Should I quit my Job and Start a Business
You are probably in a full-time job, and at the end of the month, you have always been assured of getting a salary. The benefit perks associated with your position are also lucrative. Recently, you have been feeling this burning desire to start and manage your own business. After all, would it not be a source of pride and achievement running a successful enterprise that is self-sustaining and also generates a lot of profit at the end of the month? This burning desire is fueled by the fact that you have seen some of your old time friends quitting their jobs to start their own businesses. They have made a lot of cash that they would not have realized supposing they had decided to remain in full-time employment.
Quitting Your Job to Start a Business
Moreover, you have also heard of stories of overnight success by those who quit their full-time jobs to run their own businesses, and this has made you feel like a weakling because you are still relying on employment to help you settle your bills. So the big question that keeps on lingering in your mind is, ”should I quit my job now and start my own business or should I let things take its course?”
Before you quit your job, you should first have a very clear plan that dictates your next move. Yes, your next move is starting your own business, but have you determined whether you have enough cash to establish the same? Is your emergency reserve fund loaded enough to see you through the ‘rainy’ days? Are you sure this is the right thing for you to do? Do you have what it takes to endure more than three consecutive months of making losses? Will you be able to settle all your bills on time? These are just a few of the basic questions you need to ask yourself before you quit your current job.
“I want to quit my job”…Slow Down!
Perhaps, the most suitable strategy that will help you to transition smoothly from full-time employment to running your own enterprise would be to start your own job while you are still in employment. This will help you monitor the first crucial stages of a business while still under the security of a salary from a full-time job. Additionally, you need to ensure that the interests of your business are not in conflict with those of your employer. Avoid burning bridges as it could ruin your reputation. Leaving your job in good faith should be a priority.
The starting phase of a business is the toughest stage because, during this time, the business is still trying to recover the cost of setting it up. The business is also trying to attract customers since it is still new and therefore not known to the prospective customers. That is why a large number of new businesses fail at this stage. For those companies that are lucky to grow past this juncture, more significant percentage of them also fail because they fail to respond to the dynamics of the business environment. So, you should not be in a hurry to call it quits before considering how you are going to sustain your business successfully. Rather than facing these tough phases of starting your own business in a jobless state, it will be better that you start your own business while still in employment. That way, it will be easier for you to know when the time to quit your job comes.
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Fear of Quitting a Job
Sometimes, you find out that you are afraid to quit your job the main reason being that when things do not go your way, you will feel like an idiot when you ask yourself why did I quit my job in the first place? But in your mind, you have heard from successful businesspeople that they had to face the fact that in entrepreneurship, there is no sure way to success. Not all bunch of challenges that face the entrepreneurs are the same. Some are unique. Therefore, you should not be afraid of taking that leap of faith.
One of the key determinants that will help set you apart when you decide to set your own business is establishing a business based on a unique idea. Of course, this unique idea gives you a competitive edge among your business competitors. It is interesting to note that some of the most successful unique business ideas were born out of individuals who found themselves bored and uninspired by the daily work routine. As a matter of fact, a time will come in your career when you feel like calling it a day because of the boredom encountered. It is best for this time to find you when your business is already up and running so that you can find a valid reason to quit your daily job and move on into a challenging task of managing your own business enterprise.
Before You Quit, Think About Your Reasons for Quitting a Job
So before you leave your full-time job for self-employment, you will first need to have a well-articulated plan. For the risk averse individuals, it will be necessary that you make it a point to start your business while still in employment so that you can cushion yourself against the risks associated with the early stages of the business. Another thing, ensure that you have a loaded emergency fund to see you through the first few months when your business will be picking itself up.
Do not expect to start making huge profits overnight. What your friends and those who claim to have enjoyed overnight success don’t tell you is, that they had to endure sleepless nights and even go without food during some days. As a matter of fact, some of those overnight success stories are false. So do not despair when your business is four or five months old, and there is nothing for you to be proud of. Remember that a baby doesn’t even start walking immediately after it is born.