What You Should Know Before Quitting Your Job To Start A Business
Yesterday afternoon, I got a mail from one of my blog readers, a banker who is interested in going into fish farming full-time. This mail inspired me to write this post which is targeted at helping people who are currently employed but would want to leave their salary work to start a business of their own.
Moving from a job to doing business comes with its challenges. It is good to understand that the early phases of any investment is usually rocky. Before you resign from your current job to go into business fully, make sure you have weighed your options, counted your cost. You must also be thoroughly equipped and financially capable for the business.
I have compiled questions you need to answer and factors you should give serious considerations before leaving your job for business. Some people get frustrated out of business for the simple reason of moving from job to business at the wrong time. Well, what is wrong about the time? You will soon get to know.
Things You Should Consider About The Job
How much money do you earn currently from your job? Have you saved enough to launch the business and finance it until it can start sustaining itself? What financial obligations (like children school fees, housing projects etc) do you have currently? Do you have enough to pick yourself up again if anything goes wrong with the business? Is it possible to run your business with your currently employment?
Can the business be operated when your are free from work like during weekends, after closing time, during leave? Can you carve out enough time to carry out market survey, get trained and test the waters about the business? Do you have the opportunity of returning to your job if you leave now? Can you get a loan from your current job? Do you have entitlements (e.g gratuity and pensions) you would enjoy if you quit your job?
Questions You Need To Answer About The Business
How feasible is the business idea? Is it possible to combine it with your current employment? Can you survive the competition out there? How much training or practical knowledge do you have about the business? How dependable are your partners? Do you have a permanent location for your business yet? Have you been involved in this business before or this is your first time? How thorough are your market survey and marketing strategies? If the business is running already, how much do you realize daily or monthly from this business? Are you making up to double or three times your current salary?
Answering these questions will definitely give you clear insight in what you must put in place before jetting out of your job. Make sure you do your findings. Don’t rely on hearsay. Don’t compare yourself with others. Just because the business idea looks good or sounds nice is not an assurance that you will succeed at it. Because it is working for (or worked for) Mr A does not mean Mr B will succeed doing the business. The key to success is adequate planning, determination and perseverance.
Ask me questions or share what you did in your own case.