Introduction
There are several reasons why you would want to quit your job to start your own business. It could be the desire to be financially flexible and to be one’s own boss. You may wish to escape the never ending rat race of a full time job. An awful boss may frustrate you to a point of wanting to quit your job. That said, here are a few things you need to do before quitting your job to start a business.
Do you have what it takes?
The question is not whether entrepreneurship is right for you but rather, are you right for entrepreneurship? Can you manage the anxiety and worry that comes with being an independent business owner?Ofcourse, running your own business can be quite rewarding, but it can also be very trying if you are not temperamentally suited for it.We all have unique characteristics and I have heard people say, some people are born entrepreneurs while others are not. I have a different opinion. I think everybody can learn to be an entrepreneur. You can develop the requisite characteristics of an entrepreneur if that is what you want. For starters, ask someone close to you to give you an honest assessment about your weakness in as far as entrepreneurship is concerned and work on those before you quit your job.
Research on the type of business you wish to start
What business do you wish to start? Is it related to your educational background or professional experience? It could be easier to start a business in an industry you are familiar with. That is why it is always important while you work to learn rather than just to earn. Gain as much experience and expertise about the market you want to enter into as possible.
Start with a side hustle
You don’t quit your job to start a business, you start a business to quit your job. Create a business to practice on. No one can learn to ride a bicycle without a bicycle just as no one can learn to start and run a business without a business. Keep your full time job while you establish your own business.
Find a mentor
Finding a mentor or someone who can assist you and provide advice on your business idea can be difficult. There aren’t many people prepared to donate their expertise and time for free. You can read books on successful entrepreneurs as books can be effective mentors. But if you can find a mentor, make sure he or she is one who has done the business you are interested in and are successful.
Improve your social network
What kind of people do you associate with? They say birds of the father flock together. If you surround yourself with colleagues who discuss wage increases, yearly leave, overtime and other employee related topics, you are in the wrong camp. Join company owners associations and attend business conferences. You will be inspired to start your own business.
Conclusion
Getting started in business is a process. Before quitting your job to start your own business, take time to learn the ropes. Test the business idea with a side hustle. Conduct extensive research and expand your knowledge and expertise. You don’t want to go back and beg for your job after you have quit. Do your homework.