OFI 980: The Transition From Your Career To Your Own Business

SHOW NOTES

KEY IDEAS: 

However, you decided to get into business for yourself there is one constant; you must make the leap from your full-time job to your new business when the time is correct.  For most of this audience is especially true because so many of us have a lot at risk.  If you are in your mid to late '20s without a 401K, a family, a house, etc. then making a big leap is a lot less risky.  But for the rest of us, we really need to mitigate this risk.

Our guest today, Ray Miller, does not take this lightly.  Even as his microbe business grows and spreads across the nation, he continues with his previous career on a less frequent note.  He does not want to let his license expire, thus burning that bridge to an income if he were ever to need it.  So, he is content taking it slow and making the leap when the timing is right.

I normally follow Dan Miller's lead and suggest making the leap when your new enterprise is producing 50% of your full-time income as a side hustle.  However, if you have the ability to do what Ray is doing, it is a great idea.  That is, just shifting percentages of income generation gradually until the new enterprise takes over for the previous one.

Ray followed an interesting path to his own business, much as our guest in episode #468 did by becoming a distributor of Rogue Equipment.  Ray found a great product and realized that there was a need for it, but people around the country did not know about it.  He made it his mission to rectify this and became a distributor.  He has seen great results and cautions us that you had better believe in your product before you decide to deliver it to the rest of the nation.

ADVICE FROM RAY:

SLOWLY: Make your transition from your full-time job slow and gradual.  Just because you have a great idea does not mean that you should slaughter the goose that is laying the golden eggs.

PERSON: As much as you can, meet people in person and shake their hand.  The internet and social media are great tools and need to be used, but they are not a substitute for eye contact.

NEEDS: When you are trying to find a business to start, identify what it is you want that business to do for you.  Then make sure whatever you pick is in line with that.

BEST BUSINESS ADVICE RAY HAS RECEIVED:

"If You Don't Believe In What You Are Doing, Nobody Else Is Going To"

PERSONAL HABIT THAT HELPS RAY SUCCEED:

PEOPLE: Ray loves to meet and get to know new people.  This helps him to succeed.