7 Financial Strategies for Transitioning from Salaried
Adsense Fraud RevenueEven if you never write a word of your own, you can still earn plenty of money in the ..... ...... mental health worker transitioning to private practice used his conflict resolution experience to sell a training package to public schools. A woman transitioning out of an insurance brokerage created and sold seminars on long term care financing at local retirement centers.
3. Reduce expenses
Apart from fixed expenses - mortgage, taxes, insurance, etc. 'are discretionary expenses that make up the larger part of budgets. Doing a careful analysis of these expenses and choosing what you can forego for awhile can often save thousands per year.
Carefully analyzing hidden expenses ' credit card interest rates, bank charges, late fees, auto debits, phone plans ' or 'lost money' from low interest rates on savings may generate several thousand more per year.
4. Borrow
It isn't necessary to wait to borrow for start-up costs until you have a well-documented idea to submit for a business loan. Refinancing a home or taking a line of credit are relatively low-cost ways of generating capital. Depending on your credit rating, you can also get time-limited low-interest loans from credit card companies.
If you choose this option, applying for loans or refinancing packages while you're still employed is strongly advised. Your rating as a borrower declines quickly once the regular paychecks stop.
You don't have to wait!
Get started on your new business idea while you're still employed. Several of the all-important first steps (below) can be started while standing in the grocery line or running on the treadmill. They involve asking yourself some questions and doing some informal research to get crystal clear about your idea. This can take weeks off your actual start-up time.
5. Identify your niche.
Think about the services you're uniquely qualified to provide, as well as the ones you most enjoy providing. Be specific! Write them down! Then think about what group of people would get benefit from those services and have the ability to pay for them. Again, be specific: age, where they congregate, habits and values, how they define the problem your services are going to solve. If you don't know, ask. Find someone who fits your 'ideal client' profile (s/he may be on the treadmill next to yours at the gym) and get permission to ask some questions. People generally love to be helpful.
6. Create your marketing plan.
Don't be intimidated by the term 'marketing plan'. While what you need from a marketing plan will get more sophisticated as your business develops, for now it simply means answering the question, How is my business going to make money' What is the product or service you're going to sell' How will you describe it so people quickly recognize the value' How will you package it' (fee for service' by the project' on retainer') How will you price it' (What's being charged for comparable services' What 'feels right' to you')
7. Manage fear!
For most people, anything involving money involves some level of fear. It's important to acknowledge to yourself and to others that you are taking a risk, and you've decided it's a risk you want to take. So consider the fear natural, and find ways to manage it.
Getting support from people who believe in you and in what you're embarking on is #1 in fear-management tactics. Don't assume that you'll get it from the people closest to you, or that if you don't have it you shouldn't proceed. They're probably the ones most impacted by your decision and so may be least ready to offer support. Their consent ' a willingness to go along with your plan ' is helpful, but support may have to come later.
It's also helpful to set a goal (and a date for completion) that's key to your new venture ' arrange financing by a particular date, or sign a lease ' and announce it to at least one person. You'll find that making that commitment, saying it out loud, and following through will in turn generate more confidence and more forward momentum.
To all of you who are tired of marching to someone else's drum and are eager to go solo, these strategies should help you take prudent but positive steps toward realizing your goal. Good luck!
About the Author Msn AdsenseMaking money is easy when you move to cause rather than living out ..... Nina Ham is an internationally certified women's business coach and a licensed psychotherapist. Her company, Success from the Inside Out, provides programs and services essential for anyone making the salaried-to-solo transition, including niche identification, marketing fundamentals, and self management for solo professionals. Go to her site, http://www.SuccessfromtheInsideOut.com and take her free quiz, Is Going Solo for You'
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