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Ep. 29 Taking The Leap: How To Go All-In On Your Business
Manage episode 447388051 series 3564548
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Welcome to this DO GOOD X podcast episode hosted by Kimberly Daniel and Stephen Lewis. Are you ready to take the leap and go all-in on your business idea? Today, they'll explore the critical steps entrepreneurs must take before transitioning their side hustle into a full-time venture. From mindset shifts to financial planning, system setups, and legal considerations, this episode offers a roadmap for those ready to scale their business. Be sure to join the DO GOOD X LinkedIn community to connect with fellow entrepreneurs committed to purpose-driven growth.
IN THIS EPISODE:
- [1:48] How do I know when to go all in on my business
- [5:34] Getting the right mindset to take the leap of faith
- [9:45] The importance of making sure your idea is viable
- [11:36] Your budget should look at expenditures from several months to several years, which also requires financial projections
- [15:43] Having systems and staff in place to support your business processes
- [17:21] Hire a professional to assist with the legal structure of your business
KEY TAKEAWAYS:
- Entrepreneurs should elevate their business from part-time to full-time when their finances, mindset, time available for their project, community support and legal structure allow them to work full-time on their business
- If an entrepreneur doesn't have the proper mindset, they can be their own worst enemy. People can talk themselves out of believing in themselves or hamper their confidence in the business's product or service. Positive affirmations are essential
- Obtain affirmation of your business idea by testing it in the marketplace. Don’t just get the approval of your friends and family; do some testing in the market to establish the need for the service or product you want to provide. Do people like it, and will it solve a problem?
RESOURCES:
DO GOOD X - Website
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