If you’re thinking about leaving your 9-to-5, you’ve probably had those late-night ‘what if’ moments. What if you take the leap and it doesn’t work? What if you don’t make enough money to cover your bills? And let’s be honest, the financial fear of going full-time entrepreneur is real. But here’s the thing—it doesn’t have to be scary. In fact, with the right plan in place, you can set yourself up for financial success before you ever hand in that resignation letter. So today, we’re talking all about how to do exactly that, step by step.
In this episode…
In this episode, we’re diving into what it really takes to set yourself up for financial success before leaving your 9-to-5 and stepping into full-time entrepreneurship. I’ll walk you through a clear, actionable plan to help you make the leap with confidence, covering everything from funding your side hustle to setting a timeline for your exit so you can quit your job with confidence. Let’s dive in!
Today, I talked about:
[3:24] Start Your Side Hustle While You’re Still Working
[4:58] Use Your Job To Fund Your Side Hustle
[6:20] Use Your Side Hustle To Pay Off Debt And Build A Safety Net
[7:41] Take The Entrepreneurial Metchmaker Quiz
[8:22] Set A Revenue Goal – And Plan To Achieve It
[10:10] Budget Planning Worksheet
[10:57] Develop Your Exit Strategy
[11:59] Do It
Links mentioned in this episode:
Podcast Transcript
I often share that I’ve been an entrepreneur my entire life—and that’s true for the most part. But if I’m being honest, there have been a couple of times over the years when I took a ‘real job.’ The first was right after I graduated from college. I thought, ‘Okay, let’s see what having a steady paycheck feels like,’ and I started working for a small local vending company. I ran their office coffee department, did some marketing, and even handled a bit of sales. It was fine, but I knew in my gut that I wasn’t meant to be there long-term.
The second time was after we moved our family from Michigan to Arizona. Money was tight—like really tight. As I was getting ready to start my business in a new state, I took a job for 90 days just to bring in some extra income. So, while I’ve worked for myself 98% of the time over the last 30 years, I totally get what it’s like to depend on a job for that secure paycheck. And I definitely know what it feels like to leave that paycheck behind to follow your dreams—it’s scary, but oh so worth it.
Oh, and fun fact—I actually had a business for 8 years where I helped people with their personal finances. So when it comes to setting yourself up for financial success before leaving your job, I’m not just speaking from experience—I’ve lived it and coached others through it too.
So today, I want to share some practical tips to help you feel more confident about taking that leap.
Tip #1 – Start Your Side Hustle While You’re Still Working
This might seem obvious, but stick with me for a minute. One of the biggest mistakes I see new entrepreneurs make is quitting their job too soon—before they’ve built up enough momentum or income from their business. I get it, the dream of leaving your 9-to-5 is exciting, but you want to make sure you’re setting yourself up for long-term success, not scrambling to pay the bills.
The beauty of starting your side hustle while you’re still working is that it gives you time to experiment, make mistakes, and figure out what works without the added pressure of relying on your new business to pay the mortgage. You get to build a foundation, test your offer, and start bringing in income while you’re still employed. And when you do make the leap, you’ll already have a head start.
Another major benefit? Starting a side hustle allows you to validate your business idea in the real world. You’ll get real feedback from paying clients or customers, which is invaluable. Plus, you’ll start building confidence—because let’s be real, confidence grows when you start seeing that your business can actually bring in money.
So, while it might be tempting to quit your job the minute you get an idea, taking the time to build your business on the side first is going to set you up for a smoother transition when you do decide to go full-time.
Tip #2 – Use Your Job To Fund Your Side Hustle
Here’s something a lot of new entrepreneurs overlook—your current job can actually be a huge asset to your future business. Think about it: your paycheck doesn’t just cover your living expenses, it can also help fund your side hustle. One of the biggest hurdles for new business owners is cash flow—those early costs like website hosting, marketing tools, or even investing in coaching can add up. But if you’re still working, you can use a portion of your paycheck to cover those initial startup expenses without the added financial stress.
Here’s a little shift in perspective: instead of seeing your job as something you need to get away from, look at it as the thing that’s going to make your business dreams possible. When you use your job to invest in your side hustle, you’re essentially funding your future freedom. Plus, it means you won’t be relying on loans or credit cards to get things up and running.
This approach also takes the pressure off. You don’t have to hustle 24/7 to make every penny count right from the start, because you’ve got a steady income to support you while you’re getting things off the ground. So, don’t be afraid to let your job work for you while you’re building your dream on the side—it’s one of the smartest moves you can make.
Tip #3 – Use Your Side Hustle To Pay Off Debt And Build A Safety Net
The benefits of this one are pretty obvious, but it’s so important I’ve got to emphasize it: use the extra income from your side hustle to pay off any high-interest debt and start building a financial safety net. Debt can be a heavy weight when you’re trying to grow a business, and the more you can eliminate it now, the freer you’ll feel when you make the full transition to entrepreneurship.
Now, when it comes to a safety net, I’d recommend saving at 3 to 6 months’ worth of living expenses. This is your financial cushion—a way to protect yourself in case things take a little longer to pick up than expected once you leave your job. But here’s the thing: if you follow the first two tips—building your side hustle while you’re still employed and using your paycheck to fund it—you might never even need to touch that safety net.
It’s just there for peace of mind, giving you the confidence to focus on your business without worrying about how you’re going to pay your bills. The extra income from your side hustle is the perfect tool to tackle debt, save up, and set yourself up for long-term success.
Find Your Perfect Business Match: Take the Entrepreneurial Matchmaker Quiz
Alright, before we dive into the next 3 tips, I’ve got something special for you. If you’ve been listening and thinking, ‘Okay, I’m ready to start a side hustle, but I’m not quite sure which business model is right for me,’ I’ve got you covered! Head over to mistykortes.com/matchmaker-quiz and take my Entrepreneurial Matchmaker Quiz. In just a few minutes, you’ll discover which type of business aligns best with your skills, personality, and lifestyle goals. It’s a fun and easy way to get some clarity and take that first step toward building your dream business. Go ahead and check it out!
Tip #4 – Set A Revenue Goal – And Plan To Achieve It
When you’re preparing to leave your job and step into full-time entrepreneurship, setting a revenue goal is crucial. But here’s the thing—it’s not just about replacing your current income. Your revenue goal should also account for things like taxes, marketing expenses, and business operating costs.
For example, let’s say your goal is to start a coaching or consulting business. In addition to replacing your salary, you’ll need to cover taxes (which can take around 25-30% of your income), as well as marketing expenses like running Facebook ads, email marketing tools, or a website hosting platform. And don’t forget operating expenses like Zoom, project management software, or client onboarding tools.
Once you’ve set that revenue goal, it’s time to create a plan to achieve it. The math is simple. Ask yourself: What are you selling, and for how much? If you’re offering a service or product, divide your revenue goal by the price of your offering. This will give you the number of units you need to sell—whether that’s clients for coaching, students for your digital course, or memberships for a community.
For example, if your goal is to make $5,000 a month and you’re selling a $500 service, you need to sign 10 clients. Breaking it down like this not only makes your goal more tangible, but it also helps you map out exactly how to reach it.
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Quick sidenote—if you’re feeling a little overwhelmed trying to figure out how to set a realistic revenue goal and plan for expenses, don’t worry, I’ve got you covered. Inside my Extraordinary Entrepreneurs community, we provide our members with a budget planning worksheet specifically designed for their business model. This helps you map out your income, expenses, and the timeline for your exit strategy. If you’re serious about planning your transition, this is an incredibly useful tool. Go to https://mistykortes.com/community to learn more about becoming a member today and getting your hands on this amazing resource.
Tip #5 – Develop Your Exit Strategy
Now, your revenue goal is just one piece of your exit strategy. The other key factors? Paying off your debt and building that 3 to 6 months’ worth of savings as your safety net. But here’s the big question: When will you actually hit those goals? This is where you set a date. Think about it—when will you have your debt paid off? When will your safety net be fully funded? This isn’t just about planning; it’s about committing to a timeline.
Once you’ve figured that out, mark it on your calendar and decide when you’ll be ready to give your two-weeks notice. Setting that date gives you something concrete to work toward, and it makes the whole process feel a lot more real. With an exit strategy in place, you’ll have a clear path forward, knowing exactly when you’re ready to make the leap.
Tip #6 – Do It
And that leads me into my last tip—do it. This is your commitment to yourself and to those around you. Once you’ve set your timeline and your exit strategy, take it seriously. Don’t let fear or second-guessing hold you back. When that date comes, give your notice and make the leap.
Success in business requires confidence, action, and a willingness to step outside your comfort zone. You’ve done the work, you’ve built the foundation, and now it’s time to trust yourself. The truth is, you’ll never feel 100% ‘ready,’ but that’s part of the journey. The important thing is to honor the commitment you’ve made to yourself, follow through on the plan you’ve created, and know that you’ve set yourself up for success.
So, when that day comes, take the leap—you’ve got this! I believe in you!
Wrapping Up
And there you have it—6 steps to set yourself up for financial success before you leave your job. Whether you’re starting your side hustle, paying off debt, or planning your exit strategy, the key is to take intentional action and trust the process. I know leaving the security of a job can feel scary, but when you follow these steps, you’re setting yourself up for a much smoother transition. You’ve got the tools, you’ve got the plan—now it’s time to commit and make it happen.
Become An Extraordinary Entrepreneur Member Today!
Remember, you don’t have to do this alone. If you’re ready for more support or guidance, I’d love to invite you to join my Extraordinary Entrepreneurs community. We’re all about helping you build a business and life you love, and we’ve got the resources to help you make that leap confidently.
Thanks for spending this time with me today, and I can’t wait to see you step into the business and life you’ve been dreaming of!