Black Owned Business Network

Every successful entrepreneur eventually comes to the point where they have to quit their day job to focus on their own business. Before you decide to take that big leap, make sure that you take steps to prepare yourself for your journey ahead.

  1. Stash some Cash: Have at least six months worth of living expenses saved. This is your backup plan. If you are not making enough in your business, these funds will pay the bills while you work on building your business
  2. Register a domain name: Before you choose a business name, make sure that the domain name is available.  Once you find a domain and business name, register your business. Make sure you can get a domain name that accurately reflects your business name. Once you find a domain name that works best for you, register your business name.
  3. Buy Supplies and Equipment: If you do not already have everything that you need, then purchase your supplies and equipment after you have registered your business.  Remember that the business purchases you make after you have registered your businesscan be written off as tax deductions.
  4. Get a business checking account: Having the ability to accept multiple forms of payment is essential for any thriving business.  Don't limit your clients.  Having a checking account gives you the ability to accept cash, checks, and credit cards.  Most importantly, having a separate business checking account allows you to keep you personal funds separate from you business funds.
  5. Create a website:  Yes, it's good to have a Facebook fanpage, twitter account, and to be active in other social media platforms, but consumers still want to see your website as a way to verify that you are a real business. Get a PROFESSIONAL website before you start spreading the word about your business.  Your starting website should focus on answering two main questions:
    • What do you do
    • How you can be contacted.
    The website is an essential step when launching any business and is a step that should never be skipped.  .  It not only presents your business professionally, but it validates your business.  With the internet being so easily accessible, the first thing consumers do when they hear of a business is to search for it on the internet.

What steps are you taking to prepare yourself to quit your day job?
Published in Business Tips