What to consider before quitting your ‘real’ job?

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Decisions made in haste can be very costly in more ways than one.

 

 

It is good business to carefully consider a few things before you quit you ‘real ‘job.

There are many reasons why you might want to quit your job, but be careful not to do it in haste.

Many people have left the so called ‘security’ of their job to follow their dream, only to find things didn’t work out as well as they thought they would. Some have come to find that their dream was an elusive goal. Others decided to create the work they love doing and failed at trying to make that work fit the dreams and goals they had.

If your current job situation is not satisfactory, it’s best to admit that you alone can fix it. Blaming everyone but yourself will do you no good until you actively make the decision to take matters into your own hands. Everything good tends to follow good timely decision making, not knee-jerk reactions.

 

“If something is important enough, even if the odds are against you, you should still do it”. Elon Musk

 

If you are looking to start a business for the first time, don’t underestimate the power of planning.  A business plan will help make your aspirations and goals clear, help you focus on what needs to be done and give you the confidence that your goals are actually real and achievable.

 

Check these things before you actually, resign

There are several motivations come into play when you decide to start your own business, but regardless of your motivation and reasons, this checklist will help you to have a more successful outcome.

  • Clarify your dream of your own business. and interests.
  • What is your purpose, your vision and objectives?
  • Be sure to clearly identify the business you want before quitting.
  • Will your family be behind you decision?
  • Create a business model, business plan and budget.
  • Time your decision carefully.
  • Do you have a clear focus on your products and services?
  • What is your value proposition?
  • How will you create a better “customer experience’?
  • How will you be different, what will be your competitive advantage?
  • Have you identified potential suppliers?
  • Have you identified potential partnerships?
  • Where would you like the business to be located?
  • Make a critical assessment of your strengths, weaknesses.
  • Will you have sufficient working capital?
  • Have you figured in your salary, you will need running money?
  • What sort of customers do you like to work with?
  • What is the problem you will be solving for the market?
  • Should you start part time while you set the business up?
  • Could you ask your boss for a part-time working arrangement?
  • Perhaps your current company will help you to set up your business?
  • Have you researched your target market?
  • Can you identify your first customers?
  • How will you build your support network?
  • How will potential customers find you, what marketing will you do?
  • When will you set up your website and social media?
  • Have you engaged a business advisor?
  • Have you appointed a financial and legal advisor?

Once you’ve figured out the time frame for quitting your job and focusing on your own business full time, you need to take the necessary steps to become a legal business entity. This can be done easily while still in your job.

 

Making it happen

At some point, when handling your day job and your business, you will begin to have more responsibility on your business side, the thinking will be done and it will be time to act. But before you start spending your limited resources there is one last important consideration.

 

“The ultimate authority must always rest with the individual’s own reason and critical analysis”. Dalai Lama

 

Probably the biggest issue for many aspiring business owners is that they get so caught up with day-to-day business startup Activities. Things like deciding on a company name, incorporating, choosing a logo, renting an office, setting up the website and raising money. They waste all of their limited startup time and capital setting up a creature that looks just like a business, but it has no life because they didn’t devote any time to the primary business function of creating customers and making money.

You will have to figure out how to make the transition from your ‘real’ job to becoming your own boss full-time, without burning any bridges, maintaining your financial buoyancy and ensuring you family is prepared for the extra workload during the startup phase.

 

[read more=”Personal Experience” less=”Personal Experience”]

Personal Experience

They say you should know what you are going to do before quitting your real job? Well, I didn’t. At the age of 23, I was so passionate about starting my own machinery business, I quit without even knowing exactly how I was going to go about it. I was ready to take on the world.

I asked my father to give me a job on the farm for six months while I worked out how I was going to start my machinery business with little money and engaged to be married. I worked for my father for three days. I knew it was not going to happen without my full-time commitment. Six months later it became a reality.

The prospect of quitting your job and becoming your boss can be both liberating and scary. But, instead of being impulsive, it’s best to take a deep breath and weigh all of the pros and cons so that you’re 100% clear on the business you want and that you’re ready (or at least willing) to take the leap of faith in your own abilities.

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