Today I am launching my first eBook, Busy Moms Building, where I walk you through the 12 steps I took to build my own online business and quit my job! For those of you who are not familiar with my story, I quit my corporate job after 10 years back in January 2016. In August 2016, I began working full-time in my online business. I was prepared to quit my job when the time was right because I planned ahead.
I tend to be a very practical and methodical person with how I go about major life changes, but when I’ve made up my mind, I am totally comfortable taking big leaps.
Starting my own business was no different. I purposely planned to not concentrate on revenue for a few months while I was building a few key components for the long-term stability of my business.
Busy Moms Building shows you how to start an online business on the side and turn it into your full-time career (or part-time career if that’s what you want).
5 Steps Before Quitting Your Job
I know starting your own business can seem overwhelming and intimidating. Especially because there are a lot of things you need to take care of that are not exactly fun. My opinion is that if you set up the right processes and systems from the beginning, then you will be able to reap the rewards later on. So let’s get started!
#1 Understand the legal and financial requirements for starting a business
Please note: I am not a tax or financial professional nor am I a lawyer. My advice should not substitute for seeking out professional assistance for your personal situation.
I make this number one because I have found that it is the most intimidating for people. It’s really not that bad once you get your systems set up and seek out professionals that can help you (if needed).
Here are some basic steps to take:
- Separate your business and personal accounts from day one. If you are a sole proprietor, you can open a second checking account in your name for money that runs through your business. It’s critical for maintaining the long-term health of a business, especially if you were to be audited at tax time.
- Decide on your business structure. I would say in the beginning, your two main options will be a sole proprietorship or single-member LLC.
- Understand the tax implications of self-employment. I know a lot of people who underestimated their taxes in year one because they forgot that they still have to account for their spouse’s income when determining their tax bracket. Paying your own employment taxes is nothing like being a W2 employee. Make sure you understand the federal, state, and local tax laws.
- Track every single dime that goes in and out of your business. Keep amazing records, and don’t forget to save all of your receipts as well.
#2 Have a business plan
A well thought out plan with short and long-term goals is imperative to success. In many cases, I am not talking about a formal plan that you’d need to seek out financial funding. Instead, I want you to make a plan (in writing) that gets super clear on what your business objectives are. In Busy Moms Building, I walk you through the steps of my business plan.
[clickToTweet tweet=”A well thought out plan with short and long-term goals is imperative to success! #entrepreneur” quote=”A well thought out plan with short and long-term goals is imperative to success! #entrepreneur”]
#3 Have a plan for work/life balance
This is something I have learned the hard way since I quit my job. I suffer from something I like to call decision fatigue. I never knew how much I shut my brain off in corporate until I became the boss and was solely responsible for ALL the decisions!
I’m also generally responsible for running the household. What I mean by this is that my husband is super helpful at helping me execute on things (like cleaning and taking care of our daughter) but he is not so good at remembering things that need to get done in order to keep the household running. I’m talking about things like schedules, bill paying, car registration deadlines, the costume needed for school next week, etc.
In the first month, I felt like I was firing on all cylinders! Thankfully, I had thought about childcare arrangements prior to quitting my job. I never intended on keeping my daughter at home with me while I work. I send her to preschool because I know I am not productive with constant interruptions.
You may think you will work well with your kids at home, but I caution you on this. If you’ve never worked from home with your kids before, and you intend on starting, have a backup plan in place just in case it doesn’t go as well as planned!
#4 Invest in the right education
I am convinced that one of the best things I did was invest in the right education prior to taking the leap into a full-time business owner. There is a word of caution to this as well, there is A LOT of information out there to take in. As a matter of fact, I spent two years researching online entrepreneurship without taking any action. It’s called analysis paralysis, and it wasn’t pretty.
I refuse to even add up all the money I’ve spent on online books and courses. Once I finally identified my business plan and knew how I wanted to make money online, it was easier to be strategic in my decisions on what to purchase.
I wrote Busy Moms Building for this reason. I wanted to provide a resource that helps you structure the backbone of your business so that you can make the right choices out of the gate.
#5 Build an email list
Listen, I really don’t like jumping on bandwagons and sounding like a robot. I think every single person in the online business space says that the most important piece of your business is your email list… well, they’re right!
Yep, they are. Why? Because you own the right to communicate with someone who signs up for your email list. You do not own followers on Facebook, Twitter, or any other social media network. If I had taken this advice three years ago when I started this website, I would be making a ton of money by now. Instead, I didn’t invest into my email list until March 2016, and now, about 75% of what I make online is directly tied to my email list. This is why I spend an entire chapter in Busy Moms Building discussing effective email list building strategies.
Are You Ready to Purchase Busy Moms Building?
I go into a ton of detail on each of these steps in my book. If you are interested in starting your own online business but have no idea where to start, Busy Moms Building is the best place to start!
What others are saying…
“Being a busy mom who’s built several successful businesses over my career—for myself and others—I can tell you Monica Froese knows her stuff. In her book Busy Moms Building, she hands you the keys to the kingdom. All the lessons she and many of us have learned the hard way, all the research and resources you’ll need to help you make the transition from worker bee to entrepreneur mom, she’s giving them to you wrapped up with a bow. If you’re ready to make the leap, or trying to decide if you should, this book is for you!”
~SUSAN WENNER JACKSON, Cofounder and Editor-in-Chief at Working Moms Against Guilt
As a beginner getting the lay of the land, I appreciate Monica’s how-to instructions and honest reviews of various tools, service providers, classes, and resources. She helps you understand what caught her up when she started, so you have a framework for making your own decisions and avoiding potential time sucks and pitfalls.
It’s definitely the kind of thing I will keep handy to reference as I’m getting started. I even learned something about Google’s search algorithm updates that my digital agency at my corporate job hasn’t told me yet! Bottom line: Monica breaks things down so starting a business feels less intimidating.
If you’ve wanted to start something, but don’t know where to begin, Busy Moms Building is your answer.”
~CLARA MILLER, Marketing Manager and Working Mom
Free Business Resources
Here is a list of more free resources that I’ve put together to help you get started in your online business:
- My income reports
- A comprehensive list of all the tools I use in my business
- The Ultimate Beginner’s Guide to Starting a Blog for Money
- Tips on how to start a business as a working mom