It’s been awhile now since I set out on my own again to tackle the world of entrprenuership and so far so good. Since breaking out of the 9 to 5 and into the world of freelance web design I have seen a steady flow of clients and work, in fact the work is so steady that I barely have time to explore other areas of interest (such as writing here) and free time, forget about it. So what is the problem you might be asking, steady workflow means steady paycheck right? Well yes, and don’t get me wrong I love the work, but for me there has always been more to it for me. Becoming self employed is only the stepping stone to the real goal of entrpreneurship, and yes there is a difference. Being self employed does not necessarily translate into being and entrepreneur, it simply means that you have a sought after skill that allows you to make money. So the question is how do you make the transition from self employed to entrepreneur?
“I would rather earn 1% off a 100 people’s efforts than 100% of my own efforts.” - John D. Rockefeller
The plan. I have broken my plan down into a series of steps spanning the next several months and allowing me to make the transition from lone ranger to entrepreneur. Although it does not look to be an easy task, I believe the payoff will be well worth the effort.
Step 1 Continue putting long hours and taking on a substantial number of projects that will not only allow me to generate enough to “pay the bills”, but allow me to start creating cash reserves for the business. These cash reserves will be necessary when it comes time to expand. (For more on the expansion and why it is necessary keep reading.)
Step 2 - Step two coinsides with Step 1, while I continue to work overtime stocking away cash reserves, I also need to concentrate on further development of the key phases of the plan. Better put, I need to chart the course by developing a rock solid business plan.
Step 3 - Organizing the business as if it where bigger than it is. I need organization, the organization needs to allow for expansion. Whether it means stronger project management, better client communication or more productive workflow; it needs to happen. This step might mean implementing tools that can manage and handle a far bigger workflow than is currently necessary, but having them in place from the get go will allow for a smooth transition.
Step 4 - The Search for a more passive income and the ever expanding product line. The work is there, if it weren’t then looking to expand the business would be a silly pipe dream, but what is to happen if the work dries up for a month or two? Now you are caught sitting behind a nice big desk, starring at a couple of employees that sit idley while you try to figure out how you will write there next paycheck. This is where the passive income and expanding product line comes into play. Bottom line is, it is always nice to have a back up plan especially durring the turbulent times of our current economy. I have heard the phrase time and again, “don’t put all of your eggs in one basket”. (Step 4 will actually become a seperate article entitled “Moving Laterally - The Search for Passive Income” coming soon.)
Step 5 - Cross the t’s and dot the i’s it is time to put the plan into execution. Slowly I have fastened a plan to make the transition from self-employed to entrepreneur and not the day is upon me to put the plan into motion.
If you are interested in following this transition please check back often for contiuous updates and if you just don’t have the time to get here every day then tap that little black icon in the upper right and have it fed to you daily.
{ 1 trackback }
{ 0 comments… add one now }