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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#1 Must Learn Skill

Niche

Branding

PackagingSocial Media

Automation

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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 4 – Build Your Support System

Your Net Worth = Your Network

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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 7– Create Your Personal Development Plan

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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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Expand Your Network

Off-line Online

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Market Your Business

ExecuteExecute TrackTrack EvaluateEvaluate ModifyModify

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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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Send inquiries and requests to

tai@taigoodwin {dot} com