DO GOOD X Podcast

Ep. 29 Taking The Leap: How To Go All-In On Your Business

• DO GOOD X • Episode 29

Share episode

Welcome to this DO GOOD X podcast episode hosted by Kimberly Daniel and Stephen Lewis. Are you ready to take the leap and go all-in on your business idea? Today, they'll explore the critical steps entrepreneurs must take before transitioning their side hustle into a full-time venture. From mindset shifts to financial planning, system setups, and legal considerations, this episode offers a roadmap for those ready to scale their business. Be sure to join the DO GOOD X LinkedIn community to connect with fellow entrepreneurs committed to purpose-driven growth.

IN THIS EPISODE:

(00:00) Introduction

(01:48) How do I know when to go all in on my business

(05:34) Getting the right mindset to take the leap of faith

(09:45) The importance of making sure your idea is viable

(11:36) Your budget should look at expenditures from several months to several years, which also requires financial projections

(15:43) Having systems and staff in place to support your business processes

(17:21) Hire a professional to assist with the legal structure of your business

KEY TAKEAWAYS: 

  • Entrepreneurs should elevate their business from part-time to full-time when their finances, mindset, time available for their project, community support and legal structure allow them to work full-time on their business
  • If an entrepreneur doesn't have the proper mindset, they can be their own worst enemy. People can talk themselves out of believing in themselves or hamper their confidence in the business's product or service. Positive affirmations are essential
  • Obtain affirmation of your business idea by testing it in the marketplace. Don’t just get the approval of your friends and family; do some testing in the market to establish the need for the service or product you want to provide. Do people like it, and will it solve a problem?

RESOURCES:
DO GOOD X - Website

DO GOOD X - Podcast

DO GOOD X - LinkedIn

DO GOOD X - YouTube

DO GOOD X - Spotify

DO GOOD X -  Instagram

Kimberly Daniel - LinkedIn

Stephen Lewis - LinkedIn

DO GOOD X Episode 29 - Audio Transcript
Narrator: [00:00:00] Welcome to the do good X podcast. A sanctuary from the entrepreneur grind host, Kimberly, Danielle, and Steven Lewis advocates for impactful entrepreneurship guide you on the path where purpose meets business. Join us to slow down, reconnect, and explore the challenges of under resource entrepreneurs, uncovering the unique journey of building businesses that make a difference.
Now you're hosts.
Stephen Lewis: Welcome to the DukedX Podcast. My name is Stephen Lewis, and I'm a catalyst for positive change. And for more than two decades, I have been working with community and business leaders on how they can live and lead their lives on purpose and with intention, with commitment to their own sense of well being.
And so I'm delighted [00:01:00] to be here today with my colleague Kimberly. Hey, Kimberly. 
Kimberly R. Daniel: Hey, Stephen. And hey, everyone who is listening in. I am Kimberly Danielle and I am a communication strategist, a community builder, and a coach who comes from generations of faith driven leaders and entrepreneurs who believe that our purpose should drive us to contribute to the common good.
I appreciate, we appreciate all of you who have been tuning in for many episodes and the many episodes to come. And if this is your first time, welcome, welcome, welcome. We are glad that you are here today. And in this episode, Stephen and I, we're just going to be talking about a topic that Really came up out of an email that I got.
So Stephen and I are both fans, right? Of how I built the, how I built this podcast with Guy Raz. And now Guy Raz has several different podcasts around entrepreneurs and creatives and [00:02:00] creators, but this specific email that I received. Was really talking about the question of when should someone, an entrepreneur go all in on their business.
Now, I suspect that there are many of you out there who already have a business up and running or in the process of that, but there are some of you who may be working at nine to five, eight to four, or whatever that looks like for you. And you have a side hustle and you've been doing this thing and you're thinking, okay, when do I just.
Put all my eggs in the basket and I go all in. So that's something that we want to talk about today. When to consider transitioning to your business full time. So we'll just, we'll just dive right in unless Steven, is there something else that you want to add to that? 
Stephen Lewis: No, I think this is good. 
Kimberly R. Daniel: So Steven, what would you say?
Is [00:03:00] an indicator of when to, you know, to get us started, what would you say as an indicator of when someone should just go all in, take that chance 
Stephen Lewis: when they are ready. So, you know, part of thinking about readiness is thinking about your finances, thinking about your mindset. Uh, the time that you have available to actually put into your business and, you know, really the, your community of support.
And I think, you know, that's really important in terms of, are you ready to actually, Make the leap because sometimes, uh, to really go after the dream or to really live into what you're calling to bring this vision to life will require you to stretch yourself. And part of that is being ready to actually stretch yourself in the ways that demonstrate your readiness.
Again, looking at your finances, looking at the time that you have available to actually put into the business [00:04:00] and really thinking about. What's going to be your tribe of people, your cheerleaders and supporters that kind of help you along the way when things may get tough, you may feel like quitting, or you may just need a little bit of a pep talk in order to keep on the road to building your business and making your dreams come true.
What would you say, Kimber? 
Kimberly R. Daniel: Yeah, just to, just to add to what you were saying, and then I'll, I'll speak about another point is that. You got to make sure your mind is right. We have another episode where we're talking, where we do talk about the mindset that we think is necessary for an entrepreneur. So the mindset, of course, community can help with that.
And you can be the biggest thing that. Gets in your own way. And it's important to make sure that you are taking care of not just your, your, your body, but also your mind and your spirit, [00:05:00] because. You will see, and some of it you will hear in some of our episodes, entrepreneurship is not for the faint of heart.
One of our guests said, it's like chewing on glass. So that is, that is very important to understand some of the realities and not just romanticizing what entrepreneurship can be. And it can be a beautiful thing, but just be clear about what What you're getting yourself into 
Stephen Lewis: say just a little bit more about mindset.
I mean, we've talked about in other places, but what does it mean to get your mind right? What, what did, what do people need to be looking towards as they think about? Yeah. How do I get my mind right? How do I get my head around this thing of taking the leap of faith? 
Kimberly R. Daniel: I would say one, how are you talking to yourself?
That may sound so basic, but there are so many times where we can and I can, in my inner [00:06:00] voice, it comes out as what a friend of ours says, the itty bitty shitty committee. And so it can really be, you know, it can really block us from believing in ourselves, having the confidence that we need, or moving forward with an idea that is really, Uh, not just a great idea, but a proven idea, our minds can get in the way of that.
So pay attention to how you're talking to yourself, pay attention to the ways that you speak to yourself. When you hit challenges, what are you saying? How are you moving through that? Or are you allowing yourself to get stuck and know that You also kind of, you need some resources or tools to tap into because sometimes we do wind up in the valley.
Well, what are you going to do when you get in the valley? What tools do you have at your fingertips? Maybe you need to go for a [00:07:00] walk on nature in nature. Maybe you need to meditate. Maybe you need to journal. Maybe you need to sit still in silence. Maybe you need to connect with the community that Stephen mentioned, or maybe you need to spend time with family and friends and just cut off.
Work or business to fully be present in the moment. And so those are just a couple of things. I mean, it's not everything, but those are a couple of things that I feel like maybe we didn't go, uh, deeply into in the previous episode that I would mention. Is there anything else that you would add before we go to the next indicator?
Stephen Lewis: Yeah. I think the other thing too, is acknowledging the fact that you are enough. That you have and you're equipped to do what it is that you're called to do and feel called and compelled to be in terms of your business. I think the other thing too is acknowledging this idea that sometimes you have to be [00:08:00] mindset requires you to just be able to sit still and the words of Courtney Vance.
You know, to let the mud settle so you can see clearly enough about how do I actually solve this problem? And I think another mindset is that, you know, sometimes you have to give yourself positive affirmations. About what you can do and to focus on what it is that you are able to do and that if you don't have the answer that you know that the answer exists within your community and network of friends and families who support you in whatever endeavor that you're pursuing.
And then finally, I would say that, you know, when I think about mindset, it really is this idea of I have what I need to make this thing happen. And so I think if you can think about those kinds of positive affirmations to recognize what you do in the midst of setbacks. [00:09:00] That you'll keep standing or get back up and keep moving forward.
That'll help you along the way as you think about getting your mind right. 
Kimberly R. Daniel: Yeah. And, you know, part of what we want to do in this podcast is make sure that we're attending to our bodies and our minds and our spirits, because we can get into the entrepreneurial kind of hustle. You know, it's what, what we typically hear.
And a lot of times we forget to care for our bodies, our minds, our spirits. So finances are also important, like Steven said, um, and those other things and begins really with your mind, uh, and your mindset. So another, another indicator that. It's very important once you know that you're your mind is right and your finances are there and you got these these pieces in place to support you on the journey, making sure that you have a clear, viable idea.
Sometimes we think that we have the best [00:10:00] idea. It might be a good idea, but is it a good idea to other people beyond yourself, beyond your friends, beyond your family? Um, and that it addresses a problem or a need for communities that you have actually tested. You have feedback on, and I'm not just talking about from five people and you, and you've launched and you've done something to prove that it works and it's needed and necessary.
And when I, when I talk about, you know, it's not just five people. We, uh, Steven and I, during a previous accelerator program for do get X, we talked to Jay Bailey, who is a big mover and shaker in Atlanta and working with black entrepreneurs. And he talked about for the Russell center of innovation, entrepreneur and entrepreneurship.
I think he talked to between a thousand and 2000 people, something like that. Yeah. [00:11:00] And I'm not, I'm not suggesting that you need to test it with a thousand people quite, you know, quite yet to go, to go all in, but that just shows you what people are doing out here to prove that what they have, they're providing to the market.
Is working is going to work and what J is up to at rice is definitely working and you can check it out. You know, you can look it up in Google J. Bailey and rice and you'll see for yourself. So that's really important. Make sure that you generated enough interest customers and revenue. 
Stephen Lewis: Yeah. Another thing is, is really thinking about your budget.
Do you have a budget? That looks at the next six months to 12 months versus the next three years and really think about financial projections. Do you have enough resources? Have you figured out enough resource in terms of generating sales? Your own [00:12:00] personal investment or the investment of other people to sustain you and your business for the, again, the next 6 to 12 months, uh, at least a startup period, which may be in this 1st year versus what you need.
To actually generating revenue in the first three years of your business, um, that will help you, I think, kind of alleviate some of the stress. So you can actually focus on really building out the business, but I cannot stress enough. The importance of really thinking about financial projections. And how do you build that into a budget?
And then how do you actually think about what you may actually to invest into your budget that actually is going to support you over the next six to 12 months. And then think about the first three years of your business to actually get you off the ground. It's really important because, you know, most businesses, uh, oftentimes fail Kimberly in the first three to five years.[00:13:00] 
And, you know, finances is a large part of that. And so thinking about budget and the financial projections of how you're going to generate sales, how you're going to generate revenue is really important as you think about your own sense of readiness to actually start your business and to take the leap of faith.
Kimberly R. Daniel: As someone with a background in finance, Steven, I'm curious to hear from you. Like what, what are the one to two things that. You think entrepreneurs most often overlook when it comes to preparing or having their finances in order for their business, 
Stephen Lewis: take an account of all of their expenses. I see a lot of people just don't give enough time to think about, Oh, I forgot about that.
Oh, I forgot about this. Like really think about what are all the kind of key expenses that you can anticipate that may come up. Or that you actually have to [00:14:00] account for in a given month and a given year. I think the other piece of this is also thinking about the ebbs and flow of a year. So what type of cashflow do you need in the first quarter versus in the second, third or fourth quarter of your business?
Because, you know, if you're in a business where your sales are seasonal, then that may mean that you have to take a little bit more time to either save more or to Minimize your expenses in the moment. So the year where it may be a little bit more leaner, you're not going to bring in as much sales and other cases, if it's not about you have seasonal sales, but you have reckless sales, it's also trying to anticipate what you might need in order to get to the next hurdle.
So that's thinking about really your projections. So, yeah, it's one thing to say, okay, I can generate lease fees. 5, 000 a month to cover, you know, my core expenses. But [00:15:00] if you're going to actually grow your business, you may have to think about how do I actually project into the future? So I have what I need in order to get me through the next six to 12 months.
But, you know, month 13 through month 24, you know, I may need to anticipate that I got to generate. Maybe three to five, 7 percent increase of growth in my, in my business. So then how do you actually project and build that into your actual budget? Those are just two or three things that I think are important.
As you think about your own finances and really trying to think about whether or not you have what you need to get started and actually take the leap of faith to actually do this full time. 
Kimberly R. Daniel: So another indicator that you can just, and you can go all in is that you have a clear vision for your business.
Now that's not to say that the vision isn't going to shift, you know, on the journey, but right now in this moment, you have a [00:16:00] clear vision and you have systems in place to support your business processes and in this day and age. You should have some technology to support you in that, in that process, specifically things that can be automated, uh, things that you're doing on a daily basis that you can automate and have, you know, those systems in place to support you.
That you have all of that in place because that's going to make the transition so much easier. Um, then it would if you didn't have that. And then I would also say to be clear about your team needs. So a lot of underrepresented founders. We Our starting businesses as a solo founder or by ourselves, but depending on the type of business that you are going all in all in on, you may need to have team members.
Now, that might not be another full time person that might not be even a part time person, but you [00:17:00] may need some team. Folks who are contractors or freelancers. And so making sure that you're clear about those needs and back to Steven's note about finances, you want to make sure that you budget it. The expenses and the cost for having those people to be resources to help you move your business forward.
Stephen Lewis: Yeah. And I think the other piece of that is really thinking about your legal structure at the end of the day, you probably need to consult with an attorney. About the best legal structure for your business. And that structure is not just about whether or not I am a, an LLC versus, uh, a C court B court or any of those types of structures piece, but it's also think about the legal structures of contracts and agreements and terms.
And, you know, if you were to have, you know, disagreements with a consultant that you hired, [00:18:00] where might that be mediated? Um, in terms of your business and that type of thing. So thinking about the kind of legal structure of your business. Whether you're going to be an LLC or some other type of form will be really important to think about what do you need for in this next, you know, six to 12 months or the next 24 months versus the type of legal structure that you might need in the next three to five years, particularly if you're trying to position yourself to raise capital and to find investors, they will want a whole different type of legal structure.
So don't become wedded to. Any one particular structure, think about what you need. At the moment that is going to protect you in terms of liability. If your business has some unfortunate situation where, you know, someone would to sue you or to think about, you know, the kind [00:19:00] of legal structure that you need to put in place in terms of protecting an IP.
Or some type of intellectual property or thinking about what you might need in terms of trademarking your particular brand or business or process or product that you're actually creating like legal structure, I think covers all those things. And so being able to talk to someone that can help you about what it is that you need now.
Versus what you might need, you know, 18 to 24 months later will be really important. You don't need to be overly worried about, you know, what's going to happen if I don't have this and that and the other. It's really thinking about what is it that you need at this moment to get yourself started. And I think if you can think about that and prioritize the structure and what you might need in terms of simple agreements.
Then I think that will help you then think about what it is that you may need long term down the road as your [00:20:00] business grows and changes or other types of things that require you to consider that you haven't considered as relates to your business. 
Kimberly R. Daniel: That's what we have for this episode, y'all. I hope that you've been taking some notes.
Uh, if you are, you know, if you fall into the community of folks who is questioning if now is the time, if you have these things in place that we've discussed on this episode, you might, you might be ready. You might be ready. You might 
Stephen Lewis: be ready. And I think the other thing, you know, So to look at it this way, sometimes no time is a good time.
Sometimes you just have to take a leap of faith, 
Kimberly R. Daniel: right? Right. So if now is the time where you want to take a leap of faith, we also have a place that you can start and you can connect with entrepreneurs and change [00:21:00] makers by going to do good x. org and joining our LinkedIn community. We provide resources, tools, and connections for your journey.
And we have some support that could be helpful as you dive into the world of entrepreneurship. But at any rate, make sure you have a community around you. Make sure you're caring for yourself and make sure that you have the support structures and systems in place to set you up for success before you even dip your toe in.
But as Stephen said, No time is a good time, but there's no time that's better than now until next time. Be well and do good. 
Narrator: Thank you for listening to the do good X podcast to continue the conversation or access our resources. Visit www. dogoodx. [00:22:00] org join us again for conversations that will nourish your soul, ignite your dreams.
and empower you to build an impactful business one intentional step at a time. Until then, keep striving, thriving, and doing good.