Starting a Business? 10 Things To Do Before You Quit Your Job
There must have been a point when you told yourself, no more are you going to work! You must have some business idea that you believe will help you get millions. Every office job at some point or the other is bound to get mundane and regular. Every corporate professional dream of being to leave some job and move into a business where there will be freedom to work according to wish. The idea of working on your own business is tempting – there are no restrictions, there is no time bound slavery and things are according to will. This might be the once in a lifetime offer where you win millions for yourself!
Then one has to consider that business involves a steady flow of cash not towards you, away from you. You have to start investing, instead of you reaping the benefits. As difficult as it sounds, you cannot simply have an impulse and quit the job on that basis. It has to be well thought of the decision. There has to be a to-do list that you should maintain before you quit your 9 to 5 boring schedule.
First things first, you need to secure your payment. Are you good to go for the next 1 year or so? Are all your predicted and unprecedented incomes covered for? Are your loans cleared and debts done and are you doing fine financially? If these conditions do not apply to you if you are tied to mortgages and rents, and EMI’s still, it is advisable not to let go of your job. Your business can be a side hobby for you, not your full-time profession. Quit only when your business gives you full-time money, and helps you to get through your incomes and dues and debts. That would be wise.
Learn from the mistakes
There may be many around you who have tried to bring forward a business. Maybe try asking them one on one, if they had made mistakes in their initial journey. They might have very valuable solutions to offer – maybe they have answers that you are looking for. Ask them valid questions. What inspired them? What helped them make better decisions? What went wrong? How did they change their decision making? What methods did they implement? These will help you find potential answers to most of the questions whose answers you aren’t aware of. If you have to survive in the market, you have to generate the benefits and the return of investment. Those who have made successes out of their businesses might be able to help you there.
Could you give up on a lot of things?
If you start a business, understand that it comes with a lot of sacrifices. There must be a lot that you are going to have to give up. Maybe that watch you wanted to have has to go back to the wish list. Or that lipstick you were thinking of buying, you can’t purchase it anymore. Ask yourself – are you willing to give up on a life of luxury? Finance isn’t the only thing. You will have to ask yourself if it’s okay to give up on family and relationship time as well. With business at hand, you will hardly have time for yourself. Ask yourself now, how eager are you to open your own business.
Learn Well About theTarget Audience
You might be good at what you sell, but you must be better at knowing your market first. Detailed and thorough market research is the most important of any successful business. You need to know who your end users are since they will come and give you the return of investment. They are the source of finance for you. Once you remember this golden rule, you will treat this more important. Better not have a failed project, study the market circumstances better, and then move into making your product better. This will ensure a better business strategy.
Make Doable Goals
Divide the goals into small morsels. Do not have unrealistic aims for your business. You are not growing rich overnight. It will need a lot of planning and a lot of execution. Divide your goals into small achievable portions. Take up small steps at a time and achieve whatever you have planned. Tiny goals push you to the finish line. If you are feeling rushed, take slower steps and breathe better.
Draft a Formal Business Plan
You might have it all chalked in your head, but that is definitely not enough. You should write it down for the others in a convincing tone. Not only is this beneficial for your clients, but also your investors, your people, and everyone else associated with it. When you start penning down details, you will step on loops that you find incomplete, and you will try to learn more on those aspects.
Read and Cultivate the Businessman in You
It is not enough to suddenly have a business plan, but it is better to be prepared for what lies ahead. It is recommended that one reads some valuable text on the same, and prepare himself before taking the plunge. Probably go out on a dinner with one of the successful businessmen you know and talk to him about the challenges. Prepare your mind for the risks and the benefits.
Understand What You are Signing up For
This isn’t a change of jobs that you are simply going to adapt. This is one major leap and you need to know all the levers if you want to succeed. Acquaint yourself with the business strategies that you will need.
Answer Vital Questions of Why
You need to answer the question for yourself. Ask yourself why you would quit your job and move to business. Ask yourself if it is worth it. Get answers and find the solutions to these questions. This might help you decide better.
Acquaint Yourself with Resources that You Possess
Self-evaluation and evaluation of the team you are working with are extremely important. Learn all you can about your team and then proceed with the idea of the business.