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Episode 287: From Side Hustle to CEO: When to Go All In
Manage episode 480049440 series 2991340
What We Cover In This Episode:
The key financial readiness benchmarks you should be considering before transitioning to full-time [4:55]
What operational systems are key for a fitness studio transitioning from part-time to full-time [9:01]
Why it is so important to test if your fitness studio can function without you [11:53]
What analyzing the last three months of business will tell you about the position you are in to go all-in with your business [16:11]
Free tools and resources you can use, including how the "Profit First Method" and how it can help you manage your business finances like a salary [17:19]
Specific questions to ask yourself weekly as you assess if now is the right time for you to make the leap to full-time in business [22:07]
Quotes:
“Make sure all the systems are in place, so when you do the full-time jump you are trying to scale the business and not trying to figure out the business.” [Nick, 9:40]
“It is twofold why you should be implementing software early on, because it is going to help with the scheduling, it is going to help with the billing, it is going to help with some communication and to use when onboarding new clients.” [Nick, 10:42]
“Going full-time doesn't have to be reckless, it just has to be intentional. Use the data, build a plan, step into the role of the business that is waiting for you, that you want to be in.” [25:57]
LINKS:
I Will Teach You to Be Rich: No Guilt. No Excuses. Just a 6-Week Program That Works by Ramit Sethi
Smart Passive Income Podcast (Pat Flynn)
Profit First: Transform Your Business from a Cash-Eating Monster to a Money-Making Machine by Mike Michalowicz
The Goal Digger Podcast (Jenna Kutcher)
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