For this 3rd blog, I thought I would be honest about why I am writing this blog. The main goal that I have is to continuously provide you with daily updates of the start-up journey of Liberté and my emotions throughout this journey. I am writing this blog for the people that I know around me and hope that they can relate and inject any feedback that would be beneficial. The other purpose is to make me accountable for my own actions and commitment. I am very familiar with the increase of success when we publicly commit to certain actions.
I have seen the results when I would commit to family, friends and co-workers of my training for an upcoming marathon with my expectations to beat my PB (Personal Best) time by 2-3 %. This would force me to persevere during the hard training required for a marathon. After about 10 years of this, every year, I run 2 half-marathons, 2 full marathons and 1 50km trail and this public commitment forces me to train every week with weekly mileage averaging 75km per week.
So I take my public commitments very seriously and when I started this blog, and the Liberté start-up journey, I took it seriously.
Yesterday, I committed to figure out how to transition from full time employment to entrepreneur that has no revenues. Being risk adverse and wanting to continue to contribute revenue into our family needs, Here is the plan. Step 1 - quit job, Step 2- take a temporary consultant job - step 3 start operations of Liberté.
Seems simple enough and some of you may wonder why take step 2 and not quit job and start Liberté right away. This is the risk equation. There are certain risks I am not willing to take. That risk is to gamble my (my family's) financial dollars. I would not want to put us in debt and risk my kids future education funds. So in order to mitigate this risk, I calculated I needed about 1 year's worth of salary as revenue during Liberté's start-up year. Since our house is paid for and our cars are paid for, I started to save up a while ago but I don't have a full year's salary just yet. Going to consultant will allow me to continue the required savings for my first year's start-up salary. The second reason I will go consultant is that my current employer has strict policy not to moonlight, or start businesses during employment. I believe and am in full agreement with this code of conduct and will not start Liberté during my employment. However, as a consultant, I can do whatever I want. I will start the operations of Liberté part time during my consulting work, which I estimate for 1.5 year.
My goal is to operate Liberté full time by February 1, 2021.
In the mean time, I have started the search for consultant work and have bought the required tools and equipment that is required (cell phone and laptop) as well as I have incorporated my business with full name and CRA compliance through legal support. This is an example of advantage of being employed with revenue to start up something new. I had the revenue to buy this equipment and pay lawyers for incorporation, at no risk to my family.
Until tomorrow, take care and hope to receive your feedback at firstname.lastname@example.org