I recently helped a client go through an amazing and unique transition that deserves to be shared. She is neither an ordinary client nor an ordinary person. She was a high powered lawyer with strong compensation, great benefits and tons of PTO. On paper it was the dream job thousands of law professional’s chase, but something wasn’t right. While she had earned the spot and the success she still felt unfulfilled.
So she made a change. Not a small change, like reading more or running after work, she committed to a REAL change. She decided she was going to quit her job as a lawyer to open a life coaching business and start teaching yoga.
This may sound crazy to you, I too thought it was crazy at first, but she was going after what she wanted in life. Instead of talking and day dreaming she actually developed a plan. She stayed on as a lawyer for three more years so she could save money and prepare. Then when the time came she actually pulled the trigger. She left and has not looked back since.
This is very romantic and may make you think about pursuing your own dreams, but that is not why I share this story. I share this story because she created a battle plan and stuck to it and this is why she was successful.
Usually people make the change because their boss pissed them off one time too many or on a whim they decided to pursue their dreams with no real plan of action. This is where most people make their biggest mistake, but it pays to prepare.
She started saving and preparing 3 years before she quit and opened her business. This is 3 years of doing something that she disliked every day for ability to properly prepare and pursue her dream. Three years of Mondays, thousand page reports, working very long hours all to set herself up for success.
Having money saved to help tide you over instead of taking out business loans is a huge advantage. Instead of stressing about cash flow she was able to focus on building her business.
Another smart thing she did was hire me. I am not saying this to pound my chest she could have hired many advisors that would have done a great job. The important thing is that she hired a wealth manager to help her through the process. She had me in her corner helping with everything from medical costs to optimizing cash flow.
Below are a few time consumers that I took care of for her right off the bat and some that I will take care of for her down the road.
She made the decision to outsource her finances and investments. Then found someone that was qualified and that she trusted (ME!). This freed her up from having to figure out medical expenses, her rollover, and the best way to pull an income. Instead she focused on her goal of building the business. Unlike most entrepreneurs she was not drowning in paperwork and menial tasks/decisions that do not focus on more business. She had me to focus on those things for her.
She has been amazingly successful, and it has been a joy watching her grow and do what she loves. She has become an inspiration to me and many others that know her.
My first hope in sharing this with you is to inspire you to take action and go after whatever it is you day dream about. Realize the importance of planning to execute an ideal start to your business.
My second hope is that you hire someone, or a team, to keep an eye on your finances. Find someone that knows what they are doing with your situation and knows how to guide you to success.
Many people start companies and sales careers only to fail quickly. Generally, they are just as smart and work just as hard as those that succeed. The difference is that some people go in with help and some go in alone. Cash is king especially when you are starting up. Have someone around that knows how to help you survive the beginning so you can reach the end goal. Making the jump is the first step, but keep in mind that to have long term success, mastering your craft is paramount. Outsource anything that you do not have time for, interest in or knowledge in. You will be more focused, productive and successful.