Are you one of the many SME owners who launched their business ‘on the side’ while continuing in a separate full time job? If so, yours was a great strategy for getting started because it meant that money was coming and you were able to fund the set up and development of your new business.
However, if you want to develop your business into your main line of work there comes a time when you have to step fully into your business and be 100% committed to it. We call it the tipping point – Here are some signs that you’ve reached the tipping point:
Side Business – Signs of reaching tipping point
1. The medium to long term earnings potential in the side business is greater than your salary – you can substantiate this with robust projections not just blind optimism.
2. You have a genuine fear (backed by research) that if you don’t take the opportunity someone else will and you will regret your lack of action for the rest of your life.
3. If you were to take two weeks off your full time job you are very confident that you could fill the time with work tasks for your side business (other than meetings) and that money would come in to your business bank account.
4. You have a real need to recruit a team in the short term and have spoken to potential candidates.
5. You have enough funds (the biggest problem for start ups) to cover the business overhead for 2 years. Sounds like a lot but you need to give yourself a very good chance of survival. Have you worked out what this figure equates to for your business? If you have and you have that amount yourself or via funding sources – you may just be ready.
If you are not sure whether you should commit yourself fully to your side business we would be happy to offer you an objective opinion on your business and sector – if you do decide to go ahead we can help you plan for growth.
Feel free to give us a call on 0845 2264247 or drop us an email via mail@marketingfundamentals.org.uk
We hope you find this information useful.We are a leading Marketing Agency in London.
Kind regards,
Marketing Fundamentals Team
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