5 Rules to Follow When Leaving a 9-5 to become an Entrepreneur

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Did you do it yet? Or, have you already done it? You know what I’m talking about -- quit your 9-5 and become a full-time entrepreneur.  I know the concept of going into the unknown of running your own business could be scary, , but if you start with doing these 5 tips I listed below you will be on a path for success

1.     Connect with other high performing entrepreneurs.   We usually perform better when we have accountability. You just want to make sure the people to whom you are accountable are performing on a high level. This will give you a support system while running your business.  

2.     Change your mindset. To own your own business, you must think differently than the traditional W-2 worker. You are now in charge of making sure you, and eventually others are kept on even keel when faced with challenges (because they will come). One way to change your mindset is to read informative books such as Think and Grow Rich by Napoleon Hill.  This entrepreneurship classic is guaranteed to change your mindset!

3.     Purchase disability insurance. This is a lesson I learned the hard way after not being able to work for months due to a car accident. According to USA Today Money, 1 in 4 people will become disabled. It is also a very widely known fact that medical bills are contributors to most bankruptcies.  Don’t let this be you! And, using your retirement is not an option. True disability coverage in most cases is not available to a new entrepreneur when just starting out, but there are life insurance policies that will provide a death benefit and disability, and/or critical illness (cancer, heart attack, stroke) coverage. Remember, you are now part of the “If I don’t work, I don’t get paid club”.

4.     Set limits. Once people know that you are now working for yourself it is very easy for them to interpret that as, you now have a lot of “free” time for long lunches, lengthy phone conversations, daytime shopping trips, and other leisurely activities.  Let them know your daily schedule and ask them to respect it.  If they care about you, it won’t be a problem :-).

5.     Make a daily schedule. For a long time, I was not as effective as I could have been because I did not know what to do with my time. In the beginning you should focus 90% of your time on 3 things: getting in front of customers (generating leads), getting in front of new customers (pitching your product or service), and learning how to get more customers (reading books, webinars etc.).  If you are doing anything other than these activities, your results will seem negligible!

Would you like to learn more about your insurance options as an entrepreneur?  Feel free to contact me, Melissa Hall at hello@coveredbymel.com.

Notes:

#3 probably needs a footnote. Also, this sentence needs more work:  “It is also a very widely known fact that medical bills are contributors to most bankruptcies”.

#5.   Your results will seem negligible if you are doing anything other than these activities. (suggested for sentence structure; however, I understand wanting to end the sentence with the word ‘negligible’. 😊