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Going from Employee to Entrepreneur: The Mindset Shift

September 19, 2016 by Lidiya K 2,066 Comments

Some of the most inspiring success stories out there are of people who left their corporate job after doing something they didn’t like for most of their life and being part of the system, just to do what they love, move to another place or work remotely while traveling the world.

All that is possible. You can create a lifestyle business. Starting something on the side first until you begin making money from it, and doing it only with the help of your laptop, is a sure way to design the life of your dreams and have all the time and freedom you’ve always dreamt about.

But there’s a mindset shift that goes together with this.

Some people become business owners, but in their head they are still employees. If they don’t have a strategy, if they don’t solve a real problem with their product or service and care about what they do, they just end up creating another job for themselves.

They still work long hours, deal with clients they don’t like, can’t delegate or automate things and thus can’t take a vacation anytime they want to.

The journey from an employee to entrepreneur starts on the inside first. You need to make the mental shift early on, to start creating systems that will one day replace you and still give you revenue, to become your own boss and know how you’ll manage your time once you have all of it for yourself.

So here are some tips on how to stop thinking like an employee:

Get clear about what you want

An awful thing is to work hard for years to create a business, just to realize that you aren’t ready or it’s not something you truly want.

Once you become an entrepreneur, you’ll have more responsibilities than ever. In the beginning, you’ll have to work more than the average, to go the extra mile every single day, to give it at least a year until you can see results.

Not everyone’s patient or strong enough for that. Some just prefer the illusion of security a 9 to 5 job gives.

So make sure you’re willing to make sacrifices for some time before you enjoy the benefits of working for yourself and being independent.

If you’re looking for inspiration and practical tips, check out this guide on how one woman left her 6-figure corporate job to pursue a better lifestyle. Inside you’ll also find 5 worksheets and 25 useful tools to get you started.

Overcome the mental barriers

A mindset shift requires you to get rid of the doubts. You must believe in yourself to such an extent that you should find the willpower to take action in the right direction every day.

Fear also gets in the way. It stops you from even giving something a try.

Work on letting go of these. Build momentum by defining why you want to change your life and become an entrepreneur and always keep this why in mind.

Find your niche

Don’t just start anything that seems profitable, choose a field you’re passionate about. That’s when you’ll do your best work, create products that make a difference and never get bored.

Define what you love doing, think about the things you’re good at and combine all this with what people are willing to pay for.

The Ultimate Guide to Uncover Your Passion and Create a Profit will help you find your true calling and turn it into your career.

Check out what competitors in the same niche are doing and what are the success factors. Make sure there’s a market for that, you don’t want to end up building something no one needs.

Do it on the side first

Start doing this long before you quit your job. Research takes time. First of all, get familiar with all the possible ways to make money from the Internet. That too is part of the mindset shift as you expand your horizons.

See what grabs your interest, what digital skills you’re willing to learn and how you can combine all that and turn it into something profitable.

You can also be a freelancer and still be your own boss, even if you don’t actually run a big business anytime soon.

If you’re a lawyer, writer, teacher, parent, or anything else, you already have experience and knowledge to share with people online. You just need the right medium for you. It may be video, creating courses, self-publishing eBooks on Amazon, having a podcast, running a blog, or else.

You’ll be slowly building your portfolio for some time and finding your first clients on sites that connect freelancers with employers. Once you begin making a decent income, feel free to quit your job and never look back again.

Create your personal brand

You’ll constantly be improving your skills, connecting with people, improving your online presence, networking and building relationships and growing your business. You can have a brand strategist like Brittney Fells help you along the way.

Becoming a lifelong learner is another part of the mindset shift that you’ll be making before you transform your current lifestyle.

Develop the habit of taking little actions a few times throughout the day that will help you build a name for yourself online.

What about you? What’s stopping you from making the mindset shift and starting to think like a boss?

Check out the preferred partners here at Womeneur for more inspiration or advice on anything biz-related from social media management and personal branding to copywriting and running your business successfully.

Filed Under: Business Tagged With: action, business owner, business plan, entrepreneur, female business owner, female entrepreneur, new business

Funding Options For Small Business Owners

August 27, 2015 by Lindsey Brutus 207 Comments

sphillips.com

So you’ve decided that you want to start your own business. You’ve built your business plan, including revenue projections. What’s the next step? Funding. How exactly are you going to start this business, especially if you do not have all of the capital to get going? Acquiring a loan from the bank is not always the easiest option, but thankfully, it is not the only option. Below are a few options to get your business up and running.

1. Grants
Government grants are a great option because they are not required to be paid back. However, there are a few downsides. Grants usually come with stipulations, such as strict application requirements and periodic updates on the status of your business. Entrepreneur’s 11 Grants for Women-Owned Businesses You Need to Know About is definitely worth a read.
2. Online Lending
This is quickly becoming another way to receiving business loans. The biggest advantage is they are much faster than the typical bank loan process. A few sites gaining popularity are OnDeck and Kabbage, which are both rated A+ with the Better Business Bureau (BBB).

3. Crowdfunding
Within the past couple of years this option has become a popular way to raise money for anything from help with medical bills to college tuition. Sites such as Kickstarter and GoFundMe allow users to pool from multiple potential investors. There are regulations on some platforms, such as the site keeping a percentage of earnings.

4. Friends and Family 
The age-old way of getting a loan is still very effective. Lenders only invest in businesses they believe in, partially because they trust the founder. This option allows for more flexibility with matters such as length of repayment and interest rates. As long as you show your loved ones how serious and dedicated you are by having a strong business plan, it’s worth it asking them to invest in you.

The best way to find funding to jump-start your business is to do research. A great tool is Fundera. It allows users to compare a list of lenders based off of the information they entered about their business. Another great way to do research is to ask other entrepreneurs with a currently running business for advice; they were once in your shoes and will most likely provide great financial pointers.

Filed Under: Business Tagged With: business plan, crowdfunding, funding, grant, loan, money, new business, small business

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