Right now, I'm still working full-time and doing my (new) business on the side. I have several leads, but I'm concerned that the leads will slow down once I get past this first wave. What did you do to sustain new leads, and was there a dollar amount of approved jobs before you went all in? I have two young kids and am overall new to entrepreneurship, so I'm struggling to go all in.
Im currently at the precipice of leaving my own full time job for my side job. I'm not new to entrepreneurship though so it doesn't seem all that risky. I've heard it said that when your side job makes more than your day job, you can go all in on the side job.
You sustain leads by making your customers, advocates for your business. Surprise and delight your customers with your quality of work, friendliness, and willingness to go above and beyond to serve them. Tell them your story of humble beginnings and how you serve people with your talents. Give them your business cards and ask them to refer you to friends or neighbors.
Right now I've got about $15k of work in the quoting stage and have acess to much more than that by being in proximity with other people in my industry.
That said, here's 3 tips to help.
#1 Don't go I to debt to start your business. Debt = risk. No debt = small risk. Don't be afraid of humble beginnings and finding creative solutions to get the job done.
#2 Surround yourself with people who know your industry better than you do and can provide job leads and business insights. If you are a reader, read the book 'The Proximity Principle' by Ken Coleman.
#3 Take courage and lead. Leaders serve and leaders take action. Don't be afraid to make cold calls and ask for jobs or job leads from industry leaders/suppliers.
Quality advice
Really great advice, thank you! I haven’t read that book, but I’ll definitely check it out.
This is some good advice, I wanted to add what was given to me before I made the leap.
* Your Financial Runway: This is huge, especially with a family. Most experts suggest having at least 6-12 months of living expenses saved before you quit your day job. This buffer means you can focus on growing your business without the constant stress of immediate bills. Factor in everything: mortgage/rent, food, childcare, health insurance, and even a little buffer for unexpected costs.
* Consistent Revenue: Are you seeing your side business regularly generate enough income to cover your basic family expenses? It doesn't have to match your full-time salary right away, but you want to see consistency and an upward trend.
* Proof of Concept: Your leads are a great start! Beyond that, have you successfully delivered several projects? Are clients happy? Do you have a clear understanding of how you get customers and how long that sales cycle usually takes? This validates your business model.
* Your Personal Risk Tolerance: This is incredibly personal. With kids, you likely have a lower tolerance for risk, and that's perfectly normal. Don't feel pressured to jump before you're truly ready.
* Your Support System: If you have a partner whose income provides stability, that can make a huge difference in reducing the pressure.
To be fair, im pretty new on being all in as well. The way I decided was by first having a large savings to carry the family through the slow times. This will be different for everyone, but I personally recommend and entire year of family expenses in savings. It gives you breathing room. While you're saving this, work both jobs. This also allows you to build your client base to the point where you can pay your bills with side work alone. This will take a lot of work and diligent savings, but once you've satisfied these two conditions you'll be in a pretty safe spot....then the real work begins lol. But keep at it. Remember, you only fail if you give up.
Solid advice. Kudos to you for going for it!
The pain of staying the same, has to weigh more than the pain of change.
