Updated: May 10
"Ignore the hype of the startups that you see in the press. Mostly, it’s a pack of lies. Half of these startups will be dead in a year. So, focus on building your business so you can be the one left standing." - Jules Pieri, Co-founder and CEO of The Grommet
Got an idea? Let’s launch a business... this crossroad is commonplace for those who are employed with the desire to become their own boss. Why do the employed become inclined to start a business? The short answer to this is it will make them happy. The caveat for this endeavor is crossing the bridge of being employed and starting a side venture that will change lives. This endeavor is a long, gruesome road and the one less traveled by... are you committed to accomplishing your objective, or is it a facade?
Here's What Parallelpreneurship Looks Like
In the beginning, you get a fascinating idea to launch your business full-time. You read and study about what's needed to get it off the ground, all while working at your current job(s) to nourish your idea. Here are the 3 warnings I learned after crossing this bridge for the past two years.
1) You Can't Go Invest The 100% You Want To
Having the motivation to go to work while having the drive to pursue your passion is as equivalent to having energized depression. The passion you're working on is now in the works to be up and running, yet your full-time job is holding your back? This situation is common for parallelpreneurs and cutting the full-time employment anchor is dependent on how much the business is flourishing. Keep putting more money into your business.
The full-time employed job covers the bills... we know this but the side venture you’re trying to scale is on life support. It’s kind of making money but you’ve yet been able to cut yourself a check. However, cutting yourself a check is what you aim to do but you’re not there yet. In proximity, the objective is to break off your nine-to-five slavery and manage your own hours of operation but that’s not possible yet. Eventually, through hope and hard work you will get there so keep going.
2) You Will Consistently Doubt Yourself
You will make money for the first year. Let that settle in right now... because when you get your first source of income, now you have to find a way to double that. Becoming an entrepreneur means to sustain the heartaches and headaches that come along with it.
As an employee, you are tailored to one thing and one thing only... on the other hand, as an upcoming entrepreneur, you became the marketer, salesman, accountant, customer support, and IT personnel almost overnight. Handling a full-time job along with a side hustle that is attached with a mortgage, family, car note, loans, and other miscellaneous expenses seems ludicrous. In short, the term overwhelming is an understatement.
3) Your Time Becomes Sacred
Your free-time outside of work is your savior and slave. The work and effort that needs to be invested are grand. In a way, it appears toxic and impossible but the revelation to this is how your current employer went through the same struggle. They were the accountant, closer, and marketer on top of all their other responsibilities. The current position or feeling that you’re experiencing is okay. Every single CEO or COO you broke bread with has done what you’re currently doing.
What you need to make amends with is getting comfortable being uncomfortable. No matter what you do moving forward, you now have a target on your back. Whether it will be the IRS, legal, or customer troubles, your business idea in pursuit is now open for defamation.
At the same time, it's also open to success for yourself and positively impacting other people's lives. People will hate you and you will hate yourself, but regardless of the circumstances, keep going until you reach your next goal. In any aspect of your life, you will have adversity, but the difference now is you have your dreams to lose. Question is, are you comfortable letting it be a what-if moment or a dream turned reality? It's up to you to decide.
To Your Success,
Are you currently struggling to grow your business?
Here are some resources I recommend. Dependent on your situation, the books below are some that I've used to grow certain areas of my business. The 5 categories are accounting, taxes, marketing, sales, and operations.
Copywriting Secrets by Jim Edwards
You will be able to learn how to write copy and sell anything to anyone.
The Way of The Wolf by Jordan Belfort
You will able to learn how to reel in and close your prospects.
Accounting Demystified by Leita Hart, CPA
Most entrepreneurs struggle with how to account for their money, this guide breaks accounting down so anyone can understand it.
Taxes & Accounting for Small Businesses by Quick Start Guide
To get the quick-glance of accounting and taxes, I would start here and use any of the other two guides to get more information. These guides help tremendously getting past the fluff.
Small Time Operator by B. B. Kamoroff, CPA
From start to finish, you will know how to account for your money and stay out of trouble with the IRS. Plus, you will get more information on the operations side should you wish to grow your company to more than one person.
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