THINGS YOU NEED TO KNOW BEFORE QUITTING YOUR JOB TO START A BUSINESS

Entrepreneurship and starting your own business is attractive. You get to be your own boss meaning you get to be an employer yourself and get an opportunity to practice your management skills.

Switching the security and comfort of a monthly salary is not all rosy as the glamour magazines make it to be. The business environment is unpredictable and being the owner, you’ll have to put lots of hours and money into the business. Even then success is not guaranteed.

If you have grown restless in your employment and/or you feel you have great business ideas that you want to implement, find the right way to quit your job and start a business. Don’t leave in a huff and don’t quit on bad terms.

Give notice

You want to leave as the consummate professional you have been all this time. Give your employer at least a two-week notice for your resignation.

This allows them sufficient time to find a replacement for your role. If they ask to forestall your departure for a reasonable time to give them more time to recruit and train your replacement, be gracious and understanding enough.

Don’t burn bridges with your employer. Your boss may be horrible but be the bigger person. You might need a fall back plan should your entrepreneurial exploits fail or you might even do business with them.

Learn everything about the company you currently work for

If you plan to venture in a similar business like your former employer, well and good but don’t steal their clients. Build your client base from scratch and gradually grow your company.

The reason to learn everything about the company is not to steal business ideas and possibly their staff but to get a perspective on what it takes to run a business.

This is also important in preparing you for leadership roles within and outside the company. To run a successful business, you need to expand your mind from the compartmentalized thinking your job description restricts you to.

Don’t just stick to your workplace. Consume business news and read the World News to learn how other corporates go about their business.

Have a financial plan

You need to have a solid financial plan before quitting your job and starting a business. How do you plan to fund your business?

The truth is no one is willing to fund an idea and you will have to singlehandedly finance your business from conception to stability. After setting up the business and recruiting a few staff, your business will still take time before it even breaks even, leave alone profitability.

During this time you will still have to carter for the office rent, staff salaries, suppliers and your own living expenses.

Have a plan on how all these are going to be taken care of during the first few months of the business and without any revenue streams.

Most startups fail

That’s the hard truth. Depending on which business journal you read, between 70-90% of all startups fail.

Before you give up the monthly pay check, understand that starting a business is a risk that can either pay off or go caput. Are you still willing to take the plunge?

If yes, then put all your efforts and time into making your business a success.