Translate
Your Great Escape: Analyze Your Exit Strategy
Posted by: Patty Gale on February 8, 2010
Filed Under General
Last week, I talked about our 5-part series on how you can prepare the right way to make a transition from corporate America to a career in network marketing.
If you’re going to do something right, it’s important to create and execute a well thought-out plan.
Hold On There, Not So Fast!
If you are still in a full or part time job, don’t quit just yet. I know you want to make that mad dash out the door and get home as fast as possible. Believe me, I do! That will happen, but it takes time to get to that point, which is why planning is so important. This will be crucial to your long-term success as a network marketing professional.
Here’s what we’re going take a look at in Part 1 of “Analyze Your Exit Stategy.”
a. Determining Income and Expenses
b. Employer Financial Benefits
c. Company Pension Plans
d. Health Insurance
Most likely, you have a 401(k) or pension plan that you’ve been contributing to. If you have employer-sponsored health insurance benefits, you need to take this into consideration. While owning your own home business can be very lucrative, there will be start-up costs and there will be a time lag before you start earning a profit.
This brings us to your income, expenses and day to day living. If you are married, this is one of the most important decisions you can make for your spouse and family. I can’t stress enough how important it is to discuss these options with your family. I have seen too many men and women who do not have spousal support for their dreams or business and it can be very discouraging. There can be a lot of ups and down with your own business and you don’t want to go it alone.
First, Determine Income and Expenses – DO NOT Skip This!
Remember, network marketing is a 3 – 5 year plan, not an overnight one, so you absolutely, positively have to create a financial plan.
How much is your net salary income now? What are your fixed expenses such as mortgage, car payments and insurance, kids tuition? What are your variable expenses such as groceries, gas, utilities? What are your fun expenses, such as eating out, going to the movies, entertainment, etc?
Analyzing this can be as simple as opening up a spreadsheet, gather your last month’s invoices and start entering the information. From here, you can then determine things you can’t change (i.e. mortgage), things that can be adjusted (groceries) and things you can do without (eating out).
You will be amazed at the corners you can cut in your budget that will save you money while you are building your business. This process is important so that you and your family know what you will be living on for a while.
Up next, we’ll take a look at employer financial benefits such as your 401(k).
Stay in Touch
Let’s Connect
Enter your email address below and I'll let you know when I make my next post. 
all rights reserved