Do you know what is customary about the Richie riches of the 21st century? What ‘made them the most powerful and successful people of the world? What led to their success?
For one, they thought big, they were able to look at the bigger picture, and the most important trait of the billion-dollar club is that they are not afraid to take risks. Obviously, had they played it safe, Bill Gates would have been a lawyer, and we wouldn’t be able to enjoy his gift to computers i.e. MICROSOFT.
So, how do you take risks? How do you know its the right time to leave that mediocre job of yours and start a business?
1. Make the most
Now that you have decided on quitting your job, make sure you have benefited from it as much as possible. Your job might not interest you as much as your business prospect but it sure provides some benefits. Try to improve your PR range as after you quit your job, your PR might help you meet the investors and save your time.
Instead of resigning abruptly, make sure to quit with a positive note, as your employer might guide you through your entrepreneurial venture.
2. Be passionate
For starters, you must have an idea that you are really passionate and confident about. You should have a clear conscience about what you want to do after quitting your job, because if you haven’t decided on what you should do, then it’s no use leaving your job as it will only take away your monthly capital.
3. Do the research
Now let’s assume you have an idea which you are passionate about, But the next step is to do research. If you do not possess enough knowledge about the field of your choice you might not last the initial years of your business which are likely the toughest one.
Some people believe that they should leave their job and start a business of their own just because their boss sucks. Which is a complete no, you must never originate a business because you are tired of your own job, instead, you could try switching it till you find a direction of your own.
4. Plan it all
Now let’s go back to the main reason you want to quit your job; you have an idea about your own business. But is that idea enough? Shouldn’t you have a plan as well? A plan about how you are going to gain investors and how would you attract customers and generate revenue. A plan ensures security because nobody funds a business idea. You Must plan the cost of initiating your business, not only should you have a cost in mind for your business start-up but also you must prepare a certain spending amount of staff cost, equipment, stationery, supplies, advertising budget, promotional strategy etc.
5. Play it safe
Sometimes, playing it safe is the best way to ensure your company will survive. Many a time quitting your job isn’t the safest bet, on the other hand, try fabricating your business in your spare time without quitting your job, as it will ensure that you have monthly revenue till your business flourishes.
6. Must have finances
Okay, before starting your business and quitting your job you should possess the most crucial ingredient, which happens to be money. Once you begin a business your money will vanish like smoke, without any remarkable profits I might add. The best way to avoid this is by attracting investors and planning a money chart. If you prepare a plan to spend your money or rather your investors’ money right, you are likely to gain investors fast.
7. Be patient
You must accept the fact that no business gains profit overnight, your start up alone would cost more than you would have anticipated, also your revenue might not be as much as you had imagined. You might consider of shutting your business down very strongly. But you have to stay patient and optimistic. But remember, you shouldn’t overlap practicality with optimism. If your business does not make profit at all, it is only wise to shut it down.
8. Ready to spend on your own?
Let’s assume that you could not find any investors. The most possible thing you would do is fund your business on your own, right? But in order to do that, you should have a backup plan, you should be ready to take the financial hit if your company doesn’t make the profit and you should be able to do that for as long as it takes. You must keep in mind that if you are an employee you get paid, no matter what. But an employer has to pay his employees, no matter what.
9. Play a Multitasker
quitting your job implies that you have almost zero staff support. You become a DIYer, one day you might play technician, the other day, you take on the role of the salesperson. It takes incredible hard work and skills to accomplish all these roles. So before leaving your job, make sure you have enough confidence in your abilities to fulfil these tasks.
Last but not the least, no matter how eager you are to start off your own enterprise, make sure it’s the right time to do so. You must always have a Plan B.
You should make sure that if your business goes south, you have another alternative. Before devoting yourself to the business world, make sure you have enough experience. Make sure you are willing to make the sacrifices and face the cut throat completion which awaits you.
Latest posts by Editorial Staff (see all)
- 50 Small Business Ideas (2020 Trends Updated) - August 9, 2019
- How to Become an Entrepreneur like Ratan Tata in India? - August 6, 2019
- 27 Best Online Business Ideas [Investment Friendly] - July 17, 2019