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When Should You Raise Your Prices?

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For many business owners, coming up with a pricing strategy was a challenge in the first place. Now, you’ve been in operation a few years and it may be time to raise your prices, but the anxiety is back.

You fear that if you increase the cost of the product too quickly, customers will go elsewhere. But leaving your prices low without adjustments for inflation, cost of living, overhead, or other variables that affect your expenses, you could run yourself right out of business.

Here’s how to tell if it’s time to raise your prices.

Your Close Rate Is High

If a customer conversion rate is over 80%, you probably have prices that are too low. Ideally, your close rate should be in between 75% and 80%. If the conversion rate is in this range, you may want to check over your prices and see if you should increase them.

Of course, if you have an exceptional product that caught the attention of customers quickly, you may find that you have a higher conversion rate after raising prices. Sometimes, products that are too cheap can be a turn off to consumers – they assume there’s a reason they’re so cheap.

You Haven’t Raised Prices

If you haven’t raised prices in years, or you’ve never raised prices, now is the time. Often, business owners are afraid to raise prices at this point because they believe loyal customers will turn away.

Keep in mind that prices have very little impact on demand, so the demand won’t go anywhere. Sure, some customers may not be happy about the prices going up, but most will support you. A modest increase in price isn’t going to deter anyone.

You’ve Received Competitive Reviews

Whether we like it or not, our competitors’ prices influence our prices and how much the market will bear. You can use this same information to determine when it’s time to raise prices (and by how much).

Check out the prices that competitors are charging for comparable products and use that to inform your new pricing strategy. But don’t let the market dictate your pricing. If you’re the more expensive of the brands, your opportunity to come out ahead is in marketing your product for value or quality, rather than as the bargain.

Tips for Raising Prices

If you’ve determined that raising prices is a good decision, you can soften the blow by approaching pricing incrementally. Instead of doubling your price overnight, raise your prices by the appropriate amount. Consider how much of the price affects budget and how much leeway you have to add to the price.

Another option is to “grandfather” old clients in. With this method, you’ll keep the prices the same for your old customers and only raise prices for the new ones.

Boost Your Profits with Accurate Pricing

Pricing your products or services is always difficult. If you’re looking to raise prices, make sure to be transparent with customers to explain the reasons behind the price increase.

Could you use guidance to achieve your business goals? Work with business coach Allison directly!

The Definitive Guide to Defining Your Why

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All organizations understand what they do and how they do it, but how many really understand why they do it?

The “what” is easy – it’s the products or services a business offers. The “how” is pretty easy too, since we know how we provide these products or services and what makes them unique.

But few can articulate the “why” of it all – why they do what they do, or what is the purpose or belief that drives them. It’s what inspires them to take action, and by extension, inspires others to take action.

Start With Why

The concept of finding “why” became popular after Simon Sinek’s famous Ted Talk, “Start With Why.”

In the talk and his best-selling book, Sinek explains how the world’s greatest leaders inspire themselves and others to take action or champion a cause.

They do it by defining their purpose – sharing their “why” – before discussing anything else. It’s how they captivate, sell, and lead.

How to Find Your “Why”

The “why” statement is the most effective way to articulate your why, or your purpose, to yourself and others.

It should be:

  • – Simple and clear
  • – Focused on others
  • – Actionable

The “why” statement should encompass all of the qualities mentioned, all in a single sentence. You also want your statement to be evergreen, so it can apply to anything you do professionally or personally.

Essentially, your “why” statement is a statement of your value as much as why your social network loves you. Your professional and personal “whys” aren’t different. It’s not a separate concept, product, or service – it’s the underlying force that informs all that you do.

Once you have this statement, it can become a point of reference for all your future actions and decisions. You can set goals, measure your progress, and know when you’re on track.

Here are some exercises to help:

Identify What You Do to Make Others’ Lives Better

This applies both personally and professionally. Consider all the ways you work to make others’ lives better, whether it’s through your work, your business, or your personal endeavors. Solving a problem, volunteering, or donating all contribute to your sense of purpose.

Consider Your Values

Your values are your personal code of conduct. They’re the core beliefs that motivate your actions, behaviors, and interactions with others and the world.

Evaluate Your Motivations

Your motivations are the reasons you have for acting or behaving in a certain way. They’re what gets you excited to work or perform without external pressure from others. They satisfy you.

Think About Your Passions

Your passions extended beyond interests. They’re the things that push you and leave you wanting more. Bordering on obsessions, they’re the things you want to experience more, that you can’t stop thinking about.

These are a good starting point for the next step – self experimentation.

Conduct Self Experiments

There’s no better way to learn about yourself than with experimentation. You can develop your self-awareness, challenge your assumptions, and gain a deeper insight into yourself and your behavioral patterns.

Here are some ways to challenge yourself:

Track Your Thoughts

A daily writing habit is good for a lot of reasons, but among them is improved self-awareness. You don’t need to write everything down, but tracking your most prominent thoughts will reveal patterns that can show you your passions or your “why.”

Describe Your Perfect Workday

The goal of this exercise is to determine how you want to spend your time while working, not enjoying your family or your hobbies. You have to have some clarity of your “why,” even subconsciously, and this exercise can reveal it.

Be as detailed as possible and think about what hours you want to work, where you want to work, and how you want to work. Who are your coworkers? Are you working alone? What tasks would you be working on?

And do you ever imagine a day in which you wouldn’t want to go into work, if this was your day-to-day experience?

Once this is finished, ask yourself “why” again and see if it comes to mind.

Evaluate Your Career

Think about your career, going back as far as you wish, and consider:

  • – The reason you sought or took the jobs you’ve had
  • – The reasons you’ve left jobs
  • – Your most rewarding accomplishments
  • – The compliments you’ve received about your work skills or ethic
  • – The times you felt most productive
  • – Your favorite tasks to do
  • – Your least favorite tasks to do

 

When you have this fleshed out, read it out loud and consider your “why” again.

Ask Your Trusted Friends or Family Members

Introspection and self-awareness aren’t always easy for people. We’d likely be surprised if we knew how others perceive us, vs. how we see ourselves.

You can use this to your advantage by asking your trusted friends and family members questions to help you find your purpose. Remember, don’t ask them what they think your “why” is – no one can answer that but you. Your trusted friends and family are only here to reveal the patterns you may not recognize yourself.

Ask what they think your strengths and weaknesses are, what seems to be your greatest passion, or what gets you most excited as far as your career or work goes. Only you can determine your “why,” but having some insights into the way others see you and your passion can go a long way toward helping you discover it.

Ask Yourself

With all these exercises, you have a lot more information about your own drive, motivators, and purpose than you did before. Dive a little deeper by asking these questions:

  • – Is there a problem that always moves you to action?
  • – Is there a certain type of work that would fulfill or satisfy you?
  • – What gets you excited?
  • – What aspect of your career has been consistently positive across all of your work experiences?
  • – What work feels easy to you, but pushes you to seek out more information?

 

Drafting Your “Why”

You’ve done a lot of introspection and asking the tough questions, so now it’s time to put it to use.

Why do you do what you do?

To [contribution] so that [impact]

Sinek’s very own is:

“To inspire people to do the things that inspire them so that, together, we can change our world.”

Mine is:

[insert]

Discover Why You Do What You Do

Whether it’s an organizational “why” or an individual “why,” finding your why is a powerful tool to bring your aspirations and actions together to achieve your goals.

Need some help finding your why? Work with Allison directly! 

When Can You Consider Yourself a CEO?

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When is a founder considered a CEO? Is it when they start getting a certain number of profits or employees? When do they take on the role and responsibilities of a CEO?

By definition, a CEO is the highest-ranking executive in a company and the point of communication between the board of directors and operations. Typically, the CEO is the final decision-maker in the company and must only report to the board of directors.

This is all true of large corporations, but what about smaller businesses? What if you don’t have a board of directors or other executives?

Plenty of owner/operators or founders call themselves a CEO interchangeably, but is this accurate? At what point are you qualified to call yourself a CEO?

What Makes a CEO?

Legally, yes, you can call yourself a CEO or anything else you like. You’re the majority owner of the business. But calling yourself a CEO and actually being a CEO are quite different.

CEOs have a lot of responsibilities they undertake each day, and their decisions can have a profound impact on a company or its employees. They work up to that position by taking on different management or leadership roles. Perhaps they undergo executive training programs or mentorships within the company.

Yes, you do run a business. But running a business for yourself and running a large corporate with many moving parts and a number of stakeholders to answer to is a big step up.

Furthermore, calling yourself a CEO as a small business owner doesn’t boost your credibility. When it comes to investors, it could even hurt your chances. It’s not only an ego issue, but a concern for how seriously you’ll be taking your business.

Very few people are qualified to be a CEO simply because they founded a company. Investors will realize the title is only a temporary or ego-driven one, and that as your company grows, you’ll need to hire an experienced CEO.

Requirements of a CEO

Though courses are available for executive training, CEOs usually earn their qualifications and position with extensive experience in:

  • – Marketing
  • – Sales
  • – Finance
  • – Operations
  • – Product development
  • – Management
  • – Leadership
  • – Recruiting
  • – Strategy
  • – Accounting

 

This isn’t a background that can be gained with a college course. The experience is gained by doing the work and learning along the way.

And these are just skills. It doesn’t even include the other qualities you need, such as commitment, integrity, and motivation.

As your business scales, you may need to appoint a CEO and other leaders. You could also appoint yourself, but you don’t know what you don’t know.

Scale Your Business

Building a substantial company requires an experienced team to help it reach success. Simply calling yourself a CEO doesn’t give you the skill set or qualifications, and if you don’t have other leaders to help, you’re only hurting your own success.

Looking for executive coaching? Work with Allison directly to gain the skills you need!

5 Ways to Bolster Your LinkedIn Presence Today

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LinkedIn is an excellent channel to build your personal brand and establish yourself as a thought leader in a network of professionals. Gaining traction on LinkedIn isn’t easy, however. You need to understand how it works, how to work with its tools, and what type of content generates the best response.

1. Post Consistently

Consistent posting is the single most important aspect of success on LinkedIn. Posting too often can harm your presence and makes your followers feel bombarded with your content. Likewise, posting too infrequently can get your posts lost in the newsfeed.

Ideally, post two or three times a week, and no more than once a day. Depending on your audience, you may get more engagement if you post in the morning instead of the afternoon or evening. Be sure to research your followers to see when they’re most active.

2. Share Visual Content

LinkedIn may not be TikTok or Instagram, but it still thrives on visual content. Research suggests that articles with images receive up to 94% more views than text posts. And it’s not just images – you can try videos, slide shows, or infographics to capture the attention of followers.

3. Support Your Fellow Professionals

Don’t just share your own content. According to the 4-1-1 Rule, for every post that’s your own, you should repost one relevant post and share four pieces of relevant content written by others. When you follow this rule, you’re providing helpful, industry-relevant insights for your audience and supporting your fellow business owners.

Another benefit is that sharing a post also shares your opinion. No industry is without its controversy or differing opinions. When you share content you like, you’re subtly providing your opinion on a topic. If you wish, add your own caption to expand on the topic and offer your own insights.

4. Don’t Be Salesy

The point of getting on social media is to promote yourself, but that doesn’t mean you need to turn into a pushy used car salesman. You’re there to provide value to your community, first and foremost.

For example, avoid posting directly about your business, products, or services. This just comes off as blatant promotion and may turn people off. 

Before you can self-promote, you have to engage in valuable discussions with your community and share information that may be interesting to them. If you make an impact, that can drive people to visit your website and your products.

5. Create Specific Content

If you’re active on social media, there’s a good chance you have followers on just about every platform. Instead of having them see the same things on all your social accounts, create specific content just for LinkedIn.

This is the perfect platform for it as well. You may have customers as followers on LinkedIn, but you probably also have a number of industry professionals on your page that you can update and share insights with.

Get Your Business on LinkedIn

LinkedIn is only growing in popularity and becoming an increasingly powerful platform. If you’re not on LinkedIn yet, or you’re struggling to boost your activity, use these tips to attract and engage followers.

Looking for guidance in marketing or scaling your business? Work with Allison directly to develop the skills you need to succeed with your business!

How to Start Speaking at Conferences as a Business Owner

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As your business grows and you establish yourself as a thought leader in your industry, you’ll have more opportunities to get up in front of an audience and share your wisdom. Whether a keynote or a panel with peers, speaking at conferences and trade events is a great way to promote your business and boost your exposure.

It can still be a challenge to find the right speaking opportunities, however. Here are some tips to get the ball rolling.

Be Specific

If you’re thinking that you just “want to start speaking,” that’s not enough. You should know the types of venues and audiences you want to speak to.

Do you want a small venue and audience with industry people? Would you prefer to speak locally at conferences? Are you looking for an audience of college students and young entrepreneurs or established business professionals?

As you can see, there’s a wide variety of speaking opportunities to consider. Narrow your focus to start and look for opportunities that meet your criteria. Once you’re specific, finding the ideal venues will become much easier.

Search for Speaking Opportunities

The internet can be useful for finding speaking engagements. You can search by location, event, or venue to find the right fit. You should also follow speakers and events on Facebook, LinkedIn, and Twitter to find new avenues for events that may be of interest.

Here’s where being specific helps. Instead of searching for “speaking opportunities,” which will get you nowhere, you can search for specific events like “veterinary conferences,” “food and beverage conferences,” and ”automotive trade show.” Make a list of the events that you may want to pitch for later.

Create Your List

In a document on your computer or phone, create a list of possible events and conferences that you can pitch. Be sure to include links, dates, and contact information for each one.

Until you become a major name in your industry, it’s unlikely that anyone will approach you with speaking opportunities. You’re going to have to make your own luck and find the right events. Remember, some of these events book months in advance, so make sure you pay attention to the timeline and put your pitch in on time.

Contact Coordinators

You have your list of events and contact information and it’s time to pitch! Don’t send out a generic pitch to everyone on the list with only the names changed – take the time to personalize it.

If you’ve attended the event in the past, mention it. Share details about how the event had a positive impact on your life. You don’t want to jump right into asking for an opportunity. Take time to build the relationship.

Share a bit about yourself, inquire about the event, ask specific questions, and most importantly, keep it short and sweet. For example, ask when they’ll be taking speaker applications for the event. After you’ve built a relationship with a few emails, you can mention that you’re looking for speaking opportunities, what you speak about, and how it’s valuable to the audience.

Book Your Speaking Event

Getting booked as a guest speaker is a huge opportunity for yourself and your business. These opportunities don’t just fall into your lap, however – you have to put time, energy, and work into the process.

What could you do with more confidence? Work with Allison directly to gain the confidence you need to achieve your dreams!

Vetting Your Business Coach: What to Know Before Signing the Contract

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Business coaching is a valuable tool to support your professional growth, whether for your own business or to reach the next level in your career. You can learn to identify and move past roadblocks that are holding you back to become more productive.

But not all coaches are equally skilled or qualified. The market isn’t regulated like doctors or attorneys – anyone can become a coach. It’s vital that you do your due diligence to ensure that your time and financial investment are going toward a coach who can help you reach your goals.

Here’s what you need to know before you sign a contract:

Expertise

You want to work with a coach that has extensive experience helping people achieve their business goals, whether they’re just starting out or scaling a business. When you’re vetting your coaches, ask them how long they’ve been coaching and what type of training they underwent.

Goals

Before you embark on business coaching, it’s important that you understand what you’re looking to gain from the experience. Many people are confused about what a business coach actually does – they’re not business advisors. A coach is there to help you develop the skills and mindset to achieve your goals, not to solve problems in your business using their own knowledge and expertise.

Methodology

Business coaches often approach their coaching with different tools, methods, and strategies. Some will work for you and others may not, so make sure to find a coach that aligns with the way you process information and receive guidance. If you’re not sure if you’re a fit, ask your prospective coach how they approach coaching and what types of clients they prefer to work with.

Personality

This can’t be overstated – coaching is a deeply personal process. You need to feel like you’re in a comfortable, confidential space with your coach to discuss your personal growth, strengths and weaknesses, and roadblocks. It’s vital that you have a personality fit between yourself and your coach for this to be successful.

For example, some people respond more to a “tough love” relationship with someone who will be direct with their criticism and recommendations. Others need a coach who will soften the blow to make them more receptive to coaching and learning.

Timing

Business coaches offer different plans and schedules. Some are weekly, some are monthly, and you want to be sure you’ll have a coach who’s available at the time you need it most. Consider how often you want to meet with your coach in advance, then find a coach with the availability that works best for your needs.

Work with Allison Todd

Hiring a business coach is like hiring anyone else to perform a service – you need to do your research. Ask plenty of questions, look for referrals from people you trust, and discuss the process with your prospective coaches to increase the likelihood of success in your coaching experience.

Looking for business coaching? Work with Allison directly!

6 Things to Ask a Potential Business Coach

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A business coach can be a huge advantage when you’re starting a business, preparing to scale, in the middle of a transition, or you’re lacking clarity for the next steps or vision for your business.

You can find business coaches virtually everywhere, but they’re not created equal. Once you find coaches you’re interested in learning more about, you can schedule consultations to see if it’s a good fit.

This initial consultation can tell you a lot to inform your decision. Here are 6 questions to ask your business coach.

1. What Do You Specialize In?

Business coaches often have specializations, such as marketing, sales, and more. Some coaches focus entirely on new business owners and startups, while others coach for businesses that want to scale or expand.

When you’re hiring a business coach, consider their specializations, your own goals, and the type of help you need. You want a coach with adequate experience in the areas you’re looking to develop.

2. What Is Your Coaching Style?

Coaches have different styles and approaches to their work. Some coaches act as consultants or advisors, while others may be focused on showing you how to find your own answers and identify your own path to success.

Is the coach focused on the client in the center of the arrangement, or is it about strategy and mindset? Make sure you know what you’re getting with your business coach and that it’s the type of help you think you need.

3. How Do You Work with Clients?

Many business coaches offer virtual coaching, which gives you the pick of the litter from all over the country. Others may only offer in-person sessions, or group programs, and it’s important to know what you’re getting into.

You should also ask about how many calls or meetings you’ll receive each month, whether you’ll receive support in between if you have questions, and what resources you’ll have access to.

4. What Types of Clients Do You Typically Work with?

Business coaches often have niches they work within. Some specialize in just one industry or niche, or they may work with a variety of industries. Make sure the coach you’re looking to hire has the experience you need in your own niche or industry.

5. What Results Do You Typically See?

Naturally, coaches may only wish to share their most positive outcomes with potential clients, but it’s still helpful to know what the typical results are. Ask questions about the clients and where they started versus where they ended up after working with the coach, which can give you a lot of insights into the results the coach usually sees.

If possible, get testimonials or reviews from previous clients to get firsthand accounts of their experiences with the coach.

6. What Do You Look for in a Client?

Even though you’re looking for a coach and you’ll pay for their services, you want a relationship that’s built on both parties feeling like it’s a fit. Ask your business coach what types of clients they enjoy working with and how you fit into the equation. Both parties need to be committed to see success.

Ready to Start Your Coaching Journey?

Finding the right business coach takes some planning and research, but the right fit is essential to seeing you realize your business goals. If you’re ready to get started, work with Allison Todd directly!

Business Women: Why We Settle for Less (And Why We Shouldn’t)

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Women still struggle with inequality in the workplace – even if they own their own business! Women continue to earn less, on average, than men in the same positions, and they’re underrepresented in the top positions and fields.

Research has shown that biases, both conscious and subconscious, are part of the problem, but that’s not all. Women sometimes don’t get what they want and deserve because they aren’t asking for it.

Women often feel apprehension asking for what they want or need. Women are also more pessimistic about what is available when they negotiate, so they ask for less and get less if they do negotiate.

Don’t settle for less! And here’s why you never should.

Settling for Less Means Choosing Limitations

When you settle for less than you deserve, you’re choosing a life filled with limitations of your own doing. You’re actively restricting your own potential, whether it’s out of apprehension, fear of failure or rejection, or any other barrier.

You’ll never be able to succeed or grow if you’re stuck in your own self-imposed comfort zone!

Settling Means Giving Up on Your Goals

When you settle, it’s a way of giving up. You’re essentially saying that the dreams and goals you have aren’t possible, aren’t worth fighting for. Never stop pushing!

Plenty of people settle, whether in their careers, their relationships, or other aspects of their life. They think that “good enough” is enough, and maybe it’s not. Maybe the spot you’re settling in was the stepping stone to get you closer to your goal.

Settling Means You’re Accepting Less than the Best You Could Have

Everyone has moments when they could choose to settle or keep pushing harder for what they want. We may choose what seems right at that moment instead of continuing to push for better options, possibly ending up in a less than favorable position.

But what if what’s truly the best for us means taking that chance? If you’re setting on your career path or your business goals, you’re choosing the second-best option over being the best you can be. Life is too short to stop there.

Settling Means Settling for a Lesser Version of Yourself

If you settle on the mediocre and average, you’re missing out on living your fullest potential. Whether you end up in a job with no growth potential or give up when running your own business gets hard, you’re setting yourself up to stay stuck.

Remember, you can’t change the past, but you can avoid the same mistakes in the future. Take action and make positive change before regret sets in.

You Deserve the Best

You are worthy and deserving of the best life has to offer. Never settle for less!

If something isn’t working out, isn’t having a positive effect on your life, let it go! Don’t hold onto something that no longer serves you. Move on and move forward to get the life you deserve.

Looking for motivation? Work with Allison Todd directly and see how you can reach your fullest potential with the guidance of a professional business and career coach!

6 Places to Get Your Voice Heard

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Have you ever attended a keynote and been moved? Watched a Ted Talk over and over? Liked and shared a social media post that was powerful?

You have a voice, too, and you can be empowered to share it with others. All of us have the power to be influential, whether in the digital world or the real one.

Here are 6 places to get your voice heard and spark change.

1. Your Blog

Blogs may have started with moms sharing their experiences, but they’ve become a vital part of business. In fact, many people make money sharing their expertise on their own blog and industry, such as travel.

If you have a blog, start sharing your thoughts and ideas. If you don’t, get started! This is a great way to get your voice heard and establish yourself as an authority. It may take time, but it’s worth the payoff.

2. Email

Despite the rise of other types of marketing, email is still an effective way to share content with an audience and capture their attention. You can begin with a newsletter that comes out once a month, or a few times a month, to build your audience.

3. YouTube

Video is a persuasive medium that many have leveraged for success. Whatever your business venture or cause, just about anyone can create professional videos or promos to share on YouTube. The cleverer and more creative the idea, the more traction you’re likely to receive, but don’t be afraid to just jump into it.

4. Social Media

Social media is incredibly powerful. From politicians to brands to influencers, just about everyone is using social media to connect with others and share ideas and opinions, and you can do the same.

Major platforms like Twitter, Facebook, and Instagram are excellent places to start, but you could also share your expertise on platforms like Quora and Reddit. People often use these platforms to ask questions or seek discussions within certain industries or topics, and that’s your time to shine.

5. Publications

Most publications accept pitches from writers to feature in their upcoming issues. With the rise of digital publications, you have more opportunity than ever before to get a feature article with the right pitch and audience.

Pitching takes time, however. You may not get published at the first try, or the second, or even the 10th, but keep going! Eventually, you’ll find the right fit for your article. And even if you’re rejected once, don’t be afraid to pitch again in the future! Maybe your article is a good fit, but not for right now.

6. Local Venues

Similar to pitching publications, you may be able to book local speaking engagements at small venues. Like publications, venues typically have a long lead time and specific guidelines and requirements for speakers.

You may need to approach a dozen different venues before you get booked, but that’s just part of the process. Don’t get discouraged! Keep trying.

Get Professional Coaching

Learning how to channel and share your voice isn’t easy, but you have plenty of outlets to be heard. The most important thing is having the confidence in yourself, and coaching from an expert like Allison Todd can help! Work with Allison Todd directly!

Should You Quit Your 9-5 to Work on Your Business Full Time? Here’s How to Know When It’s Time to Make the Move

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Hustling at your 9-5 job while trying to get your business up and running is no easy task. At first, you may be so excited that you don’t notice the toll it’s taking on you. But over time, the long hours and stress will build, and as the months or years go by, you may feel like something has to give.

Holding onto both your full-time job and your business is a great strategy to ensure that you’re financially protected while you wait for the business to become profitable. That’s meant to be a short-term strategy, however, not a sustainable option in the long term.

Eventually, you will need to choose between your full-time job and your business. Knowing when is key to both your security and the security of your business.

When to Quit Your Job

We’ve all heard stories of entrepreneurs who quit their job one day and their business took off, making them practical overnight millionaires. Though it happens, that’s extremely rare. The more likely course is quitting too soon and ending up with no cash flow, or waiting too long and burning out.

Here are the signs you should quit your job:

You Have Good Income

There are suggestions for how much you should make or what percentage of your full-time salary before you can quit your 9-5. This guideline is helpful, but it’s not ideal for every situation.

If you’re making more money than you need to at this point with your full-time job. If that’s the case, you don’t need to wait until you’re making a certain percentage of it. Maybe half is enough for you to live comfortably for a while.

Consider how much your business really needs to bring in for you to feel comfortable. Are you willing to sacrifice anything to make this decision more feasible, like a streaming entertainment subscription, happy hours with friends, or that Sunday football package? Are you willing to prepare more meals at home, even if you’ve had a long and tiring day?

The answer and decision are yours and yours alone. No matter how much you make or think you can live on, it’s important to plan it out to make sure there are no surprises.

You Have Savings

If you have a robust savings account and emergency fund from your full-time job, you may have enough to be confident in quitting to pursue your business full-time.

Remember, some businesses and industries take longer to launch, have greater startup costs, or have a longer period before they become profitable. It doesn’t mean they’ll fail, but simply that you may need to wait longer before they generate a return.

If your savings account isn’t quite there yet, think about how much more you want to have before you’ll feel comfortable quitting. Then, consider whether you could put a bit more away each pay to reach that goal.

You Have a Plan

Going full-time with your business and leaving a stable 9-5 can seem exciting, but you still have responsibilities. Make a plan and establish your budgets before you make any rash decisions.

Though it may not be as fun as some dramatic exit from your job, having a plan in place ensures security and sustainability. Your story may not prompt anyone to make a movie about your dramatic path to success, either, but you’re more likely to succeed in a way that counts.

Are You Ready?

Quitting and going full-time with your business is a huge leap. Fortunately, with some planning and financial security, you can make your dream a reality in the smartest and most practical way possible.

Looking to get your business from startup to successful? Work with Allison directly!