Considerations before quitting your ‘real’ job
It is good business to carefully consider a few things before quitting your ‘real ‘job.
Decisions made in haste can be very costly in more ways than one. Before you act, be sure quitting is your best option.
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 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 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 and vision of your own business and interests before quitting.
- Will your family be behind you decision?
- Create a business model, business plan and budget.
- Time your decision carefully.
- Make sure you clearly identify the business for you before quitting.
- 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 to make quitting easier?
- 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.
Quitting can be painful but you have to make 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 must be done and there will be a time fro quitting. But before you start spending your limited resources there is one last important consideration.
Probably the biggest issue for many aspiring business owners is that they get so caught up with day-to-day business start-up 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 quitting your ‘real’ job to becoming your own boss full-time. You should do this without burning any bridges. Maintaining your financial buoyancy and ensuring you family is prepared for the extra workload during the start-up phase will be critical.
“If something is important enough, even if the odds are against you, you should still do it”. Elon Musk
“The ultimate authority must always rest with the individual’s own reason and critical analysis”. Dalai Lama