The financial security a job provides has kept billions of people trapped in its illusion of safety, and has in the process, prevented many from pursuing their dreams.
Millions aspire to someday own thriving businesses, lead a pack of highly valuable and motivated team members, add just enough value to make their businesses one of the largest in their industries, and become remarkable role models for others to follow. While it’s a good thing to dream and work towards your goals, knowing when to quit your job to face the next chapter of your journey can be a challenging reality to face.
If you’ve always believed deep down in your guts that your were born to be an entrepreneur or that you could make a major difference in the society as a business owner, but are worried about when to quit your job and start your own business, here is how to know when the time right:
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1). Have You Validated Your Business Idea?
A job provides a mild financial comfort that can keep you going while you test and validate your business idea.
Before you quit your job to fully start your own business, first start up a side gig to see how it goes. Doing this gives you just enough time to figure out what works and doesn’t on a small scale, and in the process, help you define a profitable business model.
2). Are You Prepared To Be Broke For A Long Time?
Entrepreneurship is never a bed of roses. When most businesses start out, they remain unprofitable for a long time. This period which could be anytime from a few months to a few years, can be frustrating to any entrepreneur.
If you’re planning to quit your job to start your own business, first genuinely ask yourself if you’re prepared to be broke for a very long time. If you can’t stand the thought of not being able to make some previous ends meet for a while, then you’re better off remaining in the comfort of your job.
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3). Do You Have A Strong Network?
This is perhaps the single most important factor for those quitting their jobs to start a business in the service sector.
How strong is your network? Can they serve as your first batch of customers? Do they trust you enough to want to patronise your services?
Your network is your net worth, and if they’re absent at the point you’re quitting your job to start your own business, you may have a hard time finding success in a reasonable time.
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4). Can You Give Up A Bulk Of Your Social Life?
Starting a new business involves long hours of work, close client follow-ups, increased study time, more meeting hours, and a lot more. All these activities eat away at your social life and leaves you with barely valuable time to spend with family and friends.
If you recharge by being around people, hanging with friends, spending a lot of time with family, and engaging in many more social activities, starting a business of your own may go against your nature and affect your startup on the long run.
5). Do You Have A Backup Plan?
While starting a new business may leave you broke for a long period of time, having a backup plan to keep cash coming in is crucial to ensuring you remain level headed.
As a new entrepreneur, you can spend some time doing freelance projects on the side, taking advantage of some mild opportunities that come your way, and even being a part-time employee with some establishments.
These will ensure you have a little cash to keep you going through the start of your own business to its eventual success.
Some freelance sites creative individuals can get some valuable side projects on are Fiverr and PeoplePerHour.
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What are your thoughts on this 5 questions to ask yourself before you quit your job to start your own business? Let me know by leaving a comment below
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Nice article and well laid out. These are indeed important questions to ask oneself before quitting a current job because as much as being an entrepreneur is exciting and rewarding, it also has its very many challenges.