What I did to prepare before taking the leap!

[Easton Hill]

I think an underrated aspect of success in Entrepreneurship is your personal financial position!

Hear me out:

Before I decided to chase my dream of full-time entrepreneurship I did a few things that made my journey as an Entrepreneur much easier

1. I bought a house with my stable W-2 job income

--> buying a house with a large mortgage would be totally out of the question for me currently and most likely won't be a possibility for another 2-3 years assuming all goes well! Banks hate instability!

2. I reduced my lifestyle expenses to where I could live decently on $1200-1750 a month (rented rooms in my house, paid off my car, stopped eating out, paid off my phone, etc.) This led to me . . .

3. Saving 6k for an emergency fund (2-4 months lifestyle expense)

4. Saving an additional 20k for a business fund

5. Pre-bought restaurant gift cards; paid phone, insurance, and HOA bills for the year; changed my cars oil, belts, tires, etc;

6. Used my healthcare (provided by my employer) and did a round of medical visits, knowing it would be a while before having medical insurance again!

7. Then I quit my W-2 job

Since I only needed $1200-1750 a month ($300-500 a week) I knew that there were tons of ways to make that kind of money until I got a business going enough to be able to pay me that much (took about 6 months)

All of this put me in a position where I could go at my own pace as I figured out what type of business I wanted to be in, how to start that business, and how best to grow!

It's only been once that I really freaked out about money and that was my own fault for taking a spontaneous vacation and not working for a week (although it was great fun!)

I know some people can start a business with personal debts, 3 kids, and a full-time job, but not me! I knew that I needed to have my personal money life sorted out first before taking the leap!

So if you're considering entrepreneurship (full-time) get your personal financial life in order, then start building!