How To Quit Your Job and Start a Business That Lasts

You’ll need to avoid some common mistakes to survive

First: Take In All You Can From the Existing Market

The top mistake most solos make is leaving their day job too soon. Going solo takes months, even years of preparation. I’m not just talking about the experience you’ll need to deliver an expert product or service in your field, but the situational knowledge required to build a sustainable company around delivering that product or service.

Your First Second Job: Develop a New Market

When you go solo, your first job is domain expert: You are the lead on developing and delivering the product or service you’re now offering. The one additional job I can guarantee you’ll need to take on is the CEO role of growing your business.

Serve Old and New Markets Alike

What you need to do first is break down the components of your product or service and figure out which components can serve your existing market and new markets at the same time.

Select the Best Targets in Both the Old and New Markets

You’ve got a market on either end of your business. On one end are the established players who look and act a lot like your former employer’s existing market. On the other end you’ve got a whole new group of players who may or may not be able to understand, find value in, or afford your product or service.

Find the Commonalities and Build on Them

Another mistake solos make is they tend to try to scale by bringing in the same business they used to do when they worked for someone else. The solos that do survive using this strategy end up becoming exactly what they left behind in the first place.

Hire Equally to Handle Both Markets

If you want to split markets correctly, it will take a ton of time. That time gets taken away from you as a domain expert and also from you as the CEO. So you’ll need to backfill your time equally.

I’m a multi-exit, multi-failure entrepreneur. Sold ExitEvent. Building TeachingStartup.com & GetSpiffy. Former Automated Insights. More info at joeprocopio.com

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store