Don't Quit Your Day Job - Launch While Working
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Transcript of Don't Quit Your Day Job - Launch While Working
12 Steps to Launching Your Business Without Quitting Your Day Job
Tai Goodwin | Launch While Working
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Thinking about being your own boss?
There’s got to be a better way to increase my
income
I need an income source that
supports the lifestyle I want to
live
Job security? I need to
create my own security.
Corporate America isn’t for me - I’ve always wanted to start
my own business…
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Who Starts a Business During a Recession? General Electric – 1890 IBM – 1896 Disney – 1923 Burger King – 1953 Microsoft – 1975 CNN – 1980 Apple - 2001
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Who’s Crazy/Smart Enough to Launch a Business in this Economy?
“…2009 and 2010 bore witness to the highest
percentage of startups in more than a decade. The rate of new businesses had also been steadily
climbing since 2006. As a result, the number of businesses in 2010
compared to 2007 is higher.”
Taken from Portfolio.com
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Why Now?
Technology New Business Models Collaborative vs. Competitive Ideas over formal education Individualization Low overhead Alternative work options
Pros & Cons of Launching While Working
Cons Pros
Potential
Scalable
Flexible
Passion- based
Big Investment
Long – term
Lots of work
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Is Entrepreneurship Right for You? Personality Patience Ambition Endurance Work alone Know your strengths Timing Priorities
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The Learning Curve
Business PlanningBusiness Planning
Financial PlanningFinancial Planning TechnologyTechnology
Form Strategic
Partnerships
Form Strategic
Partnerships
Sharpen Your Listening
Skills
Sharpen Your Listening
Skills
Master Your Craft
Master Your Craft
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Set the Stage for Your Success
PrioritiesPriorities ValuesValues
VisionVisionMindsetMindsetEsteemEsteem
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Step 1 – Connect to Your Passion and Purpose
Who do you most admire?
What accomplishments are you most proud of?
What topic or subject could you talk about for hours?
When do you feel most energized?
What would you do if money was no object?
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Step 2 – Choose Your Business Ideas
Brainstorm possibilities Research, Read, Inquire Journal Make final list
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How to Tell If Your Business Idea is a Good One
Is it tied to your passion and purpose?
Does it solve a problem?
Can you identify a large enough audience that has that problem?
Is that audience willing and able to pay you to solve the problem?
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Before you invest in business cards, a website, branding, etc… figure out if you actually like doing the work.
Step 3 – Get 3 Good Experiences
Can I help you?
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Step 5 – Create Your Business Plan Can be one page
or 20 pages What kind of
roadmap you need?
What information do your investors need?
It’s a working document – not set in stone
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Step 6 – Create Your Marketing Plan
What’s your specialty?
What do you most enjoy doing?
What are your strengths, weaknesses, opportunities, and threats (challenges)?
Who do you like to work with?
Who are you attracting?
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Step 8 – Set Up Your Business Structure
Sole ProprietorGeneral PartnershipLimited Liability - LLCCorporationNon-Profit
*Think about Trademark & Copyright
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Mojo Moment…
“Instead of thinking about what you are going to do
when you retire, think about how you can do that
now and make a living from it.”
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Step 9 – Manage Your Day Job
Alternative Work Arrangements
Telecommuting Results-Based Work Intellectual Property Confidentiality Networking Minimal Investment
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Step 10 – Create Your Exit Strategy
How long can you keep your day job and sustain
your business?
Set your Target Date:
•Milestones•Work backwards•Commit
Requirements• Financial Reserve• Steady client base• Solid revenue plan• Support from home
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Step 11 – Officially Launch Your Business 4-6 Weeks Before Official “Open”
Create Buzz! Cross Promote Press Releases Launch Party Reward Yourself
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Step 12 – Grow Your Business
Plan• Revisit your vision, goals, and priorities • Revise your business plan and marketing plan
Plan• Revisit your vision, goals, and priorities • Revise your business plan and marketing plan
Invest• Personal development and professional
development• Develop passive income streams
Invest• Personal development and professional
development• Develop passive income streams
Expand• Build Your Dream Team• Outsource and Partner• New Services
Expand• Build Your Dream Team• Outsource and Partner• New Services
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Get Your Systems in Place
Relationship
Management and Lead Generation
Sales Cycles and
Product Funnel
Automation and
Operations
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Avoid These Pitfalls
Analysis Paralysis Perfect Procrastination Selling Yourself Short Everybody is your
client Friends and Family
Plateau “Techphobia” Naysayers and Never-
Doers
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Remember…
“You got a dream, you gotta protect it.
People can’t do something
themselves, they wanna tell you you can’t do it. If you
want something, go get it. Period.” –
Pursuit of Happyness
Visit LaunchWhileWorking.com
Launch While Working.com is the official
online resource for
Employedpreneurs –
ambitious professionals
who are launching a
business while working full-
time.
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Get your free blueprint…
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Join our Meet-Up Group!
http://www.meetup.com/Launch-While-Working-Twin-Cities/
www.launchwhileworking.com
Join the Community!
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Book Me to Speak…
Send inquiries and requests to
tai@taigoodwin {dot} com