Points To Note Before You Quit Your Job To Start A Business

It’s one thing to like being called a CEO, and another thing entirely, to actually run a successful business. While the concept of entrepreneurship in itself is highly commendable, it is important to note that not everyone has to own a business. Sometimes, it is fine to help build a business by being an employee. Before you quit your job, here are points to consider before quitting your job to start up your own business:

quit your job

Grow your skill set

Whatever your passion is, never quit your job until you have acquired the necessary skills required for the business you want to start. You might think you could easily employ people to do the job, but a knowledge of how it works will help you not just be a better boss, but run the business successfully. Brush up on your interpersonal skills and soft skills, business skills and transaction skills, management skills and accountability skills. If you come from a sales background, you might be comfortable with the idea of selling already, but otherwise, you might baulk at the thought. For better or for worse, any business is built around selling. Whether it’s selling to customers, selling your vision to employees, selling your idea to investors, or negotiating with suppliers, it is an important skill you must nurture.

Have a plan

While you may be tired and frustrated of your 9-5, it is never wise to simply jump out of work to run a business without the necessary goals and plans in place. You shouldn’t start a business without knowing exactly what you’re trying to build. Set goals and milestones and develop a plan to achieve them. Take time to thoroughly research your market and create a business plan based on facts. Be sure to set smaller goals and milestones for yourself so you don’t get discouraged or overwhelmed. Small victories can be motivating and help you to create momentum in your business.

Start as a side hustle

Many people find it challenging to pursue something on the side while working in full-time employment. Working a job can be exhausting. But if you have this struggle, see if you can negotiate with your employer to work four-day weeks instead of five or reduced time at work, or work from home. You can start your business as a side hustle rather than going all in from the beginning. The best thing you can do at this stage is to prove your idea. Before you do anything else, get your first client or customer. For example, if you have an app idea, build the basic app first and see what the response is. Don’t spend thousands developing something that there is no market for.

Build up your savings

Before you quit your everyday job, make sure you stack up on savings. Start saving as much as you possibly can and create a runway for yourself. Naturally, this is easier the longer you are employed. Building a business can be expensive, and it may be a long time before you begin to see the results you’d like from your efforts. By staying in employment, you will be better able to ride the bumps and unexpected costs that arise from startups. By building a bigger nest egg before you take the plunge, you mitigate this situation and give yourself longer to make your business idea w

Get support

You don’t have to go at it alone. Your family and friends are your first clients. Go to them and (make them) patronise you. Don’t try to go it alone. The entrepreneurial path is lined with challenges. Support can come from your friends, family and mentors. Just ensure that your vision and mission are aligned so that you won’t be discouraged.

There! If you have all those covered, then you are certified to quit your job and fully go into your business. Good luck!

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