Your startup’s momentum is finally kicking in and now requires a bigger time commitment. Opportunity is knocking—relentlessly. But you are still working a full-time job.
You know in your gut that it’s time to move on. You're just not exactly sure how. Here are five strategies to consider for becoming a full-time entrepreneur:
1. Create an opportunity timeline.
Create a fundraising time line and look at ways to diversify your project to bring about more initial and long-term income opportunities. Develop new ways to utilize your extra time to take a solid bird’s-eye view of your start-up. This will help you to produce quicker results.
2. Create a personal financial time line and make the necessary arrangements.
It’s important to be financially sound. Build up your savings for at least six to eight months, initially, while your startup is generating income. Also, look at innovative and necessary ways to cut costs in your personal budget. Lower the cost of living expenses by eating out less, finding a cheaper place to live or renting out a spare bedroom (using websites like Airbnb.com) to create a better financial cushion.
3. Generate support from key mentors, colleagues, family and friends.
Make sure to associate with mentors and colleagues, particularly in similar industries, who are full-time entrepreneurs. Ask them for advice to shorten the learning curve in growing your own full-time business. Also, seek support from your family and friends about your new upcoming commitments.
4. Let your employer know about your career transition.
An employer may well be open to your working part-time, or working from home 20 to 30 hours a week. Eventually, you will be in a position to work on your venture full-time, whether that might mean leaving your job completely, or working additional hours on your startup.
5. Stay organized to increase higher productivity.
Organization is key to making sure that there is even more productivity in your business. So, sync your calendar with your smartphone and create a daily schedule. Wunderlist offers a collaborative and friendly to-do-list app that will keep you on your feet. Work to network, both online and offline, in the early morning or evening to continue building essential contacts.
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This article originally appeared on Entrepreneur.com. Minor edits have been done by the Entrepreneur.com.ph editor.