t their employer to ensure they have refined their process before the ultimate pitch and the resignation letter. Some employers frown on or forbid a side hustle, so make sure you know the rules because the last thing you want to do is burn a bridge.
The bridge theory works, I’ve done it and I’ve helped others to do the same. There’s a bit more to the process than a 500 word article can articulate, but you get the picture!