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The Great Resignation: How To Set Yourself Up For Success As An Entrepreneur

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by Sonia Magruder

I’ve been reflecting on the recent trend known as The Great Resignation. It seems the long weeks of quarantine triggered this trend by causing us to reevaluate our careers. Over the past months, many have left their jobs to pursue more flexible work or become entrepreneurs. 

I resigned from my full-time corporate career years ahead of the current trend. Today, I align my passion for living a healthy lifestyle with my work as an entrepreneur and health coach. I’d like to share some tips that can help you transition seamlessly into your new career. 

Start by finding side hustles and diversification in your income stream

If you’re not able to leave your current job immediately, you want to start building your plan B on the side. 

Ideally, you will start a stream of income from your side hustle before you need to rely on it fully. You don’t want to suddenly find yourself in a situation where you’ve lost your job, or you can’t take the toxic work environment anymore, but you don’t have an income to get you through the transition. 

When evaluating the possibilities for side hustles and diversification to your income stream, it’s essential to consider your passions and core values. Finding something that aligns with what you believe in is crucial. 

Next, you have to find a product or service consumers want. Focus on products or services that are highly consumable. You don’t want to be putting all your marketing effort into something that somebody buys once a year.

Start looking for a side hustle you can fit into the hours you have available. Consistently give time and attention to it every day until it gets off the ground.  

Becoming an entrepreneur can be daunting. Sometimes you don’t know where to start. You may not know what work you want to pursue, but you do know you’re tired of sitting behind a desk or clocking in for a nine-to-five. Before making a sudden move, start building your plan B with your goals ahead and your financial safety net below. 

Look for income that is residual and leveraged

Not all incomes are equal. When thinking of ways to diversify your income stream, residual and leveraged incomes are best. 

Residual, or passive, income is an income stream that keeps coming in even when you’re not working. Leveraged income occurs when you have a team working with you and you’re being rewarded on the efforts of others in addition to your own efforts. 

I started out working in a corporate setting. While working that job, my salary had a ceiling. It didn’t matter how hard I worked. I could only make so much money at that job.   

When I moved into real estate, I was an independent contractor. I was in control of how much I could make. That first year, I tripled my income, and it kept going up. 

As a realtor, I was thrilled to be receiving payment commensurate with my effort, but I was always on the hamster wheel. If I stopped running, the money stopped coming in. I was trading hours for dollars, and it was all dependent on me.  

Network marketing was my next move upward. In this business model, I built a team, and that’s where the leverage came in. Rather than trading hours for dollars with just my own efforts, I was able to teach and mentor my team members and build an incredible collective, where we all work toward a common goal.

Build a community that helps you thrive

It’s hard to work in a vacuum. Being part of a community will encourage and inspire you. Your community will also keep you accountable for achieving your goals. When you reach a milestone, your community will recognize your efforts. 

To build a community, start with your network. You can reach out to people you already know and to like-minded acquaintances. 

In my case, I was working 60 to 70 hours a week in real estate before becoming a network marketing professional. I was making a six-figure income, but the fast-paced on-demand world of real estate began to take a toll. I had put on weight, felt exhausted during the day, and wasn’t sleeping through the night. A friend recommended a nutritional cleanse, and I was astounded by the results. 

It wasn’t long before I started telling family and friends about the health products I was using and their impact on my life. I wanted everyone to feel as good as I did. Sharing these products with my friends accidentally became another business. 

The network marketing model is all about community. I brought on a few hundred people myself, but that grew to over 53,000 people. A community in the network marketing model can grow exponentially. 

I am intrigued with the number of people considering the options available to them in today’s shifting job market. Having been an entrepreneur for many years, I don’t know any other way and never want to return to the corporate world. I can relate to what you may be thinking. You like connecting with people, helping people, and having freedom. Being an entrepreneur can help you achieve those goals and so much more. If you’d like to learn more about my path to becoming an entrepreneur, visit my website ignitingyoursuccess.com

 

Sonia Magruder is an entrepreneur, health coach, and mentor. While balancing her career as a real estate broker and being a full-time caregiver for her mother, she realized her passion for health, nutrition, and the importance of gut health and immune support.