When to Quit Your Job and Start Your Own Business?
It is a known fact that any business venture will come with a dozen of risks. It won’t be easy because of the potential thorns on the way. But of course, the rewards are great when being considered. First of all, quitting your job would mean that you wouldn’t have to be in the office regularly – there is no boss because you are now your own master. You will now be able to set your own hours of work, there will be no boundary to obstruct you, and there is definitely no timeline where you are bound. This will be a dream materializing for anyone who hates to work at his present desk. But there’s more to it – it’s not the only excitement that would keep you going, because after you understand that you are totally on your own, your enthusiasm may die off a natural death.
There will be no paychecks at the end of the month. There is no one to solve the problems that you are facing, and there’s certainly no expert advice and guidance at the door for you. There’s this huge black hole that you haven’t even figured out, and yet you will have to be there alone for your business. Are you still ready to quit the desk and pick an empire?
Listen to Your Excuses
Do you have sufficient reasons to not do it? You may always hear words like I will do it when I have the money, or words like, I will do when the kids are slightly older. There can be so many excuses and so few reasons as to not do it. Maybe it is the time to get over the excuses and ask yourself if you can really pull it off. Maybe it is time, to be honest with at least yourself. Maybe it is also time to put away doubt and embrace the idea that you will be owning something for yourself.
How Far has Your Idea Moved into the Obsessive Scale?
The idea must live in your blood so far that it should sink deep. It can’t be a superficial thought at the back of your mind. It has to be a potential problem solver that doesn’t let you sleep at night. This level of an obsession is required for you to have a proper and successful business. The time that you develop an obsessive passion for your idea, and you try to desperately convert it into a business plan that is the exact time you should quit your job and pursue the business.
There might be an alternative to this – you could continue with the day job and still be spending your spare time trying to formulate ideas for your job. That might save you off the hustle of quitting your job temporarily. But eventually, when your business kick starts, you would have no option but to call it a quits.
Ready for the Growth Curve?
There’s going to be an immense growth curve that you will be taking up, and it will be a very broad aspect of learning. Keep your eyes open and learn everything that comes your way, because you will need it. An entrepreneur needs to often fulfill many roles, and being just the business head isn’t enough. Keep the goals clear for a better outcome. When you have learned about everything, then you would look back and see how much of the journey you have overcome.
In business, things are always bound to go beyond your control. There will be nothing that will be in your favor, and things will always be just the opposite of what you expected. Be prepared for the worst. This will be a ride out of your comfort zones, there won’t be any corners that you are aware of, and things will take you by surprise. How well you take them in, determine the status of your business. If only you are ready for this dead-end challenge, with a probability that you may fail after even trying everything, take up the business. It might be your best shot.
Do You Network Well?
For a good b business, you need flawless networking skills. You will need to keep pitching your idea to everyone around you until they become convinced of your talent and your vision. It might be difficult to start off, but once you do, there is no turning back. There has to be a proper circle which you will have to find, to fall back upon. You cannot afford to say that you are driving solo, you wouldn’t need anyone. You would always need a team of people who are your disciples. For the same, communication is the absolute key. Attend conferences, shake as many hands as you can, expand your contact base and meet as many useful people. This always helps you in your endeavors.
Think Of Funding Options
Simple having a business idea doesn’t work. You would need to have a strong funding system. You could bootstrap if you wish, but that’s a huge risk again. A bank loan works or even does crowdfunding. Whatever way of funding you use, make sure it is foolproof and doesn’t fail you midway. Consider the entire process being a graph of ups and downs, how would you tackle each one? Are you prepared for all the bumps that come along? Only if you have this options covered, should you proceed for the rest?
Have You Places Realistic Expectations?
Make real goals for yourself. Your start-up won’t become an Uber overnight, neither does it become Facebook. It will take a lot of time for it to nurture. A lot of people even think that the fact that they have quit their jobs would mean more time for family – well, that clearly never happens. A business takes away all 24 hours of the day and exhausts you completely. It will never be easy. Jump off the boat only when you think you are well prepared for the consequences of your bold decisions.