Want to quit your job and start a new business? Well, here is how you can accomplish this feat. One of the most frightening days of your life is when you are about to quit your job for what you really have passion for. Quitting your job is really a very difficult decision to make.
You are not really sure how your employer is going to feel after seeing your resignation letter, neither are you sure of what is going to happen to you when you quit. Believe me, you would go broke a thousand times but it is for the best. All those allowances, free medical check-ups, gift cards that your company gives will be a thing of the past. There would be no more paychecks, health insurance or even retirement plans.
But it is a wise decision you have made though by quitting your job and starting a business to become your own boss. Be sure that you are ready to quit before you do. Most people who are scared of quitting start a business and devote some hours after working hours and also during weekends. Have you ever asked yourself why people love to work for big companies?
Have you ever asked yourself why people quit their jobs? Don’t let the motive behind quitting your job be because every other person around you is quitting. Mostly it is the fear of not having a steady income that holds people back from quitting their jobs to start a business. If you want to quit your job and start a business then this article is for you.
Table of Content
Work On Your Business Ideas
How do I work on my business ideas? Before quitting, work on your business ideas and ask yourself if your business is a viable one. Your family and friends would come in handy here, asking what they think would really help. You never can tell they might have a friend or a colleague who might put you through or give you some very good advice. Some family or friends wouldn’t want to break your heart by telling you the business isn’t a viable one. Telling them a friend of yours is about to venture into the business is a better way of receiving an honest feedback from them. You should do a lot of research about your business so as to be sure the business you are about to venture into will be a profitable one and you are ready to take the risk.
You don’t want to end up going back to your employer after you quit, do you? This has happened to a lot of people. Getting your business plan ready and jotting down important things that will help your business, will go a long way in making your business a success. You are saying no to paychecks, health insurance and paid vacations. You don’t want to be doing all these for nothing. Work on your business, not in it.
Go for a Medical Check-Up
Knowing the state of your health is very important before quitting your job. Starting a business is not all that easy, and managing it is very strenuous. You can take advantage of your company’s medical plans to diagnose and solve any health problems while you still can. Once you are out, you might not have the luxury of paying for medical bills as this might drain your purse, and remember you won’t be receiving any stable income for a while.
Ensure you are not broke when you quit your job because you wouldn’t be receiving any paychecks for a while, it would be just you and your job. This is where your savings come to your rescue. When you are still employed, ensure you have attained some level of financial stability. The major reason why start-ups end up closing their business is often as a result of lack of funds. It wouldn’t speak well of you to open your business and shut it down in less than 6 months. You don’t want to be called a failure or a looser, do you? Automatically funneling money into an account that is not linked to your regular savings and withdrawals while still employed would help you be financially okay when you quit your job. Keep in mind that lack of money is a business killer.
Line Up Your Prospects
After the decision about quitting your job has been made, lining up your prospects should be the next thing on your agenda. You have to focus and give yourself a direction. Ask yourself very often where you are heading, this way you are sure to get an answer and the earlier you know where you are headed, the better. You can make reaching out to people a regular practice as this will help you a lot. Your business is sure to be a success when you have lined up prospects, although there are other things that make one’s business a success.
Getting accustomed to being on a schedule is also very important while you are still employed because you would be doing more of this when you start your business. If you don’t know to manage your time, starting a business would be a bit difficult; although one out of ten people who were very poor in time management were able to push through. You can learn anything only if you put your mind and soul into it. So many entrepreneurs today who had to take the risk of quitting their jobs to become their own bosses went through a lot. Be sure you are ready for this before you quit.
Am I taking the right decision? Ask yourself this question a thousand times to ensure you are on the right path. Talk to people who also had to quit their jobs to startup their businesses. Ask them what it takes to manage a business. Ask questions and seek advice from them. Before quitting make sure you have something motivating you. Don’t start a business because you watched a TV series that says quitting your job for a business is the best thing to do, neither should you start because you just want to do what you love doing. Very often it is not what we love to do that we end up doing. Discover what motivates you for this would help when you are fed up and almost about to give up.
After you might have submitted your resignation letter to start a business. You won’t be receiving any pay checks for a while. You need find another means of income which can sustain you and your business. Enrolling as a freelancer in any freelancing site is an option. The money you earned through this source would be used to pay your bills and also to invest in your business. You would also want to be cut down on your expenses because your income may likely be lesser than working a stable 8-6.
Starting a business is not really hard, managing it is. If you can read through this article and put what is been said into use, your business is sure to be a success. Read wide to get wide exposure and also to catch a glimpse of what you are about getting into. You must be so sure you are ready to quit your business to avoid regrets later in the future. The sky is just the beginning.