Do you have advice for alleviating anxiety over going without a salary?
My partner and I are planning to leave our jobs soon to focus on building our business (MVP stage, no revenue yet). I have some savings and working out my financials/budget. I have a looming anxiety over going from full-time salary to $0/mo. I was wondering if anyone has managed this and had ideas about how to hedge the risk or at least, manage the anxiety.
The best way to hedge risk is to ensure you either have product market fit or are close to it. Even having a landing page for signups and commitment to buy gives you a sense of what sales will be like and how much risk you are taking on.
With a landing page and Google ad campaign you can get some pretty good traffic and data, I love this article from the folks at Buffer on how they launched with a landing page and signup form and quickly netted paid customers once the product was live https://buffer.com/resources/idea-to-paying-customers-in-7-weeks-how-we-did-it
(I'm in a similar boat fwiw, trying to get product market fit while juggling the day job, it's hard but worth it when it works out!)
Do you have a product built and ready to sell yet? I am not sure I would advise to quit your day job and jump full-time on. I did it 2 times: Once because I was so in love with the product we were building that I couldn't think about anything else. A second time because the tech team was not strong enough and I had to step in full-time to fix bugs before a major deadline. In both cases it might not have been the smartest move financially.
After starting at least four businesses in some co-founding capacity, I believe Today the only reason to go full-time is that people are pushing to buy and Sales need to happen.
Hi John! I have lots of ideas how to manage anxiety, as I'm trained in somatic & yoga therapy. :D As for leaving your job, I'm not sure how to answer that. Do you have significant savings in the bank?
Let me know if you want some tips on anxiety and I'd be happy to help!