Before you quit that day job you hate, get your new business off the ground.
Imagine for a moment that you were able to turn your passion into extra income, or even a new job. Doing something you’re passionate about is one of the easiest ways to make more money.
I’ve developed a simple income-building model, called the Core and Petals, which you can use to turn your passion into more income. Envision a daisy flower with its white petals and yellow core that’s connected to the stem, which is rooted in the ground. The stem and core take in the nutrients the flower needs to stay alive. Think of the core and stem of the flowers as your day job. Your job is necessary for your survival. You collect a salary which enables you to pay your bills, keep a roof over your head and food on the table. Without income stability, you’re not likely to survive. Now, think of your extra-curricular interests as the petals on the flower.
Because you have income stability through your day job, it’s actually easier, and far less stressful, to start developing your petals as supplemental streams of income. The number one reason entrepreneurs fail at their business is because they didn’t have adequate cash flow. The core and petals model actually encourages you to keep working at your day job and generate regular cash flow, while simultaneously developing your entrepreneurial ideas in your spare time.
What do you need to get started? Take a brief moment to focus on what you love to do in your spare time. Then, think of ways to make money off your interests. When you’re ready, set up a small corporation, partnership or sole proprietorship using a lawyer or independently registering the business.
Then, get started. Make sure your monitor your progress regularly. When your small business is strong enough to become your primary source of income, it then becomes your core and stem. But, it often takes time to develop a sustainable business and therefore it’s a good idea to keep your core day job while you put your plans in place.