5 Things You Can Do Right Now to Start a Business to Escape the 9-5 Even if You Haven’t Decided on What Your Business Will Be.
Quiet quitters and anyone who has yet to narrow your options can take action.
I have a lot of people in my Ditching the 9-5 Facebook community who are quietly quitting. You might be in this category. You’re thinking about escaping the 9-5. Or you may already be out, and need to figure out your next step. This post is for you if you’re asking yourself what comes first when you’re starting a business! It’s also for you if you’re asking if starting a business is easy! Here is my list of 5 things you can do right now, no matter what that business will be. Take action.
1 Form an LLC and get your tax identification number (or equivalent for your country).
Guess what? You don’t have to know the details of your business to file a limited liability corporation (LLC). Mine is Daphne Reznik, LLC.
I jumped online, search my state’s website, and filed. Yes, I had to use a template for articles of incorporation, but it can be general. You don’t have to know for sure you will create a course, be a writer, or sell a product.
Even faster was filing for my federal tax identification number. For the U.S., you can do that by clicking here. I had my number assigned and emailed to me within 4 hours -- on a Friday night.
Why is this important? You are set up legally, keeping your business, whatever path you take, separate from your personal life.
Having a legal entity means protecting your personal assets. Disclaimer: I’m not an attorney. I spoke with friends who were both attorneys and accountants in making my decision to do this. Keeping everything on it's own shelf so to speak, is important.
Note: As a blogger, I use affiliate links sometimes! I may receive commission from purchases on links I share, but it does not change your price.
Photo by Annie Spratt on Unsplash
2 Set up a business bank account.
Once you have your tax identification number, this can be done very quickly. I got online and started a chat with the credit union I have personal accounts with. I asked about a free business account and it was created on chat!
We set up both a business savings and checking account, with a debit card. I transferred $1000 of seed money directly into it.
Why is this important? To keep all your business expenses separate right from the start. Even if you aren’t earning income yet, you may be investing in everything from a laptop to a certification or training course. Your accountant or bookkeeper will thank you in the end- even if it’s you! Working with my own credit union made this step in starting a business easy.
3 Get Groove.
You’ll need online tools to both launch your business and grow it.
Groove is where my blog is hosted. And get this: the basic level is FREE. You can use it for everything from email automation to website creation (even just for a basic landing or sales page). It is an all-in-one platform that also includes the ability to do e-commerce (IE setting up a shopping site and doing transactions!) to storing and customizing videos.
If you never use it, so be it. You won’t be dropping a credit card number, you’ll just use an email address to sign up.
So sign up for free here in less than 15 seconds and have it in your back pocket. You can always upgrade as your decide what your business will be and/or it grows!
Why is this important?
Cobbling together all the online tools you’ll need can add up financially. And making it all “speak” can bring on added overwhelm, especially if you aren’t super-duper-tech-savvy (for instance, if you’re coming from a corporate setting like I did where I had access to an I.T. team!)
Having Groove is FREE (I think I mentioned that) and you can test run various components as you make decisions on what your business will consist of. It’s got a ton of tutorials and a Facebook group for members that even includes a tab to connect with a mentor (also FREE!).
Again, a tool and an action that makes starting a business easy.
Photo by Laura Kennedy on Unsplash
4 Start building your toolkit of entrepreneur’s resources.
Once you quit your job and turn your laptop in, you’re on your own to buy everything for your business!
In addition to signing up for Groove, you can grab things you know you’ll need.
Here’s a short shopping list so you have a head start.
Why is this important?
You'll be surprised at all the supplies you were given as part of your 9-5 job. When escaping the 9-5, having some of those tools at the ready, and without having to budget for them all at once, will be tremendously helpful.
Easing your overwhelm and focusing on business tasks instead of stocking up your supplies will make life and starting a business so much easier!
Image by Ray Shrewsberry from Pixabay
5 Start setting money aside to build your business.
This can be as much or as little as you are comfortable setting aside to start a business.
But do it. Every paycheck. You can put the money directly into the business account you created and have it ready to invest as you need to invest it.
When costs arise, you will not need to make decisions about your current budget and it is easier to take action if you have the seed money already available.
Why is this important?
You will have a sense of the budget you have available monthly and annually. Even if your budget is somewhat fluid, it will be a starting point.
I knew that my first year would be more focused on research and training. I even decided to invest in business coaching sessions to ensure the money I do spend is targeted correctly. (Hint: include a business coach into that budget and click here if you want to read more about that and take action!)
SIDE NOTE: Ensure you have enough money saved to live on while you build your business-a book helped me! The 4-Hour Workweek helps lay out determining the money you truly need.
Photo by Pavan Trikutam on Unsplash
Bonus action item: Join Facebook groups like mine, focused on building your next chapter.
At the opening of this post, I mentioned the community I created based on the Free At 50 blog. The goal: bring the blog to life and have a place for people like you to communicate, share ideas, and grab the resources I find – basically give you an outlet for inspiration, motivation, and support as well as get shortcuts so you don’t always have to start your research from scratch. Simply put: making it easy for you to take action.
Photo by dlxmedia.hu on Unsplash
In summary: Take Action.
If you haven’t landed on a business idea yet and want some ideas and inspiration to make starting a business easy, click here for my business coach Tegan’s list of 52 ways to fund your lifestyle.
Use my 6-Step Checklist to Escape the 9-5 and keep moving forward! It starts with finding your why and can help you either narrow down your options or streamline your journey.