When to Quit Your Job and Start Your Own Business?
Every now and then do we come across a bunch of people who are disappointed with their everyday work life. There are engineers who probably would have been better off as writers, graphic designers who wish to run an event management company, life coaches who want to own a bar, and so many others who are a misfit in the 9-5 they’re stuck in. All this because they do not know when to cut the cord.
All of us thinkers have some business idea in our heads that is sidelined to the extent that it has become a relationship killer and money and energy waster. But it’s time that we realized our potential and thought of spending some time building our idea. But then again, quitting a job requires courage. It’s steady and predictable and you’re never sitting on your edge worried about whether or not you’ll have enough money to sustain for the time being.
You would be kidding if you were to say that the idea of quitting your job and starting your own venture hasn’t crossed your mind. So what’s stopping you then? Responsibilities to the team, fear of losing? It’s time you let that go and made a move. Here’s how you’ll know you’re ready.
Are your excuses good enough reasons to not start your own venture?
Melitta Campbell, a business coach who helps women start their own ventures, once said that when you think about starting a new business, there will always be innumerable reasons to not begin working on it. Although they’re not that important when you analyze the potential of your business, they would initially seem like really huge, rock-solid obstacles.
This is exactly why you need to sit down and think whether or not these reasons are valid. Think big and think far. Think about what will happen 20 years down the road if you started your own business; the revenue, contacts, freedom, and what not! And now ask yourself if you would regret the opportunity of starting a new business, 20 years from now.
Does your idea speak your mind?
Waiting for the right time is never going to work. There is no right time to start a new business. For you, the right time is when you have an idea that you’re so obsessed with that you can’t think of anything else. Your mind is constantly occupied with it, thinking of ways to implement it, the people you would want to work with, etc.
If you feel that you can’t quit your job because you need a stable income and don’t want to risk it all at once, start taking baby steps and work in your spare time. Keep looking for clients and going up the ladder. There will be a time when the revenue will meet your salary expectations and that’s when you can quit your day job and think of ways on how to start your own company.
Do you think you can embrace unpredictability and uncertainty?
Ditching your regular paycheck is going to be one big challenge. With entrepreneurship comes the uncertainty of the kind of revenue you would generate every month. There will be times when you would need to push yourself a little harder and take more risks than you thought you’re capable of taking. But remember, not all risks and adventures are going to yield fruitful results. You will also have to learn to not give up when you’re hit with failures.
“Entrepreneurship is all about the journey and who you become on your route to success, so you’ll need to be ready to experience new things, get scrappy at times, and enjoy the prospect of figuring out how to make the impossible possible,” says Campbell.
Do you enjoy networking and building relationships?
To be visible in the market and in your industry, you would need to build relationships with various businesses and connect with the stalwarts of the industry. It is important that you join a networking group and attend as many conferences as you can to ensure that people acknowledge your existence. You can then start pitching your ideas to prospective clients and eventually build your professional network.
What about the cost?
Starting your own business is a costly undertaking. You must have enough savings to ensure that you can survive till the time your new business is in good shape. Taking a loan is never really the answer. You must start saving as much as you can from your day job and once you feel you have enough money, quit.
Do you think you have realistic expectations?
If you think being your own boss will end up giving you more time for family and social life, you’re wrong. In the initial phases, it’s going to stink being an entrepreneur. Yes, you will have the freedom to do things your way, but you would need to work harder than you did in your job to get things started. Be ready to spend sleepless nights and stressing yourself out because, again, starting a business is not a cakewalk.
Finally, you’re the only one who can make this decision. No one else can do this for you. Not even Steve Jobs, had he been alive. Starting something this unpredictable is a tough call to make. So make sure you’ve weighed your pros and cons and gotten it all together before you start taking your initial steps into this incredible journey. And as always, stay tuned with AppMystery for your daily dose of information.
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