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Employee to Entrepreneur

Imagine sitting in your office, staring out the window, and daydreaming about the life where you are the boss. Such thoughts of escaping the 9-5 grind, pursuing your dreams, and building something that’s yours cross your mind frequently. This is the entrepreneur itch, and it’s not going away. 

But what if I tell you that this journey from an employee to an entrepreneur is entirely possible? It’s a journey that promises freedom, creativity, and the potential for unlimited success. But it’s also a journey of challenges, uncertainties, and risks.

Therefore, you need a strategy to embark on this journey. You’ll learn about the elements to help you leap from being an employee to becoming an entrepreneur. I am Dana Robinson, a lawyer for over two decades and an entrepreneur. Let me show you today that you can also achieve your dreams by taking control of your time.

Taking Control of the Future 

To pursue your dreams, you must control your time. But the critical question is, how do you manage your time? You must be an owner, not a worker, if you want to live the life you dream about. 

In this article, I will show you how you can reshape your thought process and be an entrepreneur. You’ll also learn the tactical steps to prepare you. After reading it, you’ll have a clear vision of how to act and achieve what you dream about. 

It’s not as complicated as you think. So, let’s get started and help you take control of your future.

How Did You Get Here?

On the corporate ladder, you follow the same pattern. You have a degree, get a job, and then work hard to get promoted. You might get a promotion and go up the ranks because this is how the position works in the modern world. 

Even if you try to leave this rat race, “golden handcuffs” pull you back again. The term means the security of a fixed monthly or weekly wage compels you not to quit the job. Your success has locked you in a job you can’t leave, and it’s frustrating. But how can you fix this? First of all, change the way you think.

You must realize that other employees can’t help you because they think like workers. They have misconceptions about business and will advise you to refrain from following your ambitions. They might also advise you to seek investors because they want security, which is not how an entrepreneur thinks. 

Your company earns three times, on average, more than what they pay you. They won’t compensate you for your worth. However, they’ll pay you just enough so that you won’t quit. The more you earn in a job, the more your expenses will be, and your money will go faster than it comes. 

So, you must break this pattern and start thinking like an entrepreneur. But before that, you need to realize that you are stuck in a job that’s not satisfying and then break these chains.

What Keeps People Stuck? 

Newton’s law of inertia states that a body will remain at rest unless an outside force is applied. The same goes for your job and career. No matter how unfulfilling or unsatisfactory it is, you get stuck in it, unable to leave. The more you work hard, the more frustrating it feels. But there are key points that contribute to your inertia. 

The first point is keeping up with the Joneses. Most of the stuff you do is motivated by what others are doing. You buy a house believing that renting is for losers and successful people own their homes. You buy expensive cars without need and designer clothes just to keep up with society. Let me tell you that it’s only making you a slave to the rat race. 

The other point is that you believe in many misconceptions about business. You may think you need money from the bank or investors to start a business. But that’s not true; you can even create a business part-time with your job. Just adjust your lifestyle a bit, and you’ll save an amount that’s enough to start a business.

Entrepreneurs neither keep up with the Joneses nor believe misconceptions. You don’t need anything or anyone to start your own business. You just need the mind of an entrepreneur.

Common Fears 

Let’s start with an example to understand this concept better. Riding a bike can be a perfect example of managing fear. When you learn to ride a bike, you are at risk every moment. Either you hit someone or someone hits you, the damage will be on your side. But you push through fear without hesitation and eventually ride smoothly. 

Fear is the most common factor that keeps people from becoming entrepreneurs. However, you must understand it’s a normal response to your environment. You might think you must avoid fear, but you just have to manage it. Fear is reasonable and keeps us alive.

We face multiple kinds of fears daily, but still, we push through many without even realizing it. In the same way, you need to manage this fear of becoming an entrepreneur and break free from the chains. You can do it with two elements: knowledge and skill. 

First, gain knowledge and intentional learning on your side. Then, apply that knowledge and master a skill. These two steps will make you an unbreakable force who can confidently handle any fear. Ask yourself tough questions and recognize your concerns. It may vary from person to person. Face those fears, and rather than avoiding them, take action and use them for your own good. 

Competition Is Good, Actually

Are you stuck in this phase because you fear competition? Well, let me explain how this fear is helpful and can help you achieve your aims in life. When you compete with someone, you strive to do better and make innovations in your work. Imagine if there was no competition in the mobile phone industry. Would we still be so technologically advanced? The answer is a big NO.

The competition challenges you because it helps you continuously improve. So, if you plan to do something with a lot of competition, you shouldn’t fear it. Rather than fueling this fear, you must manage it and start working hard to improve your skills. 

The Golden Handcuffs

You start doing a job, and you are happy. But one day, you wake up and realize you are unsatisfied with your job. You work hard, but you are getting nowhere. Suddenly, you know that with the gradual increase in pay, your lifestyle also improved, you spend a lot more to maintain it, and you have no savings now. 

But these golden handcuffs keep you in that job, and you cannot leave. Your frustration skyrockets, and now you realize these handcuffs are not so golden. But let me tell you why this happens.

First, you are attracted to safety, the safety of regular paychecks. I won’t use the word security because you can lose your job tomorrow. You’ll never be guaranteed to retire from this job with a golden watch. 

The second reason is that the pay you get is not that golden. Self-employed people charge more than what you earn in a job. You can afford to buy expensive meals, but you don’t feel like enjoying them. You can drive a nice car, but you got it just for the job you don’t like. 

The final reason you feel dissatisfied in these golden handcuffs is your benefits. You get health insurance, but not everything is covered. Some companies don’t even pay what they promise to their employees.

Are People Holding You Back? 

The people at your workplace might have a negative impact on your entrepreneurial journey if you’re not aware. Let me show you how to be mindful of this. The workplace environment won’t support your journey for two reasons.

First, the people at your workplace don’t understand entrepreneurship. They are just workers who only know what it means to work hourly or on a salary. As an entrepreneur, you can’t be like them. If you are still reading, it means you want to change this mindset. You will only understand the benefit of networking if you seek a community outside your workplace. 

The second reason is that workers act out of fear for their jobs. The fear of the unknown, failure, and upsetting others. This false sense of security puts the golden handcuffs on their wrists. You must know that even if they support your journey, they can’t advise you properly. 

Therefore, you must seek a community of like-minded people who are entrepreneurs and understand your struggles. Moreover, it helps you find motivation and inspiration from others’ stories and pushes you to improve. This way, you’ll have fun and find friends that’ll change your course forever.

Not Exploring Your Skills 

You can tackle fear only when you seek appropriate knowledge and practice the skill. Avoiding your fears often worsens the situation, and you get stuck in that vicious loop of 9-5. The point is to go beyond the surface and see the underlying fears holding you back. 

There can be multiple fears stopping you from exploring your skills. You might fear your family won’t support you, or you’ll have difficulty paying bills. You might worry about what your co-workers will do if you tell them about your ambitions. You might just be concerned that you’re not the best.

How to Break Free

Breaking free of the golden handcuffs is easier than getting out of real handcuffs. But you need the right strategies to accompany you along the journey. You need three keys. 

The first key is learning, and you need to focus on that in the very beginning. Learn everywhere, including your workplace, books, seminars, courses, or meetups. Learning plays a huge role in your success. It not only educates you but also gives you a motivational push. 

The second key is planning your journey. You can’t just get the knowledge and sit idle waiting for a miracle to happen. You need to focus and plan to get the desired results. Nothing will fall in your lap if you just sit around and don’t take control. Therefore, you must find a way to make a passive income that replaces your job income.  

The first two keys are crucial but won’t unlock the golden handcuffs. So, the third key is executing your plans. Your knowledge and planning will be in vain if you don’t act on them. Execution is also a skill you must learn because entrepreneurs are executors.

Commit 

When you start your journey from an employee to an entrepreneur, the vital element is your commitment. You’ll need it at every step, and commit to taking action along the way. Many people aim big in life, but the ones who succeed have one thing in common: their commitment. 

You need a driving force that propels you forward when faced with challenges and uncertainties. As an entrepreneur, you will face numerous obstacles and setbacks. It could be financial difficulties, market fluctuations, or personal doubts. However, your commitment will be your anchor in the storm. It will remind you why you started this journey in the first place and help you persevere.

Commitment is not just a one-time decision; it’s an ongoing dedication to your vision. It means waking up early, working late, putting in the extra effort to meet deadlines, and continuously learning and adapting. It means sacrificing short-term pleasures for long-term success and staying true to your values and principles.

People are naturally drawn to those who are deeply committed to their missions. It instills trust and confidence in your abilities and the viability of your business. This is how you’ll end up being an excellent entrepreneur.

The Myth of the Big Idea

The most common myth about entrepreneurship is that people believe they need a massive breakthrough. This idea is attractive too, because people like Steve Jobs and Steve Wozniak practically invented the personal computer from their garage—Mark Zuckerberg created Facebook from his dorm room. The story of Uber brought a revolution in the cab industry.

However, there are better approaches to building a sustainable business or becoming an entrepreneur. They are the rarest long shots, and you can’t bet everything on something not already tested.  The reality is that the vast majority of entrepreneurs do not make big bets on wild new ideas. How can you know if you have a good chance of succeeding in a business? 

Whenever you think of doing something, ask yourself, “Is anyone else doing it?” If the answer is no, then it’s a bad sign. If there is no market for your idea, then you have to create a market, which is a massive amount of work. You need to spend thousands of dollars on patents and intellectual property alone. These big, audacious ideas are risky and costly. 

The best business to start will be without any or minimal investment. Competition validates the fact that your idea has a chance of succeeding. The big investors take a risk on novel ideas because waiting for one success out of their 20 investments is okay. But that’s only when you are lucky. 

Until then, you shouldn’t bet on risky ideas with no market. Start something that is already in demand and start doing it better. 

Good Ideas

People always search for that one genius idea and ignore the ideas they already know. A good idea is to focus on what you are good at. But people often underestimate what they are good at because it seems boring and effortless. So, you buy into the big idea myth and wait for the big idea to strike. There are two types of good ideas that you mostly ignore. 

The first is something already within your wheelhouse, aptitude, and skills. Your existing skills might have improved because others thought they had value. It’s also possible that your employer pays you for those skills already. So, it’s better to find out if you can use the same abilities for extra money. You can visit freelance sites like Upwork and find remote jobs related to those skills. 

The second type of viable idea is anything you can commercialize efficiently. In other words, there’s already a market and demand. There are formidable competitors and established pricing. This is a great context that can inform a ton of early decisions.

Go to a conference or a networking event. You’ll be amazed at how much you can learn by hearing what other people are doing.  Your relationship capital is the final valuable asset as an entrepreneur. It consists of all the people you’ve known over the years. Your friends, family, coworkers, clients, vendors, and even connections from your job. These all become important to your future business and might become your first customers, or they’ll refer clients. 

Bad Ideas 

When I work with a new entrepreneur, I need clarification. And why not? There are many important decisions to be made and tasks to be finished. Here are three traits of a bad idea.

First, a bad idea is big and expensive. A good idea needs no or minimal investment, and you don’t have to empty your pockets on it. They don’t require any outside funding and require no investment in education. 

Another trait of a bad idea is they need to be audacious. I want to make a distinction here because I’m big on audacity. The audacity I recommend is the boldness of reaching out to others and asking for help or making an essential connection to an influencer. 

You can ask for the sale to land your first client or offer a counter-proposal during a negotiation. But your business idea should be moderate. You don’t have to be Elon Musk; you’re not building a space shuttle to Mars anytime soon.

Finally, is it unique? If you think nobody has done that before, it means it’s not a tested idea. Many investors with millions of dollars spent on patents are waiting to test novel ideas. So, you don’t have to do what they are doing. Just focus on an idea that’s sustainable and already tested. 

Remember, your sole purpose is to control your time and own your life. So, don’t fall into the pit of genius and sexy ideas. 

Defining Marketability 

You may have heard of the infamous Acre of Diamonds tale. In that story, a man wants to find diamonds so badly that he sells his property and embarks on a worldwide search. The new owner of his home discovers that a rich diamond mine was on the property all along. Similarly, people won’t acknowledge their existing skills and expertise and constantly seek opportunities outside. 

You don’t need outside funding, costly education, or some big idea. I want to challenge you to think differently about your values. You must value yourself based on your knowledge and skills. So how do you do it? Let’s start.

Marketability

First, recognize your marketable skills. Some skills are apparent, so you need to find the strong ones. For example, my father had a strong aptitude for woodwork, and he built cabinets as a business. 

Secondly, you must look closely and find out which skills are professional. I don’t care if you can manage spreadsheets or have the technical knowledge to create an office product. Just recognize what you are good at and use that expertise to get paid. 

Finally, look at the upside of having those skills. So, when you step away from working for someone else and start providing services as a self-employed entrepreneur, you earn more than before. That’s how your existing knowledge becomes your ticket out. 

If you need help identifying your skills, here are some questions to ask yourself. 

If you want an even more straightforward question, imagine someone asking, “At your job, what do you get paid to do?”

Making an Exit Plan

A classic line from Yoda in Star Wars sums up beautifully what’s needed to execute your business planning. “Do or do not; there is no try.” Success and failure are largely the difference between doing and not doing. It sounds obvious, but you’d be surprised how many people overcomplicate this. I want you to consider five questions. 

First, ask yourself where you need to be financially to leave your job. In other words, how much money do you need? Second, ask yourself, when do I want to leap? Here’s the simple math to help you with the first two issues. You need to make $6,000 a month and want to leave in six months. If each new client will net you $1,000 a month, how many customers do you need by that date? 

At $1,000 a month each, you need six clients. If you can gain one new client a month, you’ll be on track. Everything you do will be with this formula in mind. Some consultants might sell their services for $200 an hour, others at $50. Some services have a minimum monthly commitment of a few hours, while others might be ten or even 20 hours a month.

It might be more complex than six clients at $1,000 a month, but whatever it is, you will use that to make your plan. The final question is, what are the actionable steps I need to take between now and that date to get that number of customers? 

Once you know how many clients you need, list the actionable steps. Now, you need to take these steps to get there. Keep it simple. Do or do not; there is no try. After reaching your desired income goal, now is the time to quit your job and focus on the business. 

What Isn’t a Plan? 

Entrepreneurs advise developing a good business plan, yet most startups are started on a napkin. Most plans are meant to raise money, not be practical. So, let me show you how to plan your new business without getting bogged down. Avoid writing a novel and focus on three things. Ask yourself, what can I do today for money? 

Let me give you my example. I quit a $100,000-a-year law practice and charged $180 an hour for my work. If I were still at the law firm, I wouldn’t earn anything near what I did as an entrepreneur. 

Now, who will acquire my services? List the people you know who could introduce you to a future client or be potential clients. Investigate companies that use consultants in your field. 

Companies in your field may engage consultants to do what you do. Your plan’s third and last objective is, how much can I charge? After identifying your market, price your services. To do that, discover your competitors, examine their prices, and determine your market position.

You’ll often want to undercut your competitors, but there are better long-term strategies. You’ll want to identify a niche and become a better specialist to charge more. 

Iteration 

Every business evolves organically. You must iterate, repeat, and be flexible to succeed. I’ll offer you three key points and an example to illustrate. The first thing to remember is that a perfect plan is unnecessary. 

The second important element is that your plan must be realistic and include details, not concepts. Real names of potential clients must be used. Provide real-world examples of your services and prices. You’ll review and change it daily to keep going. Third, your plan should be adaptable and designed with the expectation that it will evolve. 

You’ll need this plan to execute things. Things will change as you grow. Prepare to change fast. Let me give you an example. Say you plan to earn $6000 a month in six months. If you sell your services for $250 an hour and assume your clients need you for two hours each month, you would need 12 clients to be self-sufficient. 

Now, when the plan changes, what happens? An agency offers $150 per hour. If you’re flexible, you can accept this contract at a cheaper fee with a monthly guarantee. This deviates from your initial plan. It may involve distinct clients, work, and fees. It also implies you can instantly quit your job and have a base customer in that agency.

This could change your plan, but being adaptable helped you achieve your aim to become an entrepreneur. Flexible schedules are more likely to yield benefits for you.

New Mentality of Audacity

Audacity, in this context, is a mindset that encourages boldness in reaching out to others. It’s about the courage to ask for help and make influential connections. This audacious mentality challenges the fear of rejection and the comfort of complacency, driving personal and professional growth.

It’s also about taking well-considered risks and learning from setbacks. Embracing audacity doesn’t just transform your own life but can also inspire those around you. It fosters a culture of innovation and determination. It’s a powerful mindset that helps you unlock your full potential and create a future filled with exciting opportunities.

Look for an Unfair Advantage 

Every new entrepreneur must ask this question: What is my unfair advantage? If you can discover your unfair advantage, you can establish a trusted brand and build authority in the market. You can stand out among the competitors and earn more than usual. So, ask yourself, what is my superpower? 

Let me give you an example of an accountant. Larry is an accountant who wants to set up a business around his expertise. Larry hates filing returns and loves setting up QuickBooks for businesses. Now, what can Larry do? He will present himself as a Quickbooks expert. So, now people will see him as an accountant who can make Quickbooks work for small businesses. 

Here’s how you can look for your unfair advantage. First, list everything related to your domain, and don’t leave anything behind. Now, only choose the ones you love doing the most. These particular skills or abilities are your superpowers. 

Become an Expert 

In this era of information, content is the king, and you must present yourself as the master of your skill. Content is the need of every business, and you must create extraordinary content to stand out. You need to achieve two goals through your content. 

The first goal is to drive traffic with a call to action called CTA. The second goal is to frame your expertise in the list of your unfair advantages. Let’s take Larry’s example. So, if Larry wants to present himself as an expert entrepreneur, he will first create content. He will present himself as “Larry, The Quickbooks Guy for Small Businesses.”  

Then, you must distribute the content on multiple spaces like Instagram, Twitter, or Linkedin. You can also be visible on Quora and answer the questions in your field. The other approach is to write articles on high-traffic sites like Medium. 

Become Unique

This point will genuinely accompany you when you go out there to seek projects. Uniqueness is something that sets you apart from everyone. 

Leonardo Di Vinci was an extraordinary painter, and everyone knows him for his painting of the Mona Lisa. No matter how many painters come and go, the Mona Lisa will still belong to Di Vinci because no one can copy it. So, you need to be unique in your area of expertise to build authority and be a trusted brand. 

Get Your House In Order

The transition from employee to entrepreneur is exciting. But you need a solid basis before jumping in. For some time, you’ll feel stuck in two jobs. It’s because you are making an effort in both places. But let me tell you that it’s worth it. 

Focus on your finances first, create a detailed budget, track your costs, and develop an emergency fund. Market research and a solid business plan will get you there. Understand your target market and industry trends, research your product or service, analyze your competition, and protect your finances. Identify skill gaps and take relevant courses to improve.

Keep your body and mind healthy to ride the entrepreneurial roller coaster. Networking with industry peers and building a support system can provide insights and emotional support.

Entrepreneurship entails learning from mistakes, so have a growth mentality and take chances. You can confidently shift from employee to entrepreneur and achieve your goals with careful preparation on those three fronts. Remember, the route is challenging, but a solid foundation increases your chances of success.

Monetary Concerns

Money is the most common concern I hear when starting a new venture. Remember, don’t be fooled by the idea that you need a lot of money to make a lot. 

These concerns are genuine because you are trained in an illusion of safety. The regular paychecks are easy to manage, and the idea of your own business is alien to you. But don’t worry! You can tackle this issue and avoid money concerns. 

How to Avoid Them

There are five mind shifts to keep your business lean and not fail due to lack of money. Firstly, review your plan from an expense perspective. Big businesses do this daily and plan things accordingly. They create a budget, manage their expenses, and avoid financial catastrophe. 

Be creative and look honestly at your numbers. You will notice that you need very little investment to reach a point that matches your current income. Let’s say you’re at a job paying you $6000 monthly. And you believe your ideal exit point is when the venture reaches that level. You can likely survive on less than six grand a month if you tweak your expenses. 

In addition, while you’re launching, you can pause your usual IRA or 401K contributions, which helps save cash flow. On the flip side, you may need to buy health insurance that your current employer covers.

Realize entrepreneurs get tax savings that others don’t. You’ll get to write off some of your rent, mortgage, car mileage, and half of your business meals. You can also get a write-off on certain tech expenses; these add up fast. 

You need to understand that you are not opening a restaurant that requires heavy investment. You are just building a business on your skills, so it requires minimal investment. 

Now, let’s move to the final mind shift about money. Don’t take every dollar you make and reinvest that into your business. Instead, pay yourself and set aside just enough money for the necessary expenses. Use these perspectives to build a sustainable business that doesn’t go bankrupt.

Setting Your Price 

Now, let’s move to the good part. You might have difficulty pricing, so let me guide you through this. Pricing has no hard and fast rule, and it varies. However, there are typically two ways to determine your pricing. 

The first is to determine an hourly rate. You can set your hourly rate by weighing your costs and expenses versus the salary that you’d like to earn.  If you’re quitting your job to start a business, begin with an hourly rate of about two to three times what you currently earn.

The second method is to charge per project. For such pricing, you can multiply your hourly rate by the required hours in a project. Pricing per project has pros and cons. It is fruitful in a scenario when you can provide more value, and you can do it quickly. However, sometimes, you invest more time than expected, which might backfire. 

The bottom line is you need to determine your value as an entrepreneur. Research the market and set a viable rate. 

Know Where to Spend 

At this point, you are running a business built on skills. So, you are doing exactly what you did earlier but earning a bit more. Now, you need to manage your finances and create a budget. 

You can find inexpensive coverage with higher deductibles and less-than-desirable co-pays. Keep in mind you can always upgrade your insurance later. 

Managing your finances plays a vital role in your success. Don’t try to keep up with the Joneses and buy luxuries that aren’t necessary. If you have extra savings, you can grow your business with it. But only when you meet your needs first. 

Networking

Networking seems complicated, and it’s awkward and no fun when it’s done wrong. Let me give you the tools to network quickly and head to events with a new, effective perspective. First, attend entrepreneurial networking events even if you’re still at your nine-to-five job. You’ll build relationship capital and develop skills that every entrepreneur needs. 

Next, you must build those connections by being curious and asking questions. People love talking about themselves, and if you’re a generous listener, you’ll create a bond quickly. Another tip is to stop viewing people as commodities. You want to connect, not sell. 

And here’s another way to be a great networker: be a problem solver. Think of resources that could help the person you just met. Help them as much as possible without thinking about how it might benefit you. Finally, I want to address one of the most common roadblocks people have to network. It’s about extroverts and introverts. 

Networking is a learned skill, so it doesn’t matter if you’re an introvert. I understand introverts; like many people, I’m both an intro and an extrovert, an ambivert. And look, networking might take some work even if you’re an extrovert. Understand that your personality type is neither an advantage nor a disadvantage. Get out there and network; you will amaze yourself with the opportunities.

Meetups and Events 

Success in networking doesn’t come by itself. You need a solid game plan if you want to have genuine connections as an entrepreneur. You must choose the events and meetups that are most suitable for you. You can also use a social connection site called meetup.com. Look for more than one group there and connect with like-minded people. Let me give you some tips to network.

Building Your Network 

Attending networking events is a part of your entrepreneurial journey. But it’s more fun and advantageous to create your network. Ten years ago, my buddy and I decided to host an event that was casual and suited us. So, we began with a short email list and invited a couple dozen colleagues to a pay-your-own-way dinner meetup. 

It was informal; just show up, share what you’re up to, and ask questions, and it worked. Today, that group has over 200 members in San Diego alone. Also, a lot of business has been done between the members, and everyone benefits from the connections. We don’t charge a fee or make any money on these events, but we have expanded our relationship capital. It has paid off in big dividends.

Steps to Build a Network

You can also do it; just gather some people you think benefit from knowing each other. Two dozen is a nice number to aim for at first. Now, here are six steps you can take to make this happen. 

Marketing Yourself

Getting your first customer is always a landmark for a business. An entrepreneur mainly recognizes his first customer by name. For that, you need to market your services and present yourself as an expert in your domain. You can get your first customer in these three ways. 

Moreover, you need to market your business on multiple platforms. Let’s discuss them in detail. 

Blogging 

In contrast to popular belief, blogging isn’t dead and is still a crucial part of awareness. It’s a fantastic tool to promote your business and deliver valuable insights regarding your expertise. Through blogging, you can connect to your audience without demanding anything. 

Blogging gives you access to millions of users and helps you build an audience as an entrepreneur. You can build authority, and people consider you an expert in the field when you publish consistently. It also enables you to increase engagement, build rapport, and educate others. 

Blogs have a resource box at the end of your article, which allows you to link directly to anything. You can market your services there. But make sure you stay consistent, otherwise, it won’t work.

Podcasting 

The podcast is rising both as a business and for marketing your venture. Starting a podcast is relatively easy, but first, ask yourself whether it will be worth it. If you ask me, I suggest only appearing as a podcast guest. It builds authority, presents you as an expert, and promotes your business. 

The mere appearance on a podcast shows you as a credible person on a subject. Appearing on one podcast can open doors for you to appear on many, and this effect continues. You attract an audience and then pitch your business or website in between the conversations. 

Now, how can you appear on a podcast? By using your connections, see if anyone in your connection is hosting a podcast. The second way is to open iTunes, look for a podcast in your domain, and pitch it. So, the podcast is also an excellent way to promote your business. 

Third-Party Writing 

If you want to grow your audience, third-party writing is excellent. You may be aware of the prominent publications with a big audience. They often want articles for their website and don’t have the time to write independently. You can use it by writing a value-providing article in your domain and publishing it on their website. 

It benefits you in two ways. First, you will spread awareness about your venture in your article. The primary benefit is that when you publish a blog on a famous website, and readers come to read it, they’ll also visit your website. As a result, your website ranking will improve due to keywords and SEO. Here’s how you can approach the marketing managers. 

First, research a famous blog in your domain and find a topic on which you can provide value. Now, reach out to the owners or managers to finalize the topic and get started. Don’t add links to your pitching content because you must make the person believe you add value to their blogs. Once your article is finalized, you can rest and see the audience coming in. 

Social Media 

In this era of technology, social media is a mixed bag. It can positively impact your business. But it can waste your time if you don’t know how to use it correctly. Social presence is necessary for every business. But make sure you choose the right platform.

The most lucrative platform for an entrepreneur is Linkedin, where you can connect with people. You can share your experiences and network with like-minded people. On LinkedIn, you can also find your prospects by either getting inbound leads through content or outbound leads through pitching. 

Facebook is awesome in reaching a massive audience, but it’s not as commercialized as LinkedIn. Twitter is great for building authority, where you can use limited words to convey your message. Instagram can also be used to market your product or service. 

Advertising

Sometimes, ads are the fastest way to scale your business. Set up an ad and get traffic on your website in 15 minutes. 

You can use the Facebook ad manager to run inexpensive ads. First, contact the ad manager and target specific people you want to reach. Enter their demographics or let Facebook automatically decide. But targeted ads work the best. 

You must set up a daily budget of $10 and determine the results. If your ads are fruitful, you can run multiple ad sets with a high budget and grow your business. 

Your Business and You

At this point, you have pretty much covered all the vital concepts in your journey from an employee to an entrepreneur. Now, you have a business where you are the owner, and you control your time. However, there is still much to do. You must grow your business and start thinking about improving yourself and your venture. 

You need to learn, plan, and execute the path ahead to reach where you dream. That requires resilience, patience, and consistency. So, let’s move towards the final concepts of your journey. 

Scalability 

Scaling your business is the next path. If you are running a sustainable business and earning enough to match your previous salary from your job, it’s time to explore and seek new opportunities. 

As an entrepreneur and you control your time, now is the time when you can scale your business by learning other skills. Your learning mustn’t stop. When you achieve one goal, move towards another and keep on improving yourself. 

Learn the related skills that might help you earn more from the same business. Let’s say you are a copywriter; you can start learning SEO and pitch it to your existing clients to make more money. That’s how you scale.

Investing Your Time 

Moving from an employee to an entrepreneur means replacing your job income with the one from your business. Let’s explain how you can pay yourself in that time to manage expenses as well as pay toward business growth. New entrepreneurs mostly make one of these two mistakes. 

One is they might reinvest all the income coming from their business and don’t pay themselves. Another one is they might take all the savings and have nothing left to reinvest in the business. In the beginning, when doing business along with your job, you must put aside all the income from the business to save. 

After reaching your business’s same income threshold, you can take 80% for expenses and 20% for reinvestment to grow the business. It often includes advertising, marketing, trade shows, sponsorship, and other resources. 

Refrain from spending on luxuries that you don’t need. You will notice that the saved income from the early years can significantly impact your growth as an entrepreneur. 

Minimum Viable Product

As you know, most startups fail, but you don’t know that you can prevent them from failing. It’s through a concept called Minimum Viable Product or MVP. It’s a concept called lean entrepreneurship, made famous years ago by author Eric Ries in his book “The Lean Startup.” Since then, many industries have embraced this concept and become successful. 

So, the idea is simple. You don’t need to spend millions of dollars on a product about which you have no data. Instead, you invest a small amount to create an MVP of a small size. If the MVP works, you can move ahead towards the main product.

It’s the same as your concept of moving out of your job. You don’t quit completely and overinvest from day one into the business. You move gradually and assess how the market responds to you. 

Learn What You Don’t Know 

The biggest liability for an entrepreneur is not having the knowledge you require but don’t have. When you know that your knowledge is just the tip of the iceberg, you’ll take the plunge and continue learning. 

Here are some of my favorite books that you must read as well. “E-Myth” by Michael Gerber. “Good to Great” by Jim Collins. Two classics that also greatly impacted me were “Rich Dad, Poor Dad” and “Think and Grow Rich.” A lesser-known book I liked very much was “The Richest Man in Babylon” by George S. Clason.

To improve daily as an entrepreneur, you must commit to learning. It means replacing all the content you consume now with the one that helps you grow. Make your social media feed business relevant, cut out your movies to learn new stuff, and start reading business books. Soon, you’ll notice the changes in yourself, and you’ll complete the journey from an employee to an entrepreneur. 

That’s All

If you liked this article, have requests for more, or have any questions, please comment or contact me at hello@danarobinson.com. Subscribe to my weekly newsletter at www.danarobinson.com for updates on all of my content and special promotions. 

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