50 | How To Prepare A Transition Plan To Work For Yourself Full Time

If you are in a 9-5 job and in a position where you want to create your transition plan to work for yourself, you’re not alone. It’s been almost two years since I left my job to work full-time in my business. When I first started working for myself I used my savings and contract work to manage my expenses but went back to full-time employment to rebuild my savings. I learned a lot and today I want to share my personal story of transitioning from a 9-5 to working for myself full-time. Building your business and creating a financial safety net to quit your job is all about creating an exit plan. If you’re looking to create your own financial exit plan this episode is for you. In this episode, you’ll learn… [00:36] How working and building your business at the same time can help you plan your exit strategy and how I did it [04:10] Six steps to help you prepare to leave your job and go full-time into your business and how they worked for me [06:26] 1. Separate your personal and business finances to prepare yourself for effective decision-making and financial success [07:42] 2. Prepare your business finances by creating your budget and breaking it down [09:25] 3. Determine what your ideal financial safety net looks like that will help you feel safe to leave your job [10:30] 4. Know your numbers and how much you will pay for hidden numbers, such as taxes, PTO, and healthcare, and incorporate them into your business budget. [15:19] 5. Determine your paycheck and the scale to use as you move from bronze, silver, to gold budget in your business. [17:29] 6. Be clear on your income goal; If your income goal is $100,000, determine what your income will allow you to do and how much you need to make in a month. Tune in to this episode of Money Files to learn more about the six steps and how you can implement them to create financial safety to leave your job and make a smooth transition. Get full show notes and the episode transcript: https://wealthovernow.com/how-to-prepare-a-transition-plan-to-work-for-yourself-full-time/ Links mentioned in this episode… https://wealthovernow.com/appointment EP. 18 Giving Yourself Permission To Grow Your Business And Take On A Full-Time Job