5 Things you should know before quitting your job to start you own business
Since you have opened this article to read its content, you are definitely thinking in leaving your current job and starting your own business. However, you are somewhat hesitant about the risks in leaving your job in both the professional and the personal level. There will be no fixed source of income and abandonment of insurance and many things that fixed job offers. But at the same time you want to meet your passion and ambition. You have an idea and believe that it will make huge profits, but you do not know how and when to start.
The idea of becoming a CEO is a very tempting idea and gives you a sense of freedom, but it is not an easy step, where it needs to be study carefully. If you have the spirit of adventure, challenge and ready to put all your effort to realize your dream and have the courage to quit your current job, there are some things you should do before you leave the job and devote to your full-time business.
5 things will help you be ready to start your own business before leaving your current job:
1. Preparing for Entrepreneurship Facts:
The field of entrepreneurship is risky despite the advantages it has, like becoming a CEO, setting your own rules, doing things that meet your passion, ambition and others. You should know there are many leading companies have failed, and entrepreneurs have ended up returning to their previous jobs. So you have to understand this very well. Entrepreneurship is not for those who have weak hearts, but it needs the spirit of adventure and challenge. There is no entrepreneur who does not risk, but risking become a way of their life and living to achieve they dream and goal. If you are not prepared to take risks, do not try to be a business entrepreneur.
2. Do research:
You can't jump head first into building your Startup if you haven't done your research. You have to do research about market needs, does the market need your idea? You can study the market while you are in your job, and you have to determine whether your idea will be a product or a service. Background research you need to do includes, but is not limited to:
- Learn every things about your product or service.
- Know your audience.
- Searching your competitors.
- Finding the right team.
- Knowing what your most profitable sales and marketing channels will be.
3. Create a business plan:
Once you've finished your research, write it down on paper. Setting up a business plan before you leave your current job is a key to the success to any startup. When you build a business plan you can pitch your business to the potential investors, partners and stakeholders. This usually includes:
- Overview of the project.
- Executive Summary.
- Description of the company.
- Objectives, vision and mission of the company.
- Information about the target market and market size.
- Information about the team.
- Marketing plan.
- Implementation plan.
- Financial plan.
4- Check your financial resources and get rid of your debt:
Before you start your own business, check how much money you have and determine if it's enough to finance the project or not. If you have a job and have a specific salary, you should consider saving adequate capital for your project before leaving the job. Having the right capital to save through your business is the most important thing, as you will not have to resort to the loans or look for different sources of financing.
If you cannot make the necessary money, you will have no choice but to turn to the investors, but first, you must end all your financial transactions and debts to be able to convince the investor and get the investment.
5- Ask for help
There is nothing wrong to ask for advice and consult people who have experience in the field of entrepreneurship. Even if your idea or your business plan is wonderful, there should be pitfalls that you do not see, so consult people who have experience, they will certainly tell you about these pitfalls and make you think differently and look at things in different ways. There are also many online resources about entrepreneurship you can get benefits from them. In addition, there are many institutions that support startup and provide them with necessary advice and supplies to move forward with their projects, providing them with the necessary information for the success of their projects from scratch to start up, and how to market your startup.