Moral of the story, stack your money! We’re entrepreneurs. Our minds are a flood of ideas and projects that could potentially be the next million dollar hit! We try and fail, and try and fail, and then try some more, and probably fail. But it only takes that one time…I’ve spoken with a lot of entrepreneurs who have switched roles in there careers, taking a big hit each time. Web Developer to SaaS, Web Developer to Plugin Developer, Web Developer to Consultant. Clearly I deal with a lot of web developers :).
Bottom line is any and every time there’s a transition in business, you need to be prepared for it. You can do one of two things:
- Slow Transition
This means taking the time to transition into your new role. This can take weeks, months, maybe years depending on what your doing. Switching things up is no small tasks. Are your clients going to be with you on your new service? Are you starting from scratch? These things take time.
- Go Cold Turkey
I spoke to a person a few months back that went from Web Developer to full time PodCaster. Dropped everyone and just started podcasting. Totally different income and everything. Scary, yes. Some people just work better that way though.
Build up your funds and don’t go spending frivolously. You want to have some money in the bank as an emergency. A just in case moment may show itself and you can be changing careers just like that!
Last year, I stopped development for a bit. I just had a baby and I wanted to focus on my course and just managing my current clients (and of course my family). Obviously I didn’t want to go broke either. Time to be wise. When I was raking in the dough, I would by plugins just to try them out and if I didn’t use them, meh, no harm no foul.
Not the case any more. Be cheap, bootstrap your startup. Only spend money on what’s necessary or things that you know you’ll use. If you have a nice cushion, go for the spending, if not, stack your money! You never know when you’re going to need it.
Have you made a transition in your business? Was it hard to do? Did having an extra cushion of funds help you, or did you go balls to the wall and just switch? How’d that work out? Tell me in the comments.